Heritage Increases Catastrophe Reinsurance Program at Reduced Cost
2019-2020 catastrophe reinsurance program key points:
- Significantly increased return period to the highest level in the Company's history.
- First event reinsurance exhaustion point increases to
$1.5 billion . - Reduced catastrophe reinsurance spend by
$10 million vs. prior year. Total cost to Heritage of$249.2 million (26.8% of first quarter 2019 premiums-in-force), down from$259.5 million (28.1% of first quarter 2018 premiums-in-force) last year. - Heritage's first event retentions in the southeast and
Hawaii remain at$20 million , accounting for 4.6% of first quarter 2019 GAAP equity (pre-tax), down from 5.1% in the prior year. First event retention increases slightly in the northeast to$13.8 million from$12.8 million in the prior year, but accounts for just 3.2% of first quarter 2019 GAAP equity (pre-tax), down 10 basis points year-over-year.
Financial information, including material announcements about Heritage, is routinely posted on investors.heritagepci.com.
About Heritage
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "or "continue" or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, the matters described from time to time by us in our filings with the
Investor Contact:
Executive Vice President
727.871.0206 • [email protected]
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