Form 8-K - Current report

HERITAGE INSURANCE HOLDINGS, INC.

Date: March 11, 2024

/s/ Kirk Lusk

Chief Financial Officer

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): March 11, 2024

HERITAGE INSURANCE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-36462

45-5338504

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer

Identification No.)

1401 N. Westshore Blvd

Tampa, Florida

33607

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (727) 362-7202

(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:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	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:

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share

HRTG

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. ☐

Item 2.02

Results of Operations and Financial Conditions.

On March 11, 2024, Heritage Insurance Holdings, Inc. (the “Company”) issued a press release announcing financial results for its fiscal quarter ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

The information furnished under this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being furnished as part of this Current Report on Form 8-K.


No.		Exhibit

99.1		Press Release dated March 11, 2024.

104		Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document).

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.

Exhibit 99.1

Heritage Reports Fourth Quarter 2023 Results

Tampa, FL – March 11, 2024: Heritage Insurance Holdings, Inc. (NYSE: HRTG) (“Heritage” or the “Company”), a super-regional property and casualty insurance holding company, today reported fourth quarter of 2023 financial results.

Fourth Quarter 2024 Highlights

•

Fourth quarter net income of $30.9 million or $1.15 per diluted share improved from net income of $12.5 million or $0.48 per diluted share in the prior year quarter, primarily driven by an increase in net premiums earned, higher net investment income, and lower net losses incurred.

•

Gross premiums earned of $339.6 million, up 7.0% from $317.3 million in the prior year quarter.

•

Net premiums earned of $177.7 million, up 6.9% from $166.2 million in the prior year quarter.

•

Net loss ratio of 51.0%, an improvement of 11.4 points from 62.4% in the prior year quarter.

•

Net expense ratio of 33.9%, relatively flat from 33.7% in the prior year quarter.

•

Net combined ratio of 84.9%, an improvement of 11.2 points from 96.1% in the prior year quarter.

•

Continued successful exposure management strategy with intentional decline in personal lines policies-in-force of 15.0%, and a decline in personal lines total insured value (“TIV”) of 6.9% as compared to the prior year period.

“Our strategic focus on achieving rate adequacy across our portfolio and driving superior underwriting results has been steadfast. Our deliberate efforts over the past two years resulted in a better quality and more diversified book of business, which more effectively manages reinsurance costs and drives lower claims related losses. Our commitment to enhanced and long-term relationships with our reinsurers, who are pivotal to our success, has also been a key aspect of our strategy,” remarked Ernie Garateix, CEO of Heritage. “These actions, the subsequent results and our recent capital raise position us well for selective growth going forward. As we look ahead, I am confident in our ability to maintain this momentum across our sixteen-state platform, driven by our solid foundation, strategic clarity, and the dedication of experienced workforce.”

Strategic Profitability Initiatives

The following provides an update to the Company’s strategic initiatives that are expected for Heritage to achieve consistent long-term quarterly earnings and drive shareholder value. The Supplemental Information table included in this earnings release demonstrates progress made since fourth quarter 2022.

•

Generate underwriting profit though rate adequacy and more selective underwriting.

•

Significant rating actions across the book of business have favorably impacted it, resulting in an increase in average premium per policy of 24.2% over the prior year quarter and 4.5% over third quarter 2023.

•

Gross premiums earned increased 7.0% over the prior year quarter, driven by rate actions taken in 2022 and 2023 across the book of business, as well as growth in commercial residential business, which helps drive the higher average premium.

•

Premiums-in-force of $1.4 billion are up 5.6% from the prior year quarter while policy count is down 15.0% due to continued underwriting efforts aimed at rate adequacy, managing the reinsurance cost and improving the quality of the book of business.

•

Continued focus on timely rate actions, tightening underwriting criteria, and expanding restrictions on new business written in over-concentrated markets or products.

•

Allocate capital to products and geographies that maximize long-term returns.

•

Selectively, we increased the commercial residential premium in force by 63.9% year over year, while the TIV only increased by 20.7%, and policies in force saw a modest increase of 3.0%. The commercial residential business, which tends to have a significantly lower attritional loss ratio, generates materially higher premiums. The increase in TIV, spurred by growth of the commercial residential business, is offset by a reduction in personal lines exposure, managing reinsurance costs effectively and contributing to underwriting income and return on equity. Commercial residential business accounts for 18.7% of the in-force premium, compared to 12.0% in the prior year period.

