Major Rating Factors:
Poor long-term capitalization index (2.0 on a scale of 0 to 10) based on weak current risk adjusted capital (severe loss scenarios), although results have slipped from the fair range during the last year. Fair reserve development (4.2) as the level of reserves has at times been insufficient to cover claims. Deficiencies in the two year reserve development occurred in three of the previous five years and ranged between 15.4% and 26.1%. Fair profitability index (3.9) with operating losses during 2020, 2021 and 2022.
Other Rating Factors:
Good liquidity (5.2) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Good overall results on stability tests (6.4) despite fair risk adjusted capital in prior years. Stability strengths include good operational trends and excellent risk diversification.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (56.6%), comm multi (37.6%), fire (0.6%), other (5.2%)
Licensed in:
AL, FL, GA, MS, NC, SC
Principal Investments:
Investment grade bonds (70.6%), cash (16.3%), preferred stock (4.1%), common stock (0.2%), other (8.8%)
Corporate Info
Group Affiliation
Heritage Ins Holdings Inc
Investment Rating
Company Address
1401 North Westshore Boulevard
Tampa, FL 33607
Tampa, FL 33607
Phone Number
(727) 362-7200
NAIC Number
14407
Website
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