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After it largely stopped selling new homeowners’ policies in Florida and the Northeast in late 2022, the parent company of Heritage Property & Casualty Insurance Co. said Tuesday it is looking to resume writing new coverage.
In a statement that was part of an earnings report, Heritage Insurance Holdings CEO Ernie Garateix said the insurer made the December 2022 decision “given the wavering profitability of our book of business, coupled with tightening reinsurance markets at that time.”
But Garateix pointed to issues such as changes made by Florida lawmakers to help shore up the insurance market.
“Importantly, we have now reached an inflection point which positions us to selectively resume writing new business in these regions,” he said in the statement. “Looking forward, we plan to pursue a strategy of controlled growth anchored by continued risk management and stringent underwriting. This is an opportune time to accelerate growth given the disruption in many of our markets that is opening up significant market share, combined with the positive impact of Florida legislative changes and a stabilized reinsurance market where we continue to receive support from our partners.”
Tampa-based Heritage has seen a significant drop in its number of policies in Florida and other states.
For example, the earnings report said Heritage had 142,591 policies in Florida during this year’s second quarter, down from 165,761 a year earlier.
Similarly, it had 277,653 policies in other states during this year’s second quarter, compared to 323,629 a year earlier.
