Net income declined from
"2016 was a challenging year for the company," Chairman and CEO
Net earnings per share declined from
The company also said it has secured approval from state regulators for a statewide average rate increase of 9.9 percent for all of its multi-peril homeowner policies.
Heritage customers in
Like most insurers in
Heritage was the third-largest insurer in the tricounty region with 80,534 personal residential policies at the end of 2016, according to data maintained by the state
Last year, the company acknowledged it stopped writing new policies altogether in the tricounty region in 2016 and later resumed offering new policies to a "very select" number of homeowners through a small number of agents.
Heritage reported writing just 384 new policies in the region in the fourth quarter of 2016, compared to the previous quarter. Meanwhile, the two largest companies in
Due to reducing exposure in
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