TAMPA,
Fla., May 22, 2024 /PRNewswire/ -- Heritage
Insurance Holdings Inc. (NYSE: HRTG) ("Heritage" or the "Company"),
a super-regional property and casualty insurance holding company,
is pleased to announce that the Florida Office of Insurance
Regulation has approved a 3.3% rate decrease for
its Florida homeowner's (HO3)
business. This new rate will become
effective for both new and renewal policies starting
August 20, 2024.
This rate decrease is reflective of the
positive impacts of the Florida legislative changes which
eliminated one-way attorney fees and reduced other abusive claims
practices, improving loss trends, and the stabilization of
the reinsurance market. These positive developments have enabled
Heritage to pass savings on to its
policyholders while expecting its margins to remain
stable or continue to improve.
"Our commitment to providing Florida with affordable and
reliable insurance solutions remains steadfast," said Ernie Garateix, Chief Executive Officer of
Heritage Insurance. "The approved rate decrease is a testament to
our efforts in effective risk management and strategic underwriting
practices, as well as the favorable impact of legislative
changes made in the 2022 special session of the Florida legislature. We are dedicated
to offering our customers essential homeowners
insurance while maintaining the high level of service they
expect from us."
The rate decrease aligns with recent industry
trends where enhanced risk management and
favorable loss ratios have contributed to lower costs for insurers
and policyholders alike. This adjustment is also indicative of
the Company's robust financial health and
its ability to adapt to market conditions
efficiently.
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.
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 impact of the approved
rate decrease. 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; the impact of
macroeconomic and geopolitical conditions, including the impact of
supply chain constraints, inflationary pressures, labor
availability and the conflict between Russia and Ukraine, and in the Middle East; the impact of new federal and
state regulations that affect the property and casualty insurance
market; 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, 2023 filed with the Securities and
Exchange Commission on March 13,
2024, 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.
For further information, questions, or inquiries, please
contact:
Kirk Lusk
Chief Financial Officer
klusk@heritagepci.com
investors@heritagepci.com
Zack Mukewa
Investor Relations
Lambert
HRTG@lambert.com
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SOURCE Heritage Insurance Holdings, Inc.