Highest-materiality recent filing
Heritage Q2 net income $61.7M, EPS $2.05, combined ratio 64.9%
Record Q2 net income of $61.7M, up 28.5% YoY; diluted EPS $2.05 vs $1.55.
Heritage Insurance places 2026-2027 cat XOL program with $2.2B limit, cost down $63M YoY
Total reinsurance cost $367.5M, decreasing $63.2M from prior year's $430.7M.
Heritage Insurance Q1 net income $36.5M ($1.19 EPS), up 19.7% YoY; combined ratio 81.0%
Record Q1 net income $36.5M, EPS $1.19 diluted, up 20.2% vs. $0.99 prior year.
Heritage Q4 net income $66.7M ($2.15/sh) up 228.5%; combined ratio 62.0% vs 89.7%
Q4 net premiums earned $202.7M (+1.7% YoY); net loss ratio 31.3% improved 23.4 pts.
Heritage expects Q4 2025 net income >$60M ($2.00+ EPS), full-year ROE >45%
Preliminary Q4 2025 after-tax net income exceeds $60 million, or more than $2.00 per share.
Heritage Q3 net income $50.4M ($1.63/diluted) vs $8.2M a year ago; combined ratio 72.9%
Net premiums earned $195.1M (-1.9% YoY); ceded premium ratio 46.1% due to reinstatement premium and quota share growth.
Heritage Q2 net income $48M ($1.55 EPS) vs $18.9M prior; combined ratio improves to 72.9%
Net income $48.0M, diluted EPS $1.55, up from $18.9M ($0.61) YoY.
Senior secured credit facilities increased to $200M aggregate principal from $150M, including $50M revolving credit facility, $75M term loan, and $75M delayed draw term loan.
Heritage fully places 2025-2026 CAT XOL reinsurance program; limit up $285M, cost up $8M
Purchased $2.479B limit vs $2.194B prior year; cost $430.9M (+$7.8M).
Heritage Q1 net income $30.5M ($0.99/sh), combined ratio improves to 84.5% despite wildfire losses
Net income $30.5M ($0.99/diluted) vs $14.2M ($0.47) YoY; revenue $211.5M up 10.6%.
Heritage Q4 net income $20.3M ($0.66 EPS), down 34% YoY on $57M Hurricane Milton losses
Net income $20.3M ($0.66 diluted EPS) vs $30.9M ($1.15) in Q4 2023; Hurricane Milton pre-tax impact $57M.
Heritage expects best Q4 earnings, $57M Milton impact; Q1 2025 wildfire losses $35-40M
Q4 2024 net income expected to exceed Q2 2024's $18.9M after-tax net income, the best quarter of the year.
Heritage Insurance reports Q3 net income of $8.2M vs loss; premiums up 12.6%
Net income $8.2M ($0.27 diluted) vs net loss $7.4M ($0.28 loss) in Q3 2023.
Heritage estimates $105M net catastrophe losses from Hurricanes Debby, Helene, Milton
Q3 2024 net catastrophe loss estimate ~$48M from Hurricanes Debby/Helene; company still expects positive Q3 net income.
Heritage Q2 net income surges 143% to $18.9M; combined ratio improves to 92.5%
Net income $18.9M ($0.61 diluted EPS) vs $7.8M ($0.30) in Q2 2023, up 142.6%.
Heritage Q1 2024 net income $14.2M; combined ratio 94.0%, in-force premium up 6.2%
Net income $14.2M ($0.47 diluted EPS) vs $14.0M ($0.55) in Q1 2023; EPS down due to higher share count.
Heritage Insurance fully places 2024-2025 CAT XOL reinsurance program at $422.3M cost
Total consolidated cost ~$422.3M, replacing prior year's RAP program with external partners at added cost.
Heritage Q4 net income $30.9M ($1.15 EPS); combined ratio improves to 84.9%
Net income of $30.9M ($1.15 diluted EPS) vs $12.5M ($0.48) a year ago; net loss ratio improved 11.4 pts to 51.0%.
