Heritage pre-announces $64m of cat & weather losses for Q1

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Reflecting the relatively heavy first-quarter US severe weather toll, Florida headquartered but nationally expansive property and casualty insurer Heritage Insurance Holdings, Inc. has pre-announced nearly $64 million of expected losses.

heritage-insurance-logoThe carrier won’t report its results for another week, but clearly felt the higher catastrophe and weather claims from Q1 2022 were worth reporting in advance, being more than double the amount suffered a year ago.

Heritage said it expects to report around $45 million of net current accident quarter catastrophe losses and $18.8 million of net current accident quarter other weather losses for the first-quarter 2022.

That compares to $15.4 million of catastrophe losses and $16.1 million of other weather losses reported for Q1 2021.

Giving a total of $63.8 million for the first-quarter of 2022, compared to $31.4 million for the same period a year earlier.

These figures will be after reinsurance, but being the first-quarter it is always challenging to know whether any recoveries, beyond its quota shares, will have benefited Heritage in Q1 2022.

The catastrophe and weather losses reported for Q1 2022 is actually the highest quarterly figure of retained losses for over a year, for Heritage.

As a reminder, Heritage has recently secured new catastrophe bond coverage, with the $100 million Citrus Re Ltd. (Series 2022-1) issuance.

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