Heritage has fully placed its 2022-2023 catastrophe excess-of-loss reinsurance program for its Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company, and Zephyr Insurance Company subsidiaries.
Ernie Garateix, CEO of Heritage, said: “We are pleased with the execution and terms of our comprehensive reinsurance structure, including our ability to access capital markets as part of our 2022-2023 program through the first Citrus Re cat bond we have issued since 2017.”
“We believe the completion of the program reflects a thorough understanding by our reinsurance partners of our successful diversification strategy, as well as our sound business plan, which has increased our total insured value outside Florida to 74.0% of TIV as of first quarter 2022, with zero exposure to Louisiana and Texas.”
In regard to Florida, the firm also reported that its catastrophe reinsurance program was fully placed without a need to take advantage of the new Reinsurance to Assist Policyholders (RAP) program that was authorised during last month’s special session of the Florida Legislature.
Garateix added: “We appreciate our reinsurance partners’ recognition of our efforts to better diversify and underwrite our business, and we plan to continue to proactively and appropriately raise rates and take underwriting actions within statutory guidelines to improve our profitability for the long term.”
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