Heritage Insurance (HRTG) Tops Q3 EPS by 14c, Revenues Miss

October 31, 2018 4:02 PM

Heritage Insurance (NYSE: HRTG) reported Q3 EPS of $0.23, $0.14 better than the analyst estimate of $0.09. Revenue for the quarter came in at $118.24 million versus the consensus estimate of $125.49 million.

Bruce Lucas, the Company\'s Chairman and CEO, said, "We reported a solid third quarter despite retaining $16.6 million of catastrophe losses associated with Hurricanes Florence and Lane, as our vertically integrated structure continues to benefit results. We have continued our trend to diversify away from Florida's Tri-County, which reduces our exposure to the state's assignment of benefits crisis. Personal lines Tri-County Florida TIV only accounted for 5.7% of our overall third quarter 2018 book of business, down 9.2 points year-over-year. We're also continuing to expand outside Florida and recently received licenses in Maryland and Virginia, bringing our total licensed count to 15 states and look forward to new growth opportunities.

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