The following is a summary of the Heritage Insurance Holdings, Inc. (HRTG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Heritage Insurance reported a Q1 net income of $14.2 million, marking a slight increase from the previous year.

• Gross premiums written and total revenue experienced increases of 14.9% and 8.1% respectively.

• The company's book value per share grew 26.8% year over year.

• Despite higher weather-related losses, the net loss ratio improved to 56.9%.

Business Progress:

• Heritage Insurance undertook deliberate actions, focusing on achieving rate adequacy, underwriting discipline, and capital allocation.

• The firm exercised strategic diversification across geographic regions to mitigate risks.

• A key achievement includes the finalization of the CAT XOL Reinsurance Program ahead of schedule.

• Due to forthcoming legislative changes in Florida, the company has an optimistic outlook for its future growth trajectory.

• The quarterly dividend continues its suspension as a strategic measure to strengthen the financial position and support growth initiatives.

More details: Heritage Insurance IR

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