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Dec 31, 2020
Heritage Insurance Q4 2020 Earnings Report
Heritage reported net income for Q4 2020, despite experiencing elevated weather losses.
Key Takeaways
Heritage Insurance Holdings, Inc. reported a net income of $2.8 million for the fourth quarter of 2020. The company experienced growth in gross premiums written, but results were impacted by significant weather losses.
Net income was $2.8 million, or $0.10 per diluted share.
Book value per share increased to $15.94, up 1.8% year-over-year.
Gross premiums written increased to $282.3 million, up 19.9% year-over-year.
Net current accident quarter weather losses totaled $38.9 million, increasing from $15.3 million in the prior year quarter.
Heritage Insurance
Heritage Insurance
Forward Guidance
Company management believes that their solid organic growth platform and heightened focus on underwriting profitability position them well for 2021 and beyond.
Positive Outlook
- Solid organic growth platform
- Heightened focus on underwriting
- Profitability initiatives
- New partnership with The Hartford
- Writing homeowners insurance in Maryland
Challenges Ahead
- Potential prolonged impact of COVID-19 pandemic
- Inflation and changes in economic conditions
- Impact of new federal and state regulations
- Costs and collectability of reinsurance
- Potential litigation outcomes