UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | Other Events. |
On May 26, 2021, Heritage Insurance Holdings, Inc. (“Heritage”) issued a press release announcing that it placed its 2021-2022 catastrophe reinsurance program for its statutory insurance subsidiaries, including Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company, and Zephyr Insurance Company.
Key points of the 2021-2022 catastrophe reinsurance program include:
| • | Total cost to Heritage of approximately $312 million, accounting for 28% of March 31, 2021 premiums-in-force. |
| • | First event reinsurance tower exhaustion point of $1.4 billion and total limit of $2.5 billion in the southeast. |
| • | $640 million of private market layers automatically reinstate, all of which are prepaid and included in the cost above. |
| • | First event loss retention in the southeast and Hawaii of $32.0 million and $20.7 million in the northeast. |
| • | Florida Hurricane Catastrophe Fund participation of 90%. |
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibit is being furnished as part of this Current Report on Form 8-K.
| No. |
Exhibit | |
| 99.1 | Press Release dated May 26, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HERITAGE INSURANCE HOLDINGS, INC. | ||||||
| Date: May 26, 2021 | By: | /s/ Kirk Lusk | ||||
| Kirk Lusk Chief Financial Officer | ||||||
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