TAMPA,
Fla., Oct. 4, 2023 /PRNewswire/ -- Heritage
Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the
"Company"), a super-regional property and casualty insurance
holding company, today announced that its estimated retained
catastrophe losses for the third quarter of 2023 were approximately
$40.0 million.
The catastrophe losses during the quarter stem from the Maui
Wildfire, which represents the majority of the retained catastrophe
loss amount, and Hurricane Idalia. Losses from the Maui Wildfire
include a modest amount of reinsurance recoveries from the Per Risk
reinsurance program, while losses from Hurricane Idalia were fully
retained.
"Our top commitment is to our policyholders, and our thoughts go
out to all affected by these major events," commented Heritage CEO
Ernie Garateix. "We are experienced
and prepared to assist our policyholders following catastrophic
events and have every confidence in our ability to achieve our
long-term strategic and financial goals, while ensuring our claims
are handled in a fair and timely manner."
About Heritage
Heritage Insurance Holdings, Inc. is a super-regional property
and casualty insurance holding company. Through its insurance
subsidiaries and a large network of experienced agents, the Company
writes approximately $1.3 billion of
gross personal and commercial residential premium across its
multi-state footprint.
Forward-Looking Statements and Disclaimers
The preliminary, unaudited financial estimates contained in this
press release are based on information available to management as
of the date of this press release, remain subject to the completion
of normal quarter-end accounting procedures and adjustments, and
are subject to change. The Company's independent registered public
accounting firm has not completed its review of the Company's
results for the quarter ended September 30,
2023. During the course of the preparation of the Company's
consolidated financial statements and related notes, and completion
of its financial close and procedures for the three months ended
September 30, 2023, adjustments to
the preliminary estimates may be identified, and such adjustments
may be material. In addition, other developments may arise between
now and the time the financial statements for the three months
ended September 30, 2023 are
finalized. The Company undertakes no obligation to update the
information in this press release in the event facts or
circumstances change after the date of this press release.
Statements in this press release that are not historical facts
are forward-looking statements that are subject to certain risks
and uncertainties that could cause actual events and results to
differ materially from those discussed herein. Without limiting the
generality of the foregoing, words such as "may," "will," "expect,"
"believe," "anticipate," "intend," "could," "would," "estimate,"
"or "continue" or the other negative variations thereof or
comparable terminology are intended to identify forward-looking
statements. Forward-looking statements in this press release
include management's estimates of certain third quarter 2023
financial results and the Company's ability to achieve its
long-term strategic and financial goals. The risks and
uncertainties that could cause our actual results to differ from
those expressed or implied herein include the matters described
from time to time by us in our filings with the Securities and
Exchange Commission, including, but not limited to, the Company's
Annual Report on Form 10-K for the year ended December 31,
2022 filed with the Securities and Exchange Commission
on March 13, 2023, and subsequent filings. The Company
undertakes no obligations to update, change or revise any
forward-looking statement, whether as a result of new information,
additional or subsequent developments or otherwise.
Investor Contact:
Kirk Lusk
Chief Financial Officer
klusk@heritagepci.com
investors@heritagepci.com
Mike Houston and Zack Mukewa
Investor Relations
Lambert
HRTG@lambert.com
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SOURCE Heritage Insurance Holdings, Inc.