The insurer has announced plans to expand into four new states including Massachusetts
Heritage Insurance Holding, Inc. has announced that its subsidiary, Heritage Property & Casualty Company (“Heritage P&C”) has applied for entrance into the Massachusetts insurance marketplace. In addition to the Commonwealth, Heritage has also filed applications with regulatory entities in Rhode Island, North Carolina, and South Carolina.
“I am pleased to report progress in our strategic initiative to expand outside of Florida. The entry into complementary coastal states positions Heritage for new growth opportunities and is an important step toward our business diversification goals,” said Heritage Chairman and CEO Bruce Lucas. “We will use our underwriting and claims expertise established in our Florida operations to attract profitable business in these new regions. We believe we will not only benefit from the growth potential of new markets, but also see significant synergies related to our reinsurance program and the spread of catastrophic risk exposure.”
Hot stock price and two years being designated the fastest growing P&C insurer in the United States
Heritage Insurance Holdings, Inc. has its headquarters in Clearwater, Florida where it was originally formed in 2013. However, it became a Delaware corporation in early May 2014 preparatory to a public offering of its shares. Later, in May 2014, Heritage completed its initial public offering of 6,900,000 shares of common stock at $11.00 per share.
As of July 20, 2014, Heritage’s stock was listed on the New York Stock Exchange and selling for $29.94 per share.
In its first quarter 2015 report to the Securities Exchange Commission, Heritage stated that it had been named by SNL Financial, as respected insurance information source, as the fastest growing P&C insurer in the U.S. in 2014. This was the second consecutive year in which Heritage was named the top growth insurer in the U.S.
Focus of homeowners and commercial residential premium from independent agents
Heritage’s insurance subsidiary, Heritage Property & Casualty Insurance Company, offers homeowner’s, condo, rental property and commercial residential insurance as well as an identity theft product through independent insurance agents.
As of December 31, 2014, Heritage had approximately 207,000 personal residential policies in force representing $400 million of annualized premium and approximately 2,400 commercial residential policies in force representing $95 million of annualized premium.
In Florida, Heritage markets its personal lines voluntary policies through a network of approximately 1,300 independent agents. Approximately 55% of its 1300 agents were acquired from agency networks. Heritage expects to expand its independent agent network in Massachusetts and the additional states where it is seeking admission.
Agency appointment contact information
Heritage’s agency appointment contact information is:
Mail Address: Heritage Insurance, Attn: Marketing, PO Box 8310, Clearwater, FL 33758