Heritage
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The carrier reported a Q1 2023 combined ratio of 94.5%, which improved 35 points year on year, driven by lower weather losses. -
The company’s net current accident year weather losses totaled $12.8mn, down from $63.8mn in Q1 2022.
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The executive has been president of investment firm Seabreeze since 1997.
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The carrier currently offers excess and surplus lines products in Carolina and Florida.
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Heritage’s net current accident-year catastrophe losses in the quarter went down 8% to $27.5mn from $29.8mn in Q4 2021.
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The company can repurchase shares up to $10mn for the period ending December 31, 2023.
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Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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So far, the company has received nearly 12,000 claims associated with the storm.
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As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
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