Jul 16, 2015
CLEARWATER, Fla., July 16, 2015 /PRNewswire/ — Heritage Insurance Holdings, Inc. (NYSE: HRTG), a property and casualty insurance holding company, announced today that its subsidiary, Heritage Property & Casualty Company (Heritage P&C), applied to expand into North Carolina, South Carolina, Massachusetts and Rhode Island.
“I am pleased to report progress in our strategic initiative to expand outside of Florida. The entry into complementary coastal states positions Heritage for new growth opportunities and is an important step toward our business diversification goals,” said Heritage Chairman and CEO Bruce Lucas. “We will use our underwriting and claims expertise established in our Florida operations to attract profitable business in these new regions. We believe we will not only benefit from the growth potential of new markets, but also see significant synergies related to our reinsurance program and the spread of catastrophic risk exposure.”
Heritage P&C has submitted applications to the regulatory entities in North Carolina, South Carolina, Massachusetts and Rhode Island. The Company looks forward to working with the state regulators during the review process.
Heritage Insurance Holdings, Inc. 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 on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission on March 18, 2015. 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.
Heritage Insurance Holdings Inc.
SOURCE Heritage Insurance Holdings, Inc.