Florida
Florida's Heritage Insurance Sees More Profits in Q1 This Year
Heritage Insurance Holdings Inc. (HRTG) on Wednesday reported earnings of $14.2 million in its first quarter of this year, about the same as earnings for Q1 of 2023, but down from the $31 million in net income reported for the fourth quarter of 2023.
The Tampa-based property and casualty insurance holding company is the parent company of Heritage Insurance, Narragansett Bay Insurance and Zephyr Insurance. The holding firm posted revenue of $191.3 million in Q1, up 8% from the first quarter last year, thanks in part to reduced exposure and to significant rate increases.
The firm’s combined ratio was 94% for Q1, a slight improvement over last year’s quarterly number, the company’s financial statements show.
The black ink reflects a significant improvement from the Heritage financial picture in 2021 and 2022, at the depths of what has been called the Florida property insurance crisis. At the end of Q1 2022, Heritage holdings reported a $31 million net loss.
Since then, a number of Florida insurers have seen a significant reduction in litigation expenses, a key metric behind the crisis. And Heritage has continued to reduce its exposure in Florida and other states. Heritage held 182,673 policies in Florida at the end of 2022 and 529,907 policies in all 17 states in which its subsidiaries write. By the end of the first quarter this year, the number of Florida policies had dropped to 147,9654. In all 17 states, policies in force fell to 436,955 — a drop of almost 18% in less than 18 months.
But the cutbacks were not across the board. Heritage said in a news release that it had increased its commercial residential premium significantly.
“As part of our exposure management strategy, we continue to grow our policy count in products and geographies which are profitable and reduce our policy count in unprofitable and over concentrated areas,” the release noted.
“The management team is resolute in our focus to generate underwriting profits across our footprint, maintain adequate rates, ensure selective underwriting, and employ meticulous but fair claims handling,” CEO Ernie Garateix said in a statement.
4,800 Heritage Irma Claims Handled by Unlicensed Adjusters, Lawsuit Charges
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Florida
Gas prices rise in South Florida amid U.S. and Israel’s conflict with Iran, as the stock market also reports a dip
Four days into the Iranian conflict, gas prices are rising at many stations in South Florida.
“I’ve traveled all over the United States,” says Stacey Williams. CBS Miami spoke to him as he was gassing up on the turnpike. He paid $66 for 20 gallons of diesel to fill his pickup truck. Williams has noted the fluctuations in fuel as he drives to locations for his work on turbines. He just spent three weeks at the Turkey Point Nuclear Power Plant south of Miami.
“The salary we get paid per hour does not add up to what we pay for gas, housing, and food,” he says.
Mitchell Gershon is also dealing with the higher gas prices. He has to fill three vehicles constantly for his business—Thrifty Gypsy, a pop-up store at musical venues. He’s back and forth from Orlando to Miami and says fuel is costing him 20% more. When asked how he handles these fluctuations, he said, “Have a little backup cash so you are ready for it.”
The rise in oil prices contributed to a drop in the stock market on Tuesday, which means some retirement accounts dipped, too. CBS Miami talked to Chad NeSmith, director of investments at Tobias Financial Advisors in Plantation, for perspective on the drop.
“We are seeing most of the pullback today. Yesterday was a shock,” he says. He’s not expecting runaway oil prices but says investors should stay in the loop: “Pay attention to your portfolio. Stick to your goals. Have a plan because these things are completely unpredictable.”
That unpredictability has Williams adjusting his budget. “You just cut back, cut corners, all you can do,” he says.
Florida
Man convicted of 1991 fatal shooting of a police officer is set to be executed in Florida
STARKE, Fla. (AP) — A man convicted of fatally shooting a police officer with his own service weapon during a traffic stop is set to be executed Tuesday evening in Florida.
Billy Leon Kearse, 53, is scheduled to receive a three-drug injection starting at 6 p.m. at Florida State Prison near Starke. Kearse was initially sentenced to death in 1991 after being convicted of first-degree murder and robbery with a firearm.
The Florida Supreme Court found that the trial court failed to give jurors certain information about aggravating circumstances and ordered a new sentencing. Kearse was resentenced to death in 1997.
Kearse awoke at 6:30 a.m. He declined a last meal and has remained compliant throughout the day, corrections spokesman Jordan Kirkland said during a news conference. Kearse met with a spiritual adviser during the day but had no other visitors.