•

As part of our exposure management strategy, reduced policy count for Florida personal lines business by 16.3% as compared to the prior year period. The disciplined underwriting and rating actions have reduced Florida personal lines TIV by 9.4% while reducing premiums in force by only 0.7% and improved the quality of our Florida book of business.

•

This disciplined underwriting approach resulted in a policy count reduction of 14.4% in other states, with a reduction in TIV by 6.3%, resulting in a reduction in premiums in force of only 3.4%.

•

Maintain a balanced and diversified portfolio.

•

Selective diversification of the portfolio by product and state, which can change based on market conditions, serves to reduce performance volatility.

•

No state represents over 26.5% of the Company’s TIV.

•

TIV for the top four states declined by 18.4%, while TIV for all other states increased by 88.0%.

•

In-force premium for the four states with the highest TIV decreased by 4.6% while in-force premium for all other states grew by 89.4%.

•

As a result of diversification efforts, personal lines TIV for the five states with the highest TIV decreased by 5.2% from the prior year period and represented 71.6% of all TIV at fourth quarter 2023 compared to 71.9% of all TIV at fourth quarter 2022.

•

Provide coverage suitable to the market and return targets.

•

Offering Excess & Surplus lines (“E&S”) policies in California, Florida, and South Carolina. This product allows greater flexibility in product terms as well as speed to market.

•

Continuing to evaluate other states for E&S and other products.

Capital Management

On December 14, 2023, the Company completed a primary offering of 3,703,703 shares of its common stock at a public offer price of $6.75 per share. In a concurrent private placement, the Company issued 148,148 shares of its common stock to an investor at the public offering price. Additionally, the Company completed the purchase by one of its independent Directors and the Company’s Director and CEO, of 40,871 and 27,247, shares of common stock, respectively, at $7.34, the closing price of common stock on December 14, 2023.

Heritage’s Board of Directors has decided to continue its suspension of the quarterly dividend to shareholders. The Board of Directors will continue to evaluate dividend distribution and stock repurchases on a quarterly basis. No shares of common stock were repurchased during the quarter.

Results of Operations

The following table summarizes results of operations for the three months and year ended December 31, 2023 and 2022 (amounts in thousands, except percentages and per share amounts):


	Three Months Ended December 31,									Year Ended December 31,
	2023			2022			Change			2023			2022			Change
Total revenue	$	186,967		$	174,588			7.1	%	$	735,498		$	662,460			11.03	%
Net income (loss)	$	30,943		$	12,501			147.5	%	$	45,307		$	(154,363	)		(129.4	)%
Earnings Per Diluted Share	$	1.15		$	0.48			139.6	%	$	1.73		$	(5.86	)		(129.5	)%
Book value per share	$	7.29		$	5.13			42.1	%	$	7.29		$	5.13			42.1	%
Return on equity*		66.6	%		40.2	%		26.4	pts		25.8	%		(65.1	)%		90.9	pts
Underwriting summary
Gross premiums written	$	326,723		$	322,050			1.5	%	$	1,343,101		$	1,275,031			5.3	%
Gross premiums earned	$	339,631		$	317,285			7.0	%	$	1,323,643		$	1,208,824			9.5	%
Ceded premiums	$	(161,919	)	$	(151,114	)		7.2	%	$	(626,458	)	$	(571,759	)		9.6	%
Net premiums earned	$	177,713		$	166,171			6.9	%	$	697,185		$	637,065			9.4	%
Ceded premium ratio		47.7	%		47.6	%		0.1	pt		47.3	%		47.3	%		0.0	pts
Ratios to Net Premiums Earned:
Loss ratio		51.0	%		62.4	%		(11.4	)pts		61.1	%		78.7	%		(17.6	)pts
Expense ratio		33.9	%		33.7	%		0.2pts			35.2	%		35.6	%		(0.4	)pts
Combined ratio		84.9	%		96.1	%		(11.2	)pts		96.3	%		114.3	%		(18.0	)pts

^*	Return on equity represents annualized net income for the period divided by average stockholders’ equity during the period.

Note: Percentages and sums in the table may not recalculate precisely due to rounding.

Ratios

Ceded premium ratio represents ceded premiums as a percentage of gross premiums earned.

Net loss ratio represents net losses and loss adjustment expenses (“LAE”) as a percentage of net premiums earned.

Net expense ratio represents policy acquisition costs (“PAC”) and general and administrative (“G&A”) expenses as a percentage of net premiums earned. Ceding commission income is reported as a reduction of PAC and G&A expenses.

