Heritage Insurance Holdings, Inc.

Listed Company

HRTGCIK 0001598665NYSEAcceleratedFire, Marine & Casualty InsuranceDelaware

Period

FY 2025

Revenue

$847.33M

Net Income

$195.59M

Total Assets

$2.20B

Equity

$505.25M

Shares Out

30.72M

Op. Cash Flow

$182.24M

Business

Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company that primarily provides personal and commercial residential insurance through its subsidiaries. It offers personal and commercial residential property insurance, commercial general liability, wind-only coverage in Hawaii, reinsurance through a captive, claims mitigation and property management and managing general agent services. The company operates a vertically integrated model covering underwriting, claims adjusting, actuarial, distribution and financial reporting as a single operating segment. It distributes products through large networks of independent and wholesale agents, agency partnerships and surplus-lines channels across multiple eastern and Gulf states and Hawaii.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gross premiums written	1,436	1,433	1,343	1,275	1,165
Change in gross unearned premiums	−5	−27	−19	−66	−21
Gross premiums earned	1,431	1,406	1,324	1,209	1,144
Ceded premiums earned	−637	−638	−626	−572	−533
Net premiums earned	794	768	697	637	611
Net investment income	37	37	26	12	6
Net realized gains (losses) on debt securities and other investments	3	−705,000	−972,000	−258,000	−16,000
Other revenue	13	13	14	14	15
Total revenues	847	817	735	662	632
Losses and loss adjustment expenses	313	447	426	501	427
Policy acquisition costs	174	191	168	156	146
General and administrative expenses, net of ceding commission income	93	85	78	70	66
Intangible asset impairment	0	0	767,000	92	61
Total expenses	580	723	672	820	700
Operating income	267	94	63	−157	−68
Interest expense	8	11	11	9	—
Income before income taxes	259	83	52	−166	−76
Income tax expense	64	21	7	−12	−1
Net income (loss)	196	62	45	−154	−75
Change in net unrealized gains on investments	24	9	23	−64	−14
Reclassification adjustment for net realized investment losses (gains)	107,000	−51,000	636,000	258,000	−64,000
Income tax expense related to items of other comprehensive income	−6	−2	−6	15	3
Total comprehensive income	214	68	64	−203	−85
Basic (in shares)	31	31	26	26	28
Diluted (in shares)	31	31	26	26	28
Basic (in dollars per share)	6.33	2.01	1.73	−5.86	−2.69
Diluted (in dollars per share)	6.32	2.01	1.73	−5.86	−2.69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available-for-sale, at fair value (amortized cost of $726,774 and $692,790)	713	656	561	636	669
Equity securities, at fair value, (cost $1,064 and $1,936)	1	2	2	2	1
Other investments, net	1	6	7	16	24
Total investments	716	663	569	654	695
Cash and cash equivalents	559	453	464	281	359
Restricted cash	13	11	10	7	5
Accrued investment income	7	6	4	4	3
Premiums receivable, net	95	102	89	93	72
Reinsurance recoverable on paid and unpaid claims, net of allowance for credit losses of $175 and $197	319	740	482	805	269
Prepaid reinsurance premiums	307	310	294	307	266
Deferred income tax asset, net	6	14	11	17	0
Deferred policy acquisition costs, net	65	63	69	57	94
Property and equipment, net	28	38	33	26	17
Right-of-use lease asset, finance	13	15	18	20	23
Right-of-use lease asset, operating	5	6	7	7	5
Intangibles, net	30	36	43	50	56
Other assets	34	12	13	12	12
Total Assets	2,196	2,469	2,120	2,393	1,981
Unpaid losses and loss adjustment expenses	579	1,043	846	1,132	590
Unearned premiums	708	703	676	657	590
Reinsurance payable	233	227	160	200	192
Long-term debt, net	78	116	120	129	121
Advance premiums	19	15	24	27	25
Income taxes payable, net	4	846,000	0	—	—
Accrued compensation	9	9	9	7	8
Lease liability, finance	16	18	20	23	25
Lease liability, operating	6	7	8	9	7
Accounts payable and other liabilities	38	39	36	80	72
Total Liabilities	1,691	2,178	1,899	2,262	1,638
Commitments and contingencies (Note 17)	—	—	—	—	—
Common stock, $0.0001 par value, 50,000,000 shares authorized, 43,171,585 shares issued and 30,833,776 outstanding at December 31, 2025 and 42,838,713 shares issued and 30,607,039 outstanding at December 31, 2024	3,000	3,000	3,000	3,000	3,000
Additional paid-in capital	366	363	360	335	333
Accumulated other comprehensive income, net of taxes	−11	−29	−35	−54	−5
Treasury stock, at cost, 12,337,809 and 12,231,674 shares December 31, 2025 and 2024, respectively	−133	−131	−131	—	—
Retained earnings	283	88	26	−19	138
Total Stockholders' Equity	505	291	220	131	343
Total Liabilities and Stockholders' Equity	2,196	2,469	2,120	2,393	1,981

