Current Report Filing (8-k)
June 07 2022 - 4:39PM
Edgar (US Regulatory)
false 0001598665 0001598665 2022-06-06 2022-06-06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 6, 2022
HERITAGE INSURANCE HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-36462 |
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45-5338504 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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1401 N. Westshore Blvd Tampa, Florida |
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33607 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (727) 362-7200
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
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HRTG |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On June 6, 2022, Heritage Insurance Holdings, Inc. (the “Company”) issued a press release announcing details regarding its placement of its 2022-2023 catastrophe reinsurance program for its statutory insurance subsidiaries, including Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company and Zephyr Insurance Company.
Key points of the 2022-2023 catastrophe reinsurance program include:
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Total consolidated cost to the Company of approximately $359.5 million, accounting for 31% of March 31, 2022, premiums-in-force. |
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First event reinsurance tower exhaustion points of $1.2 billion for the Northeast, $1.3 billion in the Southeast and $780.0 million in Hawaii with no co-participations in the syndicated program. |
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Program and costs include a limit of $100 million from catastrophe bonds issued by the Company’s special purpose vehicle, Citrus Re Ltd., which provides multi-year reinsurance protection at a cost of $5.1 million. |
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First event consolidated loss retention in the Southeast and Hawaii of $40.0 million, and $30.0 million in the Northeast. Individual insurance companies will be less given the use of captive Osprey Re. |
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Entire program is indemnity based. |
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Florida Hurricane Catastrophe Fund participation of 90%, consistent with the prior year program. |
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Deferred the use of Reinsurance to Assist Policyholders (RAP) program created by the Florida legislature. |
In addition, the Company announced that it has proactively suspended the offering of new personal residential policies in various counties in Florida, effective June 3, 2022, as the Company evaluates the impact of recent legislation on the homeowner’s insurance marketplace and awaits other meaningful and necessary legislative changes in Florida. A copy of the press release is filed with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are being filed as part of this Current Report on Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HERITAGE INSURANCE HOLDINGS, INC. |
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Date: June 7, 2022 |
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By: |
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/s/ Kirk Lusk |
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Kirk Lusk Chief Financial Officer |
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