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Mar 31, 2021
Heritage Insurance Q1 2021 Earnings Report
Reported a net loss due to elevated weather losses, partially offset by higher net premiums earned.
Key Takeaways
Heritage Insurance Holdings, Inc. reported a net loss of $5.1 million for Q1 2021, compared to a net income of $7.6 million in the prior year quarter. The decrease was primarily due to elevated weather losses, which were partially offset by higher net premiums earned. Gross premiums written increased by 19.7% year-over-year.
Net loss of $5.1 million, or ($0.19) per diluted share.
Book value per share of $15.32, down 3.9% from year-end 2020.
Gross premiums written of $274.2 million, up 19.7% year-over-year.
Net current accident year weather losses of $31.4 million, up substantially from $21.2 million in the prior year quarter.
Forward Guidance
The company is committed to improving bottom-line results and has implemented meaningful rate increases and underwriting changes that it expects to bear fruit in future periods. They continue to monitor the short- and long-term impacts of COVID-19 and through March 31, 2021, they saw virtually no impact to their business. They do not expect a material impact to their business going forward.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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