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Heritage expects $41.5m of Q4 catastrophe & weather losses

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Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expansive U.S. property casualty insurer, has pre-announced an expectation that it will report $41.5 million of catastrophe and severe weather losses for the fourth-quarter of 2020.

heritage-insurance-logoAt $28.6 million net of reinsurance and the like, the current year catastrophe losses that Heritage has pre-announced are higher than the figures reported for either Q2 or Q3 of 2020 for the insurer.

Heritage has also pre-announced $12.9 million net of other weather losses from the fourth quarter, taking the total losses caused by weather events to $41.5 million for the period.

It compares to $47.3 million of net catastrophe and severe weather losses reported by Heritage for Q3 and $26.8 million for the second-quarter.

In addition, Heritage also pre-announced separation costs of $4.9 million related to previously announced executive departures from the fourth quarter of 2020.

During Q4, it was announced that Bruce Lucas, the co-founder, Chairman and CEO of Heritage Insurance Holdings, Inc., was retiring from the role and that COO Ernie Garateix had been promoted to take over the Chief Executive Officer position.

It’s assumed these separation costs are related to the CEO’s departure.

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