Net combined ratio represents the sum of net losses and LAE, PAC and G&A expenses as a percentage of net premiums earned. The net combined ratio is a key measure of underwriting performance traditionally used in the property and casualty industry. A net combined ratio under 100% generally reflects profitable underwriting results.

Fourth quarter 2023 Results

•

Fourth quarter 2023 net income of $30.9 million or $1.15 per diluted share, an improvement from net income of $12.5 million or $0.48 per diluted share in the prior year quarter. This improvement is attributable to the positive impact of rate actions, underwriting actions, and exposure management taken during 2023 and 2022, which favorably impacted results during 2023. These actions resulted in growth of 6.9% in net premiums earned, an increase of 36.1% in net investment income, and a reduction of 12.6% in net losses and LAE, described below, which was partly offset by elevated policy administration and general and administrative costs from the increase in gross premiums written over the prior year quarter as well as costs associated with a new claims system as described below.

•

Premiums-in-force were $1.4 billion as of fourth quarter 2023, representing a 5.6% increase from fourth quarter 2022 due to continued proactive underwriting and rate actions as well as growth in commercial lines business, despite an intentional reduction of approximately 79,000 personal lines policies.

•

Gross premiums written of $326.7 million were up 1.5% from $322.1 million in the prior year quarter, reflecting a strategic and substantial organic increase in Florida commercial residential lines business and a higher average premium per policy throughout the book of business from rating actions and use of inflation guard, which ensures appropriate property values, mostly offset by targeted exposure management.

•

Gross premiums earned of $339.6 million, up 7.0% from $317.3 million in the prior year quarter, reflecting higher gross premiums written over the last twelve months as described above.

•

Net premiums earned of $177.7 million, up 6.9% from $166.2 million in the prior year quarter, reflecting higher gross premium earned outpacing the increase in ceded premiums for the quarter.

•

Ceded premium ratio of 47.7%, up 0.1 point from 47.6% in the prior year quarter driven by higher catastrophe excess of loss reinsurance costs that were partly offset by growth in gross premiums earned.

•

Net loss ratio decreased to 51.0%, a 11.4 point decline from 62.4% in the same quarter last year reflecting higher net premiums earned and lower net losses and LAE. The improvement in net losses and LAE was largely due to diminished weather and attritional losses. Net weather losses for the current accident quarter were $11.0 million, a decrease from $27.5 million in the previous year’s quarter. Catastrophe losses were $3.1 million compared to $15.3 million in the prior year quarter. Other weather losses totaled $7.9 million, a reduction from the prior year’s quarter amount of $12.2 million. Additionally, the net loss ratio experienced an impact from net unfavorable loss development of $1.8 million during the fourth quarter of 2023, an improvement from the net unfavorable $2.2 million development in the fourth quarter of 2022.

•

The net expense ratio was 33.9%, a 0.2 point increase from the prior year quarter amount of 33.7%, driven largely by higher general and administrative costs related to software and associated costs with the implementation of a new claims system aimed at driving future efficiencies, which was mostly offset by higher net premiums earned. The Company’s implementation of enhanced and updated claims, policy, and billing systems is expected to achieve human capital efficiencies and improve the timeliness and quality of data analytics used to drive underwriting income.

•

Net combined ratio of 84.9% improved 11.2 points from 96.1% in the prior year quarter, driven by a lower net loss ratio and partly offset by a higher net expense ratio as described above.

•

Net investment income, inclusive of realized investment losses and unrealized losses on equity securities, was $5.8 million up $1.0 million from $4.8 million in the prior year quarter reflecting strategic actions to align the investments with the yield curve and take advantage of higher short-term yields, which was partly offset by realized losses mostly related to other investments.

•

The effective tax rate was 6.7% compared to (5.5)% in the prior year quarter. The change in the effective tax rate for each quarter benefited from adjustments to the valuation allowance. Specifically, there was a reduction in the valuation allowance for a deferred tax asset by $1.9 million in the fourth quarter of 2023 and by $4.3 million in the fourth quarter of 2022. These reductions were driven by the impact of favorable Osprey Re results in the fourth quarters of 2023 and 2022, respectively, allowing for the recognition of deferred tax assets in each period. The quarterly effective tax rate is subject to change due to the estimates used throughout the year in computing the income tax provision. Furthermore, tax items and estimated amounts are adjusted to reflect actual amounts in the fourth quarter of each year. These adjustments can significantly impact the effective tax rate for the fourth quarter.

