Heritage Insurance fully places 2023-2024 CAT XOL reinsurance program; cost $420.5M, retention $30-40M

Heritage Insurance Holdings, Inc.

Total reinsurance cost of ~$420.5M, 32% of Q1 2023 PIF vs 31% prior year.
First event consolidated loss retention: ~$40M SE/Hawaii, ~$30M NE.
Includes $120M NE-only, $115M NE/Hawaii from Citrus Re 2023 cat bonds plus $100M from 2022 bond.
RAP program provides ~$71M limit at no cost, first-time use for Heritage.
Premiums-in-force $1.3B in Q1 2023, up 10.9% YoY; avg premium per policy up 21.9% YoY.

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