Tampa-based Heritage Insurance coverage, having fun with improved income for the second quarter this yr, stated it plans to renew writing new insurance policies in Florida and Northeastern states, two years after it ceased new enterprise within the areas.
“Importantly, we’ve now reached an inflection level which positions us to selectively resume writing new enterprise in these areas,” Heritage CEO Ernie Garateix stated in an announcement accompanying an earnings report this week. “That is an opportune time to speed up development given the disruption in lots of our markets that’s opening up important market share…”
Garateix didn’t elaborate in the marketplace disruptions. However he stated the adjustments, together with the litigation reforms from the Florida Legislature and a stabilized reinsurance market have produced encouraging indicators.
Heritage, a part of publicly traded Heritage Insurance coverage Holdings, introduced in 2022 that it might pause writing new property protection in Florida and some different jurisdictions. The corporate held 182,673 insurance policies in Florida on the finish of 2022 and 529,907 insurance policies in all 17 states during which it and its sister firms write.
Since then, Heritage has trimmed its coverage rely and now holds about 142,500 insurance policies in Florida. In Q2 this yr, in-force premium grew by 6%, to $1.4 billion, in comparison with Q2 final yr, due to development in business enterprise and fee will increase.
The holding firm’s second-quarter internet earnings was virtually $19 million, up from $7.8 billion right now final yr, and up from $14 million within the first quarter this yr, the corporate stated. The mixed ratio improved, from about 95% final yr to 92.5% in Q2 2024.
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