Heritage Insurance Holdings, In
23.09-0.44 (-1.87%)
Oct 28, 4:00:02 PM EDT · NYSE · HRTG · USD
Key Stats
Market Cap
716.20MP/E (TTM)
6.65Basic EPS (TTM)
3.47Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
Heritage Insurance Holdings posted solid Q2 results, with net premiums earned climbing 3.2% year-over-year to $196.3 million, fueled by rate hikes and inflation guards, while gross premiums written dipped 3.2% to $411.0 million amid exposure tweaks in personal lines. Losses and loss adjustment expenses plunged 28.6% to $75.6 million, slashing the net loss ratio to 38.5% from 55.7%, thanks to milder weather hits at $12.5 million and $2.3 million in favorable prior-year development. Operating income soared 134.7% to $64.9 million, with diluted EPS hitting $1.55 versus $0.61 last year; net investment income edged down 7.5% to $9.0 million in a softer rate backdrop. Cash swelled to $473.5 million, bolstered by $44.1 million in operating cash flow, while long-term debt trimmed to $92.4 million after repaying a $19.2 million FHLB loan. The net combined ratio sharpened to 72.9%, a 19.6-point gain. Yet coastal state concentration leaves the firm exposed to hurricane risks.
8-K
Q2 net income jumps 154%
Heritage Insurance Holdings reported Q2 2025 net income of $48.0 million, or $1.55 per diluted share, surging 154% from $18.9 million a year ago, fueled by a net loss ratio drop to 38.5% and combined ratio of 72.9%. Net premiums earned rose 3.2% to $196.3 million amid disciplined underwriting and rate hikes, with nearly all capacity now open for growth after prior restrictions. Book value per share climbed to $12.36. Yet risks like catastrophe losses loom.
8-K
Heritage ups credit to $200M
Heritage Insurance Holdings boosted its senior secured credit facilities to $200 million on July 22, 2025, up from $150 million, extending maturities to July 2030 while trimming interest margins by 0.25% for SOFR loans. The revamp includes a $50 million revolver, $75 million term loan, and $75 million delayed draw facility for acquisitions, repaying $78 million of prior debt with fresh proceeds. Lenders gain flexibility on covenants, like selling Clearwater real estate. Yet, tighter leverage ratios loom if draws spike.
8-K
Annual meeting elects directors
Heritage Insurance Holdings held its annual stockholder meeting on June 10, 2025, electing seven directors including Ernie Garateix and Mark Berset with strong support, while Richard Widdicombe faced notable withheld votes. Shareholders ratified Plante & Moran as auditors, approved executive compensation on an advisory basis, and authorized 1.8 million more shares for the 2023 Omnibus Incentive Plan. Post-meeting, the board reshuffled committees, appointing Irini Barlas to chair Audit and Paul L. Whiting to lead Compensation. These tweaks signal steady governance evolution.
10-Q
Q1 FY2025 results
Heritage Insurance Holdings kicked off 2025 with net income of $30.5 million, or $0.99 per diluted share, more than doubling the $14.2 million, or $0.47 per share, from Q1 2024, thanks to net premiums earned climbing 11.5% year-over-year to $200.0 million while total expenses held nearly flat. The net loss ratio improved to 49.7% from 56.9%, driven by favorable prior-year reserve development of $7.8 million that offset higher catastrophe losses from California wildfires and other weather events; the net combined ratio sharpened to 84.5%, up 9.5 points. Cash and equivalents stood at $425.9 million with $673.4 million in investments, while long-term debt dropped to $94.8 million after repaying a $19.2 million FHLB loan, leaving revolver availability ample under the $50 million facility. No M&A or regulatory hurdles popped up. Yet rising reinsurance costs could squeeze margins if catastrophe frequency spikes.
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