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Heritage announces Q4 cat and weather losses of $41.5mn

26th January 2021 - Author: Luke Gallin

Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced net current accident year catastrophe and weather losses of a combined $41.5 million for the fourth-quarter of 2020.

Heritage Insurance logoOf the $41.5 million total, approximately $28.6 million, or 68.9% relates to net current accident year catastrophe losses; with the remaining $12.9 million, or 31.1% relating to net current accident year weather losses.

Back in the third-quarter of 2020, Heritage reported combined catastrophe and weather losses of $47.3 million; after losses of $26.8 million in the second-quarter of the year.

At the same time, Heritage has today revealed an expected $4.9 million hit to its Q4 operations as a result of separation costs related to previously announced executive departures.

Towards the end of last year, the Florida headquartered company announced the promotion of Chief Operating Officer (COO), Ernie Garateix to Chief Executive Officer (CEO), taking over from the firm’s co-founder, Bruce Lucas.

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