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.
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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
It’s been a good couple weeks for Florida Gators head coach Billy Napier. He’s picked up two long-awaited SEC wins. One is his first win over LSU and another is his first top-10 win since the Gators beat No. 7 Utah in his first game as their head coach.
ESPN’s Adam Rittenberg made sure to give him some love in their college football Week 13 takeaways.
He considers Napier, along with Oklahoma’s Brent Venables and Auburn’s Hugh Freeze to have further redeemed themselves with big wins on Saturday.
“But Napier, Venables and Freeze all strengthened their profiles and elevated hope for the future by leading their teams to signature wins in Week 13.”
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Rittenberg was impressed by Florida’s continuing to bend but not break on defense and the performance of true freshman quarterback DJ Lagway. This all culminated in what could have spoiled Ole Miss’ playoff ambitions.
“Napier, whose Florida team had outclassed LSU the week before in The Swamp, likely eliminated Ole Miss from CFP contention with an excellent second half. A Gators defense that struggled early allowed only three points in the final 39 minutes and intercepted Jaxson Dart twice in the closing minutes, and Florida got impressive play from its own young quarterback, DJ Lagway.”
Napier was also given credit for having shown “real signs of promise before Week 13.”
Florida took No. 8 Tennessee to overtime, losing 23-17. But more impressively took Georgia down to the wire despite Lagway being carted off with a hamstring injury. While the final score was 34-20, those who watched know that it was a one-score game until about four minutes to go. That gave Florida props, but now he’s beaten ranked opponents.
Now, Florida has a shot to finish with its first winning record since 2020 and win its first bowl game since 2019.
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Rittenberg concluded his takes by saying Napier, along with Vernables and Freeze, has given “tangible evidence to cite that better days might be ahead.”
Western Carolina Catamounts (2-2) at Florida State Seminoles (6-1)
Tallahassee, Florida; Tuesday, 7 p.m. EST
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BOTTOM LINE: Western Carolina plays Florida State after Cord Stansberry scored 20 points in Western Carolina’s 82-69 loss to the Wake Forest Demon Deacons.
The Seminoles are 3-1 on their home court. Florida State is 5-1 when it wins the turnover battle and averages 12.4 turnovers per game.
Western Carolina finished 11-8 in SoCon action and 10-6 on the road a season ago. The Catamounts averaged 11.3 assists per game on 28.2 made field goals last season.
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The Associated Press created this story using technology provided by Data Skrive and data from Sportradar.
It’s been a good couple weeks for the Florida Gators.
First, they take down No. 22 LSU, 27-16, with a bend but don’t break approach. Then, they follow that up by upsetting No. 9 Ole Miss, 24-17. With that latter win, heads really began to turn. It was one thing to put up fights against Tennessee and Georgia, but now, they’re beginning to take down these formidable opponents.
The analysts are starting to talk them up. ESPN’s College Gameday analyst Kirk Herbstreit is ready to hand head coach Billy Napier the award for coach of the year. He made sure to include that he thinks quarterback DJ Lagway is going to be something special.
“Can a guy with a team that will finish 7-5 win the coach of the year award? He should!!” Herbstreit said in a tweet. “Billy Napier and [the Florida Gators, after being 4-5 and losing two straight, have beaten LSU and Ole Miss. So impressive to see this fight from the Gators and their fans after having a tough year. And, oh yeah, DJ Lagway is the REAL DEAL!”
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Big Cat from Barstool Sports jumped on X (formerly Twitter) and said, “The Florida Gators may need a playoff berth.”
Now, that can be written off as two guys getting excited, but key writers are noticing too. Florida received votes in the latest AP Poll.
Brian Brian Fonesca of the NJ.com/Star-Ledger and Ian Kress of WLNS-TV (a CBS affiliate in Lansing, Michigan) ranked them No. 25. David Paschall of the Chattanooga Times Free Press ranked them No. 24. It’s only four points, but they’re the only five-loss team to receive votes.
Unofficially, they’re ranked No. 33 in the country. If they had beaten Tennessee or Georgia to have that slightly better 7-4 record, could very well be in the top 25 right now. It’s hard to vote for a 6-5 team, that’s totally fair, but the willingness to do so by a handful of writers is a good starting point. If they win out, including a quality bowl win, to finish 8-5, finishing ranked is realistic.
Those who are signing on now are seeing what could be on the horizon in 2025. This is how they are playing now. This team might have won eight or nine games had this been yearlong. Wait until they play the portal some more this summer to bring in more talent, Napier gets that offensive coordinator and Lagway comes in with nearly a year of play under his belt.
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The Florida Gators have put the country on notice. They gave Napier the time to rebuild after Dan Mullen’s collapse, and that time is beginning to pay off.
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