This is Florida’s third execution scheduled for 2026, following a record 19 executions last year. Republican Gov. Ron DeSantis oversaw more executions in a single year in 2025 than any other Florida governor since the death penalty was reinstated in 1976. The highest number before then was eight executions in both 1984 and 2014, under former governors Bob Graham and Rick Scott, respectively.
According to court records, Fort Pierce Police Officer Danny Parrish pulled over Kearse for driving the wrong way on a one-way street in January 1991. When Kearse couldn’t produce a valid driver’s license, Parrish ordered Kearse out of his vehicle and attempted to handcuff him.
A struggle ensued, and Kearse grabbed Parrish’s firearm, prosecutors said. Kearse fired 14 times, striking the officer nine times in the body and four times in his body armor. A nearby taxi driver heard the shots and used Parrish’s radio to call for help.
Parrish was rushed to a nearby hospital, where he died from the gunshot wounds, officials said. Meanwhile, police used license plate information that Parrish had called in before approaching Kearse to identify the attacker’s vehicle and home address, where Kearse was arrested.
Last week, the Florida Supreme Court denied appeals filed by Kearse. His attorneys had argued that he was unconstitutionally deprived of a fair penalty phase and that his intellectual disability makes his execution unconstitutional.
The U.S. Supreme Court rejected Kearse’s final appeals Tuesday afternoon without comment.
A total of 47 people were executed in the U.S. in 2025. Florida led the way with a flurry of death warrants signed by DeSantis, far outpacing Alabama, South Carolina and Texas which each held five executions.
Besides the two Florida executions this year, Texas and Oklahoma have each executed one person so far.
Two more Florida executions have already been scheduled for this month. Michael Lee King, 54, is scheduled to die on March 17, and the execution of James Aren Duckett, 68, is set for March 31.
All Florida executions are carried out via lethal injection using a sedative, a paralytic and a drug that stops the heart, according to the Department of Corrections.
Florida
Man convicted of 1991 fatal shooting of police officer is set to be executed in Florida
STARKE, Fla. (AP) — A man convicted of fatally shooting a police officer with his own service weapon during a traffic stop is set to be executed Tuesday evening in Florida.
Billy Leon Kearse, 53, is scheduled to receive a three-drug injection starting at 6 p.m. at Florida State Prison near Starke. Kearse was initially sentenced to death in 1991 after being convicted of first-degree murder and robbery with a firearm.
The Florida Supreme Court found that the trial court failed to give jurors certain information about aggravating circumstances and ordered a new sentencing. Kearse was resentenced to death in 1997.
This is Florida’s third execution scheduled for 2026, following a record 19 executions last year. Republican Gov. Ron DeSantis oversaw more executions in a single year in 2025 than any other Florida governor since the death penalty was reinstated in 1976. The highest number before then was eight executions in both 1984 and 2014, under former governors Bob Graham and Rick Scott, respectively.
According to court records, Fort Pierce Police Officer Danny Parrish pulled over Kearse for driving the wrong way on a one-way street in January 1991. When Kearse couldn’t produce a valid driver’s license, Parrish ordered Kearse out of his vehicle and attempted to handcuff him.
A struggle ensued, and Kearse grabbed Parrish’s firearm, prosecutors said. Kearse fired 14 times, striking the officer nine times in the body and four times in his body armor. A nearby taxi driver heard the shots and used Parrish’s radio to call for help.
Parrish was rushed to a nearby hospital, where he died from the gunshot wounds, officials said. Meanwhile, police used license plate information that Parrish had called in before approaching Kearse to identify the attacker’s vehicle and home address, where Kearse was arrested.
Last week, the Florida Supreme Court denied appeals filed by Kearse. His attorneys had argued that he was unconstitutionally deprived of a fair penalty phase and that his intellectual disability makes his execution unconstitutional.
Final appeals were pending Tuesday before the U.S. Supreme Court.
A total of 47 people were executed in the U.S. in 2025. Florida led the way with a flurry of death warrants signed by DeSantis, far outpacing Alabama, South Carolina and Texas which each held five executions.
Besides the two Florida executions this year, Texas and Oklahoma have each executed one person so far.
Two more Florida executions have already been scheduled for this month. Michael Lee King, 54, is scheduled to die on March 17, and the execution of James Aren Duckett, 68, is set for March 31.
All Florida executions are carried out via lethal injection using a sedative, a paralytic and a drug that stops the heart, according to the Department of Corrections.
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