Heritage Insurance (HRTG) Announces Preliminary Fourth Quarter 2020 Weather and Separation Costs
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Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, announced today that it expects to incur approximately $28.6 million of net current accident year catastrophe losses and $12.9 of net current accident year other weather losses in fourth quarter 2020.
Additionally, the Company expects to incur approximately $4.9 million of fourth quarter 2020 separation costs related to previously announced executive departures.
These preliminary, unaudited financial estimates are based on information available to management as of the date of this press release, remain subject to the completion of normal quarter-end accounting procedures and adjustments, and are subject to change. The Company's independent registered public accounting firm has not completed its audit of the Company's results for the year ended December 31, 2020. During the course of the preparation of our consolidated financial statements and related notes, and completion of the Company's financial close and audit procedures for the twelve months ended December 31, 2020, adjustments to the preliminary estimates may be identified, and such adjustments may be material. In addition, other developments may arise between now and the time the financial statements for the twelve months ended December 31, 2020 are finalized. The Company undertakes no obligation to update the information in this press release in the event facts or circumstances change after the date of this press release.
Financial information, including material announcements about Heritage, is routinely posted on investors.heritagepci.com.
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