(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
HERITAGE INSURANCE HOLDINGS, INC. | ||||||||
Date: August 6, 2024 | By: | /s/ Kirk Lusk | ||||||
Kirk Lusk | ||||||||
Chief Financial Officer |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 203,571 | $ | 185,313 | 9.9 | % | $ | 394,873 | $ | 362,234 | 9.0 | % | |||||||||||||||||||||||||||||
Net income | $ | 18,869 | $ | 7,779 | 142.6 | % | $ | 33,094 | $ | 21,787 | 51.9 | % | |||||||||||||||||||||||||||||
Earnings per share | $ | 0.61 | $ | 0.30 | 103.3 | % | $ | 1.08 | $ | 0.85 | 27.1 | % | |||||||||||||||||||||||||||||
Book value per share | $ | 8.32 | $ | 6.27 | 32.7 | % | $ | 8.32 | $ | 6.27 | 32.7 | % | |||||||||||||||||||||||||||||
Return on equity * | 30.8 | % | 19.7 | % | 11.1 | pts | 27.8 | % | 29.9 | % | (2.1) | pts | |||||||||||||||||||||||||||||
Underwriting summary | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | 424,530 | 396,559 | 7.1 | % | 781,214 | 706,868 | 10.5 | % | |||||||||||||||||||||||||||||||||
Gross premiums earned | 350,073 | 330,015 | 6.1 | % | 691,462 | 647,037 | 6.9 | % | |||||||||||||||||||||||||||||||||
Ceded premiums | (159,757) | (153,211) | 4.3 | % | (321,720) | (304,204) | 5.8 | % | |||||||||||||||||||||||||||||||||
Net premiums earned | 190,316 | 176,804 | 7.6 | % | 369,742 | 342,833 | 7.8 | % | |||||||||||||||||||||||||||||||||
Ceded premium ratio | 45.6 | % | 46.4 | % | (0.8) | pts | 46.5 | % | 47.0 | % | (0.5) | pts | |||||||||||||||||||||||||||||
Ratios to Net Premiums Earned: | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 55.7 | % | 60.3 | % | (4.6) | pts | 56.2 | % | 59.5 | % | (3.3) | pts | |||||||||||||||||||||||||||||
Expense ratio | 36.8 | % | 34.8 | % | 2.0 | pts | 36.9 | % | 35.3 | % | 1.6 | pts | |||||||||||||||||||||||||||||
Combined ratio | 92.5 | % | 95.1 | % | (2.6) | pts | 93.1 | % | 94.8 | % | (1.7) | pts |
Policies-in-force: | Q2 2024 | Q2 2023 | % Change | ||||||||||||||
Florida | 142,591 | 165,761 | (14.0) | % | |||||||||||||
Other States | 277,653 | 323,629 | (14.2) | % | |||||||||||||
Total | 420,244 | 489,390 | (14.1) | % | |||||||||||||
Premiums-in-force: | |||||||||||||||||
Florida | $ | 734,698,077 | $ | 665,169,364 | 10.5 | % | |||||||||||
Other States | 687,638,190 | 675,983,599 | 1.7 | % | |||||||||||||
Total | $ | 1,422,336,267 | $ | 1,341,152,963 | 6.1 | % | |||||||||||
Total Insured Value: | |||||||||||||||||
Florida | $ | 104,426,161,222 | $ | 105,826,117,271 | (1.3) | % | |||||||||||
Other States | 278,666,369,312 | 297,901,382,470 | (6.5) | % | |||||||||||||
Total | $ | 383,092,530,534 | $ | 403,727,499,741 | (5.1) | % |
Book Value Per Share | As Of | |||||||||||||||||||
June 30, 2024 | December 31, 2023 | June 30, 2023 | ||||||||||||||||||
Numerator: | ||||||||||||||||||||
Common stockholders' equity | $ | 255,333 | $ | 220,280 | $ | 160,627 | ||||||||||||||
Denominator: | ||||||||||||||||||||
Total Shares Outstanding | 30,684,198 | 30,218,938 | 25,622,495 | |||||||||||||||||
Book Value Per Common Share | $ | 8.32 | $ | 7.29 | $ | 6.27 |
June 30, 2024 | December 31, 2023 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Fixed maturities, available-for-sale, at fair value | $ | 698,853 | $ | 560,682 | |||||||
Equity securities, at fair value, | 1,936 | 1,666 | |||||||||
Other investments, net | 6,790 | 7,067 | |||||||||
Total investments | 707,579 | 569,415 | |||||||||
Cash and cash equivalents | 480,930 | 463,640 | |||||||||
Restricted cash | 10,956 | 9,699 | |||||||||
Accrued investment income | 5,148 | 4,068 | |||||||||
Premiums receivable, net | 100,832 | 89,490 | |||||||||
Reinsurance recoverable on paid and unpaid claims, net | 536,888 | 482,429 | |||||||||
Prepaid reinsurance premiums | 505,180 | 294,222 | |||||||||
Income tax receivable | 12,066 | 13,354 | |||||||||
Deferred income tax asset, net | 12,694 | 11,111 | |||||||||
Deferred policy acquisition costs, net | 114,818 | 102,884 | |||||||||
Property and equipment, net | 34,510 | 33,218 | |||||||||
Right-of-use lease asset, finance | 16,337 | 17,606 | |||||||||
Right-of-use lease asset, operating | 6,357 | 6,835 | |||||||||
Intangibles, net | 39,464 | 42,555 | |||||||||
Other assets | 15,590 | 12,674 | |||||||||