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	196	62	45	−154	−75
Stock-based compensation	5	3	1	2	1
Bond amortization and accretion	−779,000	−3	−3	3	4
Amortization of original issuance discount on debt	363,000	857,000	469,000	1	2
Depreciation and amortization	13	10	9	8	8
Provision for credit losses	368,000	51,000	856,000	—	—
Net realized (gains) losses	−3	705,000	937,000	—	—
Deferred income taxes	2	−5	40,000	−11	−6
Accrued investment income	−964,000	−2	−251,000	−650,000	−430,000
Premiums receivable, net	6	−13	2	−21	6
Prepaid reinsurance premiums	3	−16	13	−41	−20
Reinsurance recoverable on paid and unpaid claims	422	−258	323	−536	86
Income taxes receivable	0	13	−1	−379,000	20
Deferred policy acquisition costs, net	−1	6	−3	−6	−5
Right-of-use asset, net	3	4	3	286,000	−21
Other assets	−11	1	−1	763,000	−729,000
Unpaid losses and loss adjustment expenses	−463	197	−286	542	−69
Unearned premiums	5	27	19	66	21
Reinsurance payable	6	67	−40	8	30
Income taxes payable	3	846,000	0	0	0
Debt issuance costs	−2	0	0	—	—
Accrued interest	121,000	−179,000	−410,000	−3,000	26,000
Advance premiums	4	−9	−3	2	6
Accrued compensation	−82,000	−535,000	3	−1	−1
Lease liability, net	−4	−3	−3	75,000	23
Other liabilities	−1	4	−10	10	−9
Net cash provided by operating activities	182	87	70	−34	60
Fixed maturity securities sales, maturities and paydowns	311	204	333	94	209
Fixed maturity securities purchases	−345	−287	−231	−127	−335
Redemption of equity securities	893,000	0	0	—	—
Return on other investments	5	359,000	1	15	2
Other investment sales	0	0	8	0	0
Equity securities reinvestments of dividends	−21,000	−270,000	−152,000	0	—
Proceeds from the sale of property	3	0	0	—	—
Cost of property and equipment acquired	−8	−8	−10	−9	−1
Net cash (used in) provided by investing activities	−33	−92	101	−38	−124
Proceeds from loan agreement	0	6	0	—	—
Issuance of common stock, net of offering costs	0	−3,000	25	0	0
Mortgage loan payments	−11	−270,000	−180,000	−322,000	−306,000
Principal payments on term loan facility	−6	−10	−10	−5	−5
Repayment of loan agreement	−19	0	0	—	—
Tax withholding on share-based compensation awards	−2	−971,000	−429,000	−94,000	−231,000
Purchase of treasury stock	−2	0	0	—	—
Dividends forfeited (paid)	0	54,000	−11,000	−5	—
Net cash (used in) provided by financing activities	−41	−5	15	−5	−17
Increase (decrease) in cash, cash equivalents, and restricted cash	109	−10	186	−77	−82
Non-cash promissory note received in connection with the sale of property	11	0	0	—	—
Interest paid	7	9	9	8	5
Federal income taxes paid, net of refunds	50	9	6	—	—
State income taxes paid, net of refunds	8	4	2	—	—
Total income taxes paid, net of refunds	58	13	8	−285,000	528,000

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