HRTG 8-K
Heritage Insurance Holdings, Inc. (HRTG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Item 2.02 | Results of Operations & Financial Condition. |
On October 4, 2023, Heritage Insurance Holdings, Inc. (the “Company”) issued a press release announcing estimated catastrophe losses for its quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished under this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are being furnished as part of this Current Report on Form 8-K.
| No. |
Exhibit | |
| 99.1 | Press Release dated October 4, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HERITAGE INSURANCE HOLDINGS, INC. | ||||||
| Date: October 4, 2023 | By: | /s/ Kirk Lusk | ||||
| Kirk Lusk | ||||||
| Chief Financial Officer | ||||||
3
Exhibit 99.1
Heritage Insurance Holdings Provides Estimated Third Quarter 2023 Catastrophe Losses
TAMPA, Fla., October 4, 2023 — Heritage Insurance Holdings, Inc. (NYSE: HRTG) (“Heritage” or the “Company”), a super-regional property and casualty insurance holding company, today announced that its estimated retained catastrophe losses for the third quarter of 2023 were approximately $40.0 million.
The catastrophe losses during the quarter stem from the Maui Wildfire, which represents the majority of the retained catastrophe loss amount, and Hurricane Idalia. Losses from the Maui Wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.
“Our top commitment is to our policyholders, and our thoughts go out to all affected by these major events,” commented Heritage CEO Ernie Garateix. “We are experienced and prepared to assist our policyholders following catastrophic events and have every confidence in our ability to achieve our long-term strategic and financial goals, while ensuring our claims are handled in a fair and timely manner.”
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 $1.3 billion of gross personal and commercial residential premium across its multi-state footprint.
Forward-Looking Statements and Disclaimers
The preliminary, unaudited financial estimates contained in this press release 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 September 30, 2023. During the course of the preparation of the Company’s consolidated financial statements and related notes, and completion of its financial close and procedures for the three months ended September 30, 2023, 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 September 30, 2023 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.
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. Forward-looking statements in this press release include management’s estimates of certain third quarter 2023 financial results and the Company’s ability to achieve its long-term strategic and financial goals. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include the 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, 2022 filed with the Securities and Exchange Commission on March 13, 2023, 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 Contact:
Kirk Lusk
Chief Financial Officer
Mike Houston and Zack Mukewa
Investor Relations
Lambert