TAMPA,
Fla., April 27, 2022 /PRNewswire/ -- Heritage
Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the
"Company"), a super-regional property and casualty insurance
holding company, announced today that it expects to incur
approximately $45.0 million of net
current accident quarter catastrophe losses and $18.8 million of net current accident quarter
other weather losses in first quarter 2022, compared to
$15.4 million and $16.1 million, respectively, for the same period
in 2021. Total net current accident quarter weather losses were
approximately $63.8 million in the
first quarter of 2022, compared to $31.4
million in the same period the year prior.
These preliminary, unaudited financial estimates are based on
information available to management as of the date of this press
release, remain subject to the completion of normal quarter-end
accounting procedures and adjustments, and are subject to change.
The Company's independent registered public accounting firm has not
completed its review of the Company's results for the quarter ended
March 31, 2022. During the course of
the preparation of our consolidated financial statements and
related notes, and completion of the Company's financial close and
procedures for the three months ended March
31, 2022, adjustments to the preliminary estimates may be
identified, and such adjustments may be material. In addition,
other developments may arise between now and the time the financial
statements for the three months ended March
31, 2022 are finalized. The Company undertakes no obligation
to update the information in this press release in the event facts
or circumstances change after the date of this press release.
As previously announced, Heritage is scheduled to report first
quarter 2022 financial results after the market closes on
Thursday, May 5, 2022, followed by a
9:30 am ET conference call on
Friday, May 6, 2022.
Conference Call Details:
Participant Dial-in
Numbers Toll Free: 1-
888-346-3095
Participant International Dial In: 1- 412-902-4258
Telephone participants should ask to be joined into the Heritage
Insurance Holdings call.
Webcast:
A live audio webcast of the earnings call
will be available in the investors section of the company's
website. The call will be archived and available for replay.
Financial information, including material announcements about
Heritage, is routinely posted on investors.heritagepci.com.
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 $1.2 billion of gross personal and commercial
residential premium across its multi-state
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 (i)
opportunities for future growth in geographies and the impact of
distribution partnerships on that growth and (ii) the impact of our
strategic initiatives on our financial results and our
profitability position for 2021 and beyond. 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; the continued and potentially prolonged impact of the
COVID-19 pandemic on the economy, demand for our products and our
operations; inflation and other changes in economic conditions
(including changes in interest rates and financial and real estate
markets), including as a result of the COVID-19 pandemic; the
impact of new federal and state regulations that affect the
property and casualty insurance market; the costs 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, 2020
filed with the Securities and Exchange Commission on March 9, 2021 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 Contacts:
Kirk
Lusk
Chief Financial Officer
klusk@heritagepci.com
Mike Houston and Jeff Schoenborn
Lambert
HRTG@lambert.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/heritage-announces-preliminary-first-quarter-2022-weather-losses-301534714.html
SOURCE Heritage Insurance Holdings, Inc.