Heritage US expansion helps boost income by 96 percent
Heritage Insurance Holdings, the Florida-based property/casualty insurance holding company, reported a 96 percent increase in its net income for 2015. The company made a profit of $92.5 million last year compared with $47.1 million in 2014.
The firm also posted a 34 percent increase in its gross written premiums last year. These reached $586.1 million, compared with $436.4 million in 2014. Its combined ratio also fared well in 2015, at 74.9 percent, compared with 79.4 percent in the previous year.
Bruce Lucas, the Heritage chairman and chief executive officer (CEO), said that these positive results were driven by company expansion.
"2015 was a record year for Heritage. We grew net income 96% percent and delivered a return on average equity of 30.2 percent,” he said.
“Results for the year were driven by our continued market share expansion in the state of Florida. As we progress into 2016, we expect to capitalise on opportunities to serve customers in new key states,” Lucas added.
The chairman and CEO also said that Heritage is now licensed to write new business in North and South Carolina, and that it has been approved in Alabama and Mississippi, and with pending application Massachusetts and Georgia.
The firm’s Form A acquisition filing with the State of Hawaii Insurance Division has been also been approved, according to Lucas, and he said that Heritage expects to close its previously announced Zephyr Insurance Company transaction during the first quarter of 2016.
“We remain focused on executing our expansion plans while delivering solid returns to our investors,” he added.
