24 April 2014 Insurance

Heritage seeks $100m from IPO

Floridian insurer Heritage Insurance Holdings plans to raise up to $100 million in an initial public offering (IPO), as it continues to grow.

Established in 2012, Heritage provides residential insurance for home and condominium owners throughout Florida. At the end of 2013, it had approximately 128,000 policies in force. About 93 percent of these were assumed from Florida’s state supported insurer, Citizens Property Insurance.

The Securities and Exchange Commission filing does not contain information on how many shares Heritage plans to sell or set a price for their sale.

Heritage intends to use a portion of the net proceeds to increase its statutory capital and surplus to enable it to write additional policies and to fund collateralised reinsurance through Osprey, its reinsurance subsidiary.

The remainder of the net proceeds will be used to fund the growth of Heritage’s business and general corporate purposes.

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