CLEARWATER, Fla., March 15, 2017 /PRNewswire/
-- Heritage Insurance Holdings, Inc. (NYSE: HRTG)
("Heritage" or the "Company"), a property and casualty insurance
holding company, announced today that it has filed a pre-effective
amendment to its shelf registration statement on Form S-3 with the
U.S. Securities and Exchange Commission (SEC). The registration
statement on Form S-3 was originally filed with the SEC on
August 5, 2015.
The registration statement is intended to provide the Company
additional flexibility to finance future business opportunities
through timely and cost-effective access to the capital markets.
Under the shelf registration statement, once declared effective by
the SEC, the Company may from time to time issue various types of
securities, including common stock, preferred stock, debt
securities, warrants, subscription rights, stock purchase contracts
and/or stock purchase units, up to an aggregate amount of
$400 million.
The Company has no current plans to issue securities under the
registration statement. Bruce Lucas,
Chairman and Chief Executive Officer of Heritage, said, "we believe
this universal shelf registration statement is a prudent proactive
move to support our future growth objectives as the filing will
provide us increased financial flexibility and more efficient
access to the capital markets."
The shelf registration statement relating to these securities
has been filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. Any
offering of the securities covered under the shelf registration
statement will be made solely by means of a prospectus and an
accompanying prospectus supplement relating to that offering. A
copy of the prospectus included in the registration statement may
be obtained on the SEC's website at www.sec.gov.
After the shelf registration statement becomes effective,
Heritage may offer and sell securities covered by the registration
statement through one or more methods of distribution, subject to
market conditions and Heritage's capital needs. The terms of any
offering under the shelf registration statement will be established
at the time of such offering and will be described in a prospectus
supplement filed with the SEC prior to completion of the
offering.
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 $577
million and $58 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, South Carolina
and Georgia. Heritage Insurance
Holdings, Inc. is led by a seasoned senior management team with an
average of 30 years of insurance industry experience.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
Heritage's business that are not historical facts are
"forward-looking statements" that involve risks and uncertainties.
For a discussion of additional risks and uncertainties, which could
cause actual results to differ from those contained in the
forward-looking statements, see Heritage's Securities and Exchange
Commission (SEC) filings, including, but not limited to, the risk
factors in Heritage's Annual Report on Form 10-K for the year ended
December 31, 2016, as filed with the
SEC on March 15, 2017.
Heritage Insurance Holdings Inc.
Investor
Contact:
Melanie Skijus
727-362-7262
investors@heritagepci.com
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SOURCE Heritage Insurance Holdings, Inc.