Total Assets | $ | 2,599,349 | $ | 2,153,200 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Unpaid losses and loss adjustment expenses | $ | 822,271 | $ | 845,955 | |||||||
Unearned premiums | 765,632 | 675,921 | |||||||||
Reinsurance payable | 504,291 | 159,823 | |||||||||
Long-term debt, net | 120,780 | 119,732 | |||||||||
Advance premiums | 26,262 | 23,900 | |||||||||
Accrued compensation | 6,278 | 9,461 | |||||||||
Lease liability, finance | 19,250 | 20,386 | |||||||||
Lease liability, operating | 7,528 | 8,076 | |||||||||
Accounts payable and other liabilities | 71,724 | 69,666 | |||||||||
Total Liabilities | $ | 2,344,016 | $ | 1,932,920 | |||||||
Stockholders’ Equity: | |||||||||||
Common stock, $0.0001 par value, | 3 | 3 | |||||||||
Additional paid-in capital | 361,789 | 360,310 | |||||||||
Accumulated other comprehensive loss, net of taxes | (34,770) | (35,250) | |||||||||
Treasury stock, at cost | (130,900) | (130,900) | |||||||||
Retained earnings | 59,211 | 26,117 | |||||||||
Total Stockholders' Equity | 255,333 | 220,280 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 2,599,349 | $ | 2,153,200 |
For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Gross premiums written | $ | 424,530 | $ | 396,559 | $ | 781,214 | $ | 706,868 | |||||||||||||||
Change in gross unearned premiums | (74,457) | (66,544) | (89,752) | (59,831) | |||||||||||||||||||
Gross premiums earned | 350,073 | 330,015 | 691,462 | 647,037 | |||||||||||||||||||
Ceded premiums | (159,757) | (153,211) | (321,720) | (304,204) | |||||||||||||||||||
Net premiums earned | 190,316 | 176,804 | 369,742 | 342,833 | |||||||||||||||||||
Net investment income | 9,769 | 6,599 | 18,320 | 12,181 | |||||||||||||||||||
Net realized gains (losses) and impairment | 12 | (1,568) | 11 | 330 | |||||||||||||||||||
Other revenue | 3,474 | 3,478 | 6,800 | 6,890 | |||||||||||||||||||
Total revenues | 203,571 | 185,313 | 394,873 | 362,234 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Losses and loss adjustment expenses | 105,928 | 106,646 | 207,963 | 204,098 | |||||||||||||||||||
Policy acquisition costs, net | 47,224 | 41,451 | 94,153 | 81,776 | |||||||||||||||||||
General and administrative expenses, net | 22,780 | 20,058 | 42,414 | 39,111 | |||||||||||||||||||
Intangible asset impairment | — | 767 | — | 767 | |||||||||||||||||||
Total expenses | 175,932 | 168,922 | 344,530 | 325,752 | |||||||||||||||||||
Operating income | 27,639 | 16,391 | 50,342 | 36,482 | |||||||||||||||||||
Interest expense, net | 2,780 | 2,740 | 5,610 | 5,621 | |||||||||||||||||||
Income before income taxes | 24,859 | 13,651 | 44,733 | 30,861 | |||||||||||||||||||
Provision for income taxes | 5,990 | 5,872 | 11,639 | 9,074 | |||||||||||||||||||
Net income | $ | 18,869 | $ | 7,779 | $ | 33,094 | $ | 21,787 | |||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
Change in net unrealized gains (losses) on investments | 924 | (2,986) | 641 | 9,158 | |||||||||||||||||||
Reclassification adjustment for net realized investment (gains) losses | (12) | 9 | (11) | 11 | |||||||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income | (216) | 698 | (150) | (2,158) | |||||||||||||||||||
Total comprehensive income | $ | 19,565 | $ | 5,500 | $ | 33,574 | $ | 28,798 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 30,649,732 | 25,567,157 | 30,513,207 | 25,562,731 | |||||||||||||||||||
Diluted | 30,708,995 | 25,626,420 | 30,572,470 | 25,621,994 | |||||||||||||||||||
Earnings per share | |||||||||||||||||||||||
Basic | $ | 0.62 | $ | 0.30 | $ | 1.08 | $ | 0.85 | |||||||||||||||
Diluted | $ | 0.61 | $ | 0.30 | $ | 1.08 | $ | 0.85 |
Cover |
Aug. 06, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 06, 2024 |
Entity Registrant Name | HERITAGE INSURANCE HOLDINGS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36462 |
Entity Tax Identification Number | 45-5338504 |
Entity Address, Address Line One | 1401 N. Westshore Blvd |
Entity Address, City or Town | Tampa |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33607 |
City Area Code | 727 |
Local Phone Number | 362-7200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | HRTG |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001598665 |
Amendment Flag | false |
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