Heritage
-
The Floridian insurer expects net current quarter “other weather” losses to make up $16.1mn of the claims tally. -
Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
-
The Floridian grew premiums in all states and products, and by 20% overall, to $282mn.
-
The company announced the departures of former CEO Bruce Lucas and former president Richard Widdicombe last year.
-
Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
-
The Heritage co-founder said InsurTechs need more insurance expertise and to focus on underwriting margin.
-
The Floridian carrier is not looking to expand in Louisiana or Texas, citing the elevated catastrophe risks.
-
The carrier reported increased favourable development but sank to a combined ratio of 123% on what the CEO labelled "unprecedented" weather losses.
-
The carrier’s co-founder Bruce Lucas will step down as CEO on November 30.
-
Florida rivals Universal and United had previously announced quarterly cat loss totals of $58mn and $135mn apiece.
-
An expanding book of primary business and the elimination of quota share agreements helped boost profits.
-
The carrier’s combined ratio improved by five points to 100% for the quarter.
Related
-
Q4 earnings roundup March 11: Heritage
March 11, 2025 -
Heritage expects $35mn-$40mn in Q1 losses from LA wildfires
January 30, 2025 -
Legislative reforms having ‘favorable impact’ on results: Heritage CEO
November 07, 2024 -
Floridian insurer stocks rally after Milton makes landfall
October 10, 2024