Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expansive U.S. property casualty insurer, has pre-announced that it will report $31.4 million of catastrophe and severe weather losses for the first-quarter of 2021.
Heritage’s catastrophe and weather loss burden is always reported net, so after taking into consideration any quota share or other reinsurance arrangements.
Seemingly, Heritage hasn’t been hit particularly hard by the freezing weather event in the US in February, with its losses coming in around the average sort of level the company tends to report for any more active quarter of the year.
Heritage breaks down its Q1 2021 losses as, $15.4 million of net current accident quarter catastrophe losses, as well as $16.1 million of net current accident quarter other weather losses.
So overall, the company says that its Q1 2021 net weather losses are roughly $31.4 million.
During Q4 of last year, it was announced by the company 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.
In Q4 2020 the company reported $41.5 million of catastrophe and severe weather losses, compared to $47.3 million of net catastrophe and severe weather losses for Q3 and $26.8 million for the second-quarter of last year