Supplemental Information:


			*At December 31,*
Policies in force:	*2023*		*2022*		*% Change*
Florida		153,387		182,673		(16.0	)%
Other States		297,288		347,234		(14.4	)%

Total		450,675		529,907		(15.0	)%

Premiums in force:
Florida	$	695,010,638	$	599,596,526		15.9	%
Other States		661,392,787		684,469,189		(3.4	)%

Total	$	1,356,403,425	$	1,284,065,715		5.6	%

Total Insured Value:
Florida	$	103,535,162,876	$	103,752,777,168		(0.2	)%
Other States		286,860,809,967		306,070,446,229		(6.3	)%

Total	$	390,395,972,843	$	409,823,223,397		(4.7	)%

Book Value Analysis


	*As Of*
Book Value Per Share	*December 31, 2023*		*December 31, 2022*		*December 31, 2021*
Numerator:
Common stockholders’ equity	$	220,280	$	131,039	$	343,051
Denominator:
Total Shares Outstanding		30,218,938		25,539,433		26,753,511

*Book Value Per Common Share*	$	7.29	$	5.13	$	12.82

Book value per share of $7.29 at December 31, 2023, was up 42.1% from fourth quarter 2022. The increase from the comparable quarter of 2022 is primarily attributable to year-to-date net income as well as a reduction in unrealized losses on the Company’s fixed income securities portfolio from the fourth quarter of 2022. The unrealized losses are unrelated to credit risk but due to the rising interest rate environment. The decrease in book value per share from December 31, 2021 to December 31, 2022 is attributable to a 2022 year-to-date net loss, driven primarily by a non-cash goodwill impairment charge of $90.8 million, net of taxes, made in the second quarter of 2022, and higher weather losses, as well as an increase of $49.0 million of net unrealized losses on the Company’s available-for-sale fixed income securities portfolio driven by rising interest rates during 2022.

Conference Call Details:

Tuesday, March 12, 2023 – 9 a.m. ET

Participant Dial-in Numbers Toll Free: 1-888-346-3095

Participant International Dial In: 1-412-902-4258

Canada Toll Free: 1-855-669-9657

Webcast:

To listen to the live webcast, please go to http://investors.heritagepci.com/. This webcast will be archived and accessible on the Company’s website.

HERITAGE INSURANCE HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(Amounts in thousands)


	*December 31,*
	*2023*			*2022*
ASSETS
Fixed maturities, available-for-sale, at fair value	$	560,682		$	635,572
Equity securities, at fair value		1,666			1,514
Other investments, net		7,067			16,484

Total investments		569,415			653,570
Cash and cash equivalents		463,640			280,881
Restricted cash		9,699			6,691
Accrued investment income		4,068			3,817
Premiums receivable, net		89,490			92,749
Reinsurance recoverable on paid and unpaid claims, net		482,429			805,059
Prepaid reinsurance premiums		294,222			306,977
Income taxes receivable		13,354			12,118
Deferred income tax asset, net		11,111			16,841
Deferred policy acquisition costs, net		102,884			99,617
Property and equipment, net		33,218			25,729
Right-of-use lease asset, finance		17,606			20,132
Right-of-use lease asset, operating		6,835			7,335
Intangibles, net		42,555			49,575
Other assets		12,674			11,509

Total Assets	$	2,153,200		$	2,392,600

LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	$	845,955		$	1,131,807
Unearned premiums		675,921			656,641
Reinsurance payable		159,823			199,803
Long-term debt, net		119,732			128,943
Advance premiums		23,900			26,516
Accrued compensation		9,461			6,594
Lease liability, finance		20,386			22,557
Lease liability, operating		8,076			8,690
Accounts payable and other liabilities		69,666			80,010

Total Liabilities	$	1,932,920		$	2,261,561

Stockholders’ Equity:
Common stock, $0.0001 par value		3			3
Additional paid-in capital		360,310			334,711
Accumulated other comprehensive income, net of taxes		(35,250	)		(53,585	)
Treasury stock, at cost		(130,900	)		(130,900	)
Retained earnings (deficit)		26,117			(19,190	)

Total Stockholders' Equity		220,280			131,039

Total Liabilities and Stockholders' Equity	$	2,153,200		$	2,392,600

HERITAGE INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Income and Other Comprehensive Income (Loss)

(Amounts in thousands, except per share and share amounts)

