CLEARWATER, Fla., Oct. 10, 2016 /PRNewswire/ -- Heritage
Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the
"Company"), a property and casualty insurance holding company,
announced today that its subsidiary, Heritage Property &
Casualty Company (Heritage P&C) is working diligently to adjust
and pay claims of its insureds that were impacted by Hurricane
Matthew.
Bruce Lucas, Chairman and CEO of
Heritage said, "Our claims support and mitigation teams continue
their tireless efforts to reach policyholders and provide
assistance during this difficult time. While the impact of
Hurricane Matthew could have been much worse for our Company and
the insurance industry as a whole, we have a lot work to do. Our
focus now is on restoring normalcy to our insured property owners
afflicted with damage from the storm."
Hurricane Matthew is the second major hurricane of the 2016
Atlantic hurricane season. The storm paralleled the coast of the
southeastern United States and
remained offshore before making landfall on South Carolina. The projected path of
Hurricane Matthew was uncertain and industry loss projections from
the storm have been revised lower from last week.
"While we continue to see claims coming in from Hurricane
Matthew, our Company's current modeled loss guidance is
considerably below our initial loss projections from the storm. We
now anticipate estimated losses from Hurricane Matthew to be under
$100 million, of which $40 million will be retained by the Company, well
within our $1.9 billion reinsurance
tower. The fact that we are able to withstand two hurricanes in one
year with relatively minor anticipated impacts to our reinsurance
tower speaks volumes to the strength of our reinsurance program and
surplus in our insurance company," said Bruce Lucas.
About Heritage
Heritage Insurance Holdings, Inc. is a property and casualty
insurance holding company headquartered in Clearwater, Florida. Its subsidiaries,
Heritage Property & Casualty Insurance Company and Zephyr
Insurance Company, write approximately $600
million and $60 million,
respectively, of personal and commercial residential premium
through a large network of experienced agents. The Company is
currently writing property and casualty insurance policies in
Florida, Hawaii, North
Carolina and South
Carolina. Heritage Insurance Holdings, Inc. is led by a
seasoned senior management team with an average of 30 years of
insurance industry experience.
Heritage Insurance Holdings Inc.
Investor
Contact:
Melanie Skijus
727-362-7262
investors@heritagepci.com
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SOURCE Heritage Insurance Holdings, Inc.