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Heritage reports weather losses of $31.4m for Q1

23rd April 2021 - Author: Matt Sheehan

Super-regional property and casualty insurance holding company Heritage Insurance Holdings, Inc. has announced total weather losses of $31.4 million for the first quarter of 2021.

Heritage Insurance logoThis figure includes approximately $15.4 million of net current accident quarter catastrophe losses.

The remaining $16.1 million represents other weather losses, Heritage explained.

The company previously reported $41.5 million of catastrophe and weather losses for the fourth quarter of 2020 in what was a heavy period for severe weather costs.

But despite this Heritage managed to turn a profit for the quarter, reporting net income of $2.8 million despite its combined ratio deteriorating by 19.4 points to 108.7%.

RMS

It remains to be seen some Heritage performed overall in Q1 of this year, but the company is expected to release its full results in the coming weeks.

Heritage has previously said that it has seen “virtually no impact to its business” from the COVID-19 pandemic, and does not expect a material impact to its business going forward.

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