Heritage Insurance closes $26.5M public offering and private placement with insiders
Closed public offering of 3,703,703 shares at $6.75 per share; underwriter has 30-day option for 555,555 additional shares.
Heritage Insurance (HRTG) announced underwritten public offering of common stock; underwriters have 30-day option to purchase additional 15% of shares.
Heritage Q3 net loss narrows to $7.4M from $48.2M YoY; combined ratio improves 22.5 pts
Net loss of $7.4M ($0.28 diluted EPS) vs $48.2M ($1.83) in Q3 2022; improved on higher net premiums earned and lower losses.
Heritage estimates Q3 2023 catastrophe losses of ~$40M from Maui wildfire and Hurricane Idalia
Estimated retained catastrophe losses for Q3 2023 total approximately $40.0 million.
Heritage Q2 net income $7.8M vs loss $87.9M YoY; combined ratio 95.1%
Net income of $7.8M ($0.30 diluted EPS) vs net loss of $87.9M ($3.32 loss) in Q2 2022.
Heritage Q1 2023 net income $14.0M vs loss; diluted EPS $0.55
Net income of $14.0M ($0.55 diluted EPS) vs loss of $30.8M ($1.15 loss) in Q1 2022.
Heritage Insurance Q4 net income $12.5M vs loss; premiums up 15.5%
Q4 net income of $12.5M ($0.48 diluted EPS) vs net loss of $49.2M ($1.79 loss) in prior year.
Heritage Insurance posts Q3 net loss of $48.2M; suspends dividend after Hurricane Ian
Net loss of $48.2M ($1.83 diluted EPS) vs net loss of $16.4M ($0.59) in prior-year quarter.
Heritage Insurance Q2 net loss $87.9M on $90.8M goodwill impairment; adj income $2.9M
Net loss of $87.9M ($3.32 diluted EPS) vs $4.0M loss year ago; includes $90.8M non-cash goodwill impairment
Heritage Insurance places $359.5M catastrophe reinsurance; suspends new FL policies
Total reinsurance cost $359.5M, 31% of premiums-in-force (up from 28% prior year).
Heritage fully places 2022-2023 CAT XOL reinsurance program, includes Citrus Re cat bond
Reinsurance program placed for Heritage Property Casualty, Narragansett Bay Insurance, and Zephyr Insurance.
Heritage Q1 net loss $30.8M ($1.15/sh) on higher weather losses; combined ratio 129.5%
Net loss $30.8M vs $5.1M prior year; diluted EPS loss $1.15 vs $0.19.
Heritage Q4 net loss $49.2M on $60.5M goodwill impairment; adj EPS $0.41
Net loss $49.2M ($1.79/sh) includes $60.5M goodwill impairment; adjusted net income $11.3M ($0.41/sh).
Heritage Insurance Q3 net loss $16.4M ($0.59/share); combined ratio 112.5%
Net loss of $16.4M vs $5.2M loss in prior-year quarter; diluted EPS -$0.59 vs -$0.19.
Heritage Insurance estimates $51.4M net weather losses for Q3 2021
Preliminary net weather losses of $51.4M: $16.0M from Hurricanes Elsa, Fred, Henri, Ida, and $35.5M from other weather.
Heritage Insurance reports Q2 net loss of $4.0M, EPS -$0.14, combined ratio 105.2%
Net loss of $4.0M ($0.14 per share) vs net income of $4.1M in prior year quarter.
Revolver increased from $50M to $75M; additional $13.75M term loan advance brings total term debt to $70M.
Heritage pre-announces $35.5M net weather losses for Q2 2021
Expects $24.5M net catastrophe losses and $11.0M other weather losses, total $35.5M.
On March 3, 2023, the Board of Directors (the “Board”) of Heritage Insurance Holdings, Inc. (the “Company”), on recommendation of the Corporate Governance and Nominating Committee, appointed Paul L. Whiting to the Board to fill a recent vacancy on the Board, effective immediately.
On August 2, 2022, Steven Martindale, a member of the Board of Directors (the “Board”) of the Company, tendered his resignation from the Board effective as of August 2, 2022.
Max materiality 0.85 · Median 0.75 · Most common event earnings