Property and casualty insurance holding company, Heritage Insurance Holdings, Inc. has reported an estimate of its catastrophe and weather losses for the third-quarter of 2020.
The company expects to incur approximately $24.5 million of net current accident quarter catastrophe losses in third quarter 2020, primarily from Hurricanes Isaias and Sally.
Additionally, Heritage expects to incur approximately $22.8 million of net current accident quarter non-catastrophe weather losses in third quarter 2020.
This is up from $11.9 million in the prior year quarter, primarily reflecting wind and hail events in Florida.
Heritage reported a rise in net income for the second-quarter of 2020 to $4.1 million, driven by an increase in premiums earned and lower loss and expense ratios.