Heritage Announces Preliminary Fourth Quarter 2020 Weather and Separation Costs
CLEARWATER, Fla., Jan. 25, 2021 /PRNewswire/ — Heritage Insurance Holdings, Inc. (NYSE: HRTG) («Heritage» or the «Company»), a super-regional property and casualty insurance holding company, announced today that it expects to incur approximately $28.6 million of net current accident year catastrophe losses and $12.9 of net current accident year other weather losses in fourth quarter 2020.
Additionally, the Company expects to incur approximately $4.9 million of fourth quarter 2020 separation costs related to previously announced executive departures.
These preliminary, unaudited financial estimates are based on information available to management as of the date of this press release, remain subject to the completion of normal quarter-end accounting procedures and adjustments, and are subject to change. The Company’s independent registered public accounting firm has not completed its audit of the Company’s results for the year ended December 31, 2020. During the course of the preparation of our consolidated financial statements and related notes, and completion of the Company’s financial close and audit procedures for the twelve months ended December 31, 2020, adjustments to the preliminary estimates may be identified, and such adjustments may be material. In addition, other developments may arise between now and the time the financial statements for the twelve months ended December 31, 2020 are finalized. The Company undertakes no obligation to update the information in this press release in the event facts or circumstances change after the date of this press release.
Financial information, including material announcements about Heritage, is routinely posted on investors.heritagepci.com.
Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes over $1 billion of gross personal and commercial residential premium across its multi-state footprint.
Statements in this press release that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as «may,» «will,» «expect,» «believe,» «anticipate,» «intend,» «could,» «would,» «estimate,» «or «continue» or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements in this press release include management’s estimates of certain fourth quarter 2020 financial results. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, the matters described from time to time by the Company in its filings with the Securities and Exchange Commission, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on March 10, 2020. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.
Arash Soleimani, CFA, CPA
Executive Vice President
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SOURCE Heritage Insurance Holdings, Inc.