Major Rating Factors:
Fair profitability index (3.2 on a scale of 0 to 10) with operating losses during 2019, 2020, 2021 and 2022. Average return on equity over the last five years has been poor at -13.5%. Fair long-term capitalization index (4.6) based on good current risk adjusted capital (severe loss scenarios) reflecting some improvement over results in 2020. History of adequate reserve strength (6.7) as reserves have been consistently at an acceptable level.
Other Rating Factors:
Excellent liquidity (7.1) with ample operational cash flow and liquid investments. Excellent overall results on stability tests (7.2). Stability strengths include excellent operational trends and excellent risk diversification.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
Principal Lines of Business:
Homeowners (60.6%), comm multi (33.4%), fire (0.7%), other (5.3%)
Licensed in:
AL, FL, GA, MS, NC, SC
Principal Investments:
Investment grade bonds (70.7%), cash (16.7%), preferred stock (4.7%), common stock (0.2%), other (7.8%)
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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