Heritage

With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.

The carrier is continuing diversifying business outside of Florida with an 18.9% reduction in policies in force and a 14.9% reduction of total insured value for Florida.

Despite the looming uncertainty for other companies, Heritage's A rating was recently affirmed by Demotech on August 1.

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

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The counties include Palm Beach, Polk, Orange, Broward, St Lucie, Escambia, Seminole, Osceola, Lake and Miami-Dade.

The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.

The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.

CFO Kirk Lusk also disclosed that the 74% of the company's TIV is now outside of Florida, up from 69% as of Q1 2021.

The Floridian insurer said the write-down reflected prevailing valuation multiples.

The Inside P&C research team looks forward to the big issues of the new year.

As part of the deal, Heritage will transfer ownership of carrier Pawtucket and MGA First Access, as well as claims and underwriting data.