May 5, 2015
CLEARWATER, Fla., May 5, 2015 /PRNewswire/ — Heritage Insurance Holdings, Inc. (NYSE: HRTG) (“Heritage” or the “Company”), a property and casualty insurance holding company, today announced that its subsidiary Heritage Property & Casualty Insurance, Co (“Heritage P&C”) was listed as the fastest growing insurance company in the U.S. in 2014.
According to SNL1, Heritage Insurance increased its direct written premium by 134% in 2014, which was the largest growth percentage for any P&C insurer in the U.S. This was the second year in a row that Heritage P&C was ranked number one for growth by SNL. Despite having four Florida homeowner insurers in the top 10 list in 2013, no other Florida homeowner insurers made the top 10 in 2014 besides Heritage Insurance.
Bruce Lucas, Chairman and CEO, stated, “This is an incredible accomplishment and we are extremely proud to once again be named the top growth company in the U.S. in 2014. This accomplishment is extremely difficult to do in any single year, but to do it two years in a row is a real testament to our strategic vision and our unparalleled ability to execute on our business plan. The fact that Heritage was the only Florida homeowner’s insurer to make the top 10 list in 2014 is further validation of our vision and ability to identify market opportunities before they happen.”
Heritage Insurance Holdings, Inc. (NYSE: HRTG) is a property and casualty insurance holding company headquartered in Clearwater, Florida. Its subsidiary, Heritage Property & Casualty Insurance Company, writes approximately $ 500 million of personal and commercial residential premium through a large network of experienced agents. Heritage is led by an experienced senior management team with an average of 28 years of insurance industry experience.
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. 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 marketing initiatives, inflation and other changes in economic conditions (including changes in interest rates and financial markets); the impact of new federal and state regulations that affect the property and casualty insurance market; the costs of reinsurance and the collectability of reinsurance; 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; 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 filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the Securities and Exchange Commission on March 18, 2015. In addition, investors should be aware that generally accepted accounting principles prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when a reserve is established for a major contingency. Reported results may therefore appear to be volatile in certain accounting periods. 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.
SOURCE Heritage Insurance Holdings, Inc.