(Unaudited)


	*Three Months Ended December 31,*						*Year Ended December 31,*
	*2023*			*2022*			*2023*			*2022*
REVENUE:
Gross premiums written	$	326,723		$	322,050		$	1,343,101		$	1,275,031
Change in gross unearned premiums		12,908			(4,765	)		(19,458	)		(66,207	)

Gross premiums earned		339,631			317,285			1,323,643			1,208,824
Ceded premiums		(161,919	)		(151,114	)		(626,458	)		(571,759	)

Net premiums earned		177,713			166,171			697,185			637,065
Net investment income		6,708			4,927			25,756			11,977
Net realized losses and impairment losses		(923	)		(137	)		(972	)		(258	)
Other revenue		3,469			3,627			13,529			13,676

Total revenue		186,967			174,588			735,498			662,460
EXPENSES:
Losses and loss adjustment expenses		90,634			103,753			426,129			501,162
Policy acquisition costs		43,408			40,478			167,610			156,304
General and administrative expenses		16,755			15,449			77,777			70,396
Goodwill or intangible asset impairment		—			—			767			91,959

Total expenses		150,797			159,680			672,283			819,821

Operating income (loss)	$	36,170		$	14,908		$	63,215		$	(157,361	)
Interest expense, net		2,999			3,059			11,210			8,809

Income (loss) before taxes	$	33,169		$	11,849		$	52,005		$	(166,170	)

Provision (benefit) for income taxes		2,226			(652	)		6,698			(11,807	)

Net income (loss)	$	30,943		$	12,501		$	45,307		$	(154,363	)

OTHER COMPREHENSIVE INCOME (LOSS):
Change in net unrealized gains (losses) on investments		18,724			1,068			23,388			(64,335	)
Reclassification adjustment for net realized investment losses		246			137			636			258
Income tax (expense) benefit related to items of other comprehensive income (loss)		(4,502	)		(217	)		(5,690	)		15,065

Total comprehensive income (loss)	$	45,412		$	13,489		$	63,641		$	(203,375	)

Weighted average shares outstanding
Basic		26,823,399			25,765,204			26,193,065			26,343,826
Diluted		26,882,661			25,849,467			26,252,328			26,343,826
Earnings (loss) per share
Basic	$	1.15		$	0.49		$	1.73		$	(5.86	)
Diluted	$	1.15		$	0.48		$	1.73		$	(5.86	)

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 $1.4 billion of gross personal and commercial residential premium across its multi-state footprint covering the northeast, southeast, Hawaii and California excess and surplus lines.

Forward-Looking Statements

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. This release includes forward-looking statements relating to the expected positive impact of our strategic initiatives on our future financial results, including focus on profitability through rating action, selective underwriting and selective growth, capital allocation, exposure management and strategic reduction of policy count in certain geographies; impact of rate increases; impact of our focus on long-term relationships with reinsurers; ability to achieve human capital efficiencies and improve the timeliness and quality of data analytics used to drive underwriting income through our enhanced claims, policy, and billing systems; continued increase in average premium per policy; and future dividend payments and stock repurchases. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, without limitation: the success of the Company’s underwriting and profitability initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial and real estate markets), including changes that may impact demand for our products and our operations; lack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write; inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk; the impact of macroeconomic and geopolitical conditions, including the impact of supply chain constraints, inflationary pressures, and labor availability; the impact of new federal and state regulations that affect the property and casualty insurance market and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements; continued and increased impact of abusive and unwarranted claims; the cost of reinsurance, the collectability of reinsurance and our ability to obtain reinsurance coverage on terms and at a cost acceptable to us; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; dependence on investment income and the composition of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; our ability to build and maintain relationships with insurance agents; claims experience; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail); changes in loss trends; acts of war and terrorist activities; court decisions and trends in litigation; and other 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

Lambert

HRTG@lambert.com

Document and Entity Information	Mar. 11, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001598665
Document Type	8-K
Document Period End Date	Mar. 11, 2024
Entity Registrant Name	HERITAGE INSURANCE HOLDINGS, INC.
Entity Incorporation State Country Code	DE
Entity File Number	001-36462
Entity Tax Identification Number	45-5338504
Entity Address, Address Line One	1401 N. Westshore Blvd
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	(727)
Local Phone Number	362-7202
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.0001 per share
Trading Symbol	HRTG
Security Exchange Name	NYSE
Entity Emerging Growth Company	false