Heritage Insurance Q2 2021 Earnings Report
Key Takeaways
Heritage Insurance Holdings, Inc. reported a net loss of $4.0 million for the second quarter of 2021, compared to a net income of $4.1 million in the prior year quarter. The decrease was primarily due to higher weather losses, a $9.4 million reinstatement premium, and lower investment income, which was partially offset by higher net premiums earned and a lower net expense ratio. Gross premiums written increased by 16.3% year-over-year.
Net loss of $4.0 million, or $0.14 per share.
Gross premiums written of $337.7 million, up 16.3% year-over-year.
Net current accident quarter weather losses of $35.5 million, up from $26.8 million in the prior year quarter.
Additional ceded premium of $9.4 million, reflecting reinstatement of severe convective storm reinsurance coverage.
Heritage Insurance
Heritage Insurance
Forward Guidance
The company continues to monitor the short- and long-term impacts of COVID-19 and does not expect a material impact to its business going forward.