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
This Week in South Florida Full Episode: March 1, 2026
PEMBROKE PARK, Fla. — On the latest episode of “This Week in South Florida” host Janine Stanwood welcomes President and CEO of the Jewish Federation of Broward County Audra Berg, Secretary General of the Assembly of the Cuban Resistance Orlando Gutierrez-Boronat, Division Director of Flood Control and Water Supply Planning for the South Florida Water Management District Carolina Maran, State Rep. Juan Carlos Porras and State Rep. Kevin Chambliss.
The full episode can be seen at the top of this page.
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Janine Stanwood
Janine Stanwood is a Emmy award-winning reporter and anchor. She joined Local 10 News in February 2004 as an assignment editor.
South Florida leaders are taking preventative measures to keep residents safe after the U.S. and Israel launched major strikes on Iran early Saturday morning.
Miami-Dade County mayor Daniella-Levine Cava issued a statement reacting to the military operation that President Trump dubbed on Truth Social as “Operation Epic Fury.”
The statement reads: “The escalating conflict between the United States, Israel, and Iran poses serious risks to regional stability and international safety.”
She goes on to say that her thoughts are “with the people of Israel and the Jewish community here in South Florida who are watching these events with worry and uncertainty.” She also says the Iranian people “deserve peace, safety, dignity, and the freedom to live without repression.”
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Of the Trump administration’s decision to launch the military operation, Levine-Cava writes: “Any military action taken without congressional authorization is a dangerous precedent, and we must learn from our nation’s past challenges. What must come next is a serious effort to restore stability and pursue diplomacy, not further violence.”
As for measures she will be taking, she says she asked her Chief of Public Safety to “ensure public safety agencies are aware and ready to activate plans in case of any disruption.”
The Miami-Dade Sheriff Rosie Cordero-Stutz also issued a statement saying that MDSO is “taking immediate security measures by increasing patrols to ensure the safety of our residents.” She said that they have increased security presence around places of worship, cultural centers, and schools.
“Our thoughts and prayers are with the servicemen and women protecting our national security interests around the globe,” Cordero-Stutz wrote.
Aventura Police have also responded to the current situation on X, saying that they are monitoring the “current situation in the Middle East with our local, state, and federal partners.”
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@aventurapoliceis monitoring the current situation in the Middle East with our local, state and federal partners. At this time there are no known or credible threats to the US or Miami-Dade County. In an abundance of caution, we have implemented a heightened security posture with directed patrols at our religious facilities and other sensitive locations throughout @cityofaventuraWe will continue to monitor and report any suspicious behavior.https://x.com/aventurapolice/status/2027787245164335222/photo/1
X/Aventura Police
They go on to say: “At this time, there are no known or credible threats to the U.S. or Miami-Dade County.” However, they note that in “an abundance of caution,” they will be increasing security in religious facilities and other locations they deem as “sensitive” throughout the city.
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The City of Miami Beach also posted its statement to X, saying it is also “closely monitoring the ongoing conflict in the Middle East.” They also note that at this time, there are no known credible threats to the city.
They write: “Out of an abundance of caution, we have increased our uniformed presence at synagogues, schools, and other key locations citywide. We remain in close coordination with our law enforcement partners and leaders within the faith-based community.”
Miami Beach Police Department Increases Patrols Ahead of Purim Amid Ongoing Middle East Conflicthttps://x.com/MiamiBeachPD/status/2027752171173773807/photo/1
X/Miami Beach Police
They also urge residents to report any “suspicious or unlawful activity” to call their non-emergency number at 305-673-7901 or, if it is an emergency, call 911.
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Other cities’ police departments, such as Bal Harbour, Sunny Isles Beach, and Hallendale Beach, posted on their social media that they will also increase security measures after the U.S.-Israel strikes on Iran.
