Community Briefs

Rotary Club of Sebring 2nd Annual Charity Online Auction

SEBRING — Through Nov. 15, The Second Annual Rotary Club of Sebring Online Charity Auction is happening. Insight Auctioneers is hosting the event. There are a wide variety of items up for auction, from vacation packages, service packages, power tools, and much more. Items added daily, so visit the site often to place bids and help raise funds to support local charities. To donate an item, call Shawn at 863-386-1225. The Rotary Club of Sebring Charities, Inc. is a 501©(3) charitable organization. Help make this a fun and successful fundraiser. You can view and participate in the auction here: https://www.proxibid.com/Insight-Auctioneers-Sales/Sebring-Rotary-Charity-Auction-November-15th/event-catalog/228721

Heritage warns of more policy reductions

TALLAHASSEE (NSF) — As it reported a net loss of $48.2 million in the year's third quarter, Tampa-based Heritage Insurance Holdings warned that it likely will continue to reduce its number of homeowners' policies in Florida. In a news release announcing the third-quarter results, the parent company of Heritage Property and Casualty Insurance pointed to a need for state lawmakers to address the troubled property-insurance system.

"Reduction of policy count for Florida personal lines product is a key focus and will continue if meaningful legislation to reduce abusive claims practices does not occur," the news release said. "Policy count for Florida personal lines business intentionally declined by 18.8% as compared to the prior year period."

Heritage, which also operates in other states, announced last month that it expected to incur about $40 million in net losses from Hurricane Ian. The news release Tuesday said it had 188,343 policies in Florida as of Sept. 30, down from 228,572 a year earlier. The release did not break down those numbers by types of policies. Personal lines generally refers to residential policies.

Property insurers have shed hundreds of thousands of policies during the past two years to try to reduce financial risks. Lawmakers held a special session in May to make changes in the insurance system and are expected to hold another special session that will include insurance issues.

Heritage's share price closed Tuesday at $1.64, down 11 cents. The news release said the Heritage Board of Directors has decided to temporarily suspend a quarterly dividend to shareholders.