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Heritage reports catastrophe losses for Q3

16th October 2020 - Author: Katie Baker

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.

Heritage Insurance LogoThe 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.

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