Heritage Insurance Q3 2021 Earnings Report
Key Takeaways
Heritage Insurance Holdings, Inc. reported a net loss of $16.4 million for the third quarter of 2021, compared to a net loss of $5.2 million in the prior year quarter. Gross premiums written were $274.2 million, a decrease of 1.5% year-over-year. The company saw an increase in net current accident quarter weather losses, but also noted favorable prior year reserve development and a decrease in the net combined ratio.
Net loss of $16.4 million, or $0.59 per diluted share.
Gross premiums written of $274.2 million, down 1.5% year-over-year.
Net current accident quarter weather losses of $51.4 million, up from $47.3 million in the prior year quarter.
Repurchased 148,109 shares for $1.0 million at an average price of $6.78 per share.
Heritage Insurance
Heritage Insurance
Forward Guidance
The CEO expects underlying signs of improvement to continue next quarter and throughout 2022.