Super-regional P&C insurance holding company, Heritage Insurance Holdings, Inc., has reported estimated retained catastrophe losses of $40 million for the third quarter of 2023.
Heritage noted that the catastrophe losses during Q3 stem from the Maui Wildfire, which represents the majority of the retained catastrophe loss amount, as well as Hurricane Idalia.
The company also confirmed that losses from the Maui Wildfire included a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.
The series of wildfires in Maui that took place across August are estimated to result in an insured loss of between $4 billion and $6 billion, according to Guy Carpenter, therefore making it the second costliest disaster in Hawaii’s history since Hurricane Iniki in 1992.
Heritage CEO Ernie Garateix, commented: “Our top commitment is to our policyholders, and our thoughts go out to all affected by these major events.
“We are experienced and prepared to assist our policyholders following catastrophic events and have every confidence in our ability to achieve our long-term strategic and financial goals, while ensuring our claims are handled in a fair and timely manner.”
In their results for Q223, Heritage posted a net combined ratio of 95.1%, representing an improvement of 4.3 points from 99.4% in the prior year quarter.
Additionally, net income for Q2 came in at $7.8 million, a big improvement from the previous years net loss of $87.9 million.
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