{"id":25272,"date":"2026-08-10T16:10:26","date_gmt":"2026-08-10T16:10:26","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=880894"},"modified":"2026-08-10T16:10:26","modified_gmt":"2026-08-10T16:10:26","slug":"florida-based-heritage-continues-to-shed-policies-as-earnings-soar-to-new-heights","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2026\/08\/10\/florida-based-heritage-continues-to-shed-policies-as-earnings-soar-to-new-heights\/","title":{"rendered":"Florida-Based Heritage Continues to Shed Policies as Earnings Soar to New Heights"},"content":{"rendered":"<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2026\/08\/10\/880894.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2026\/08\/10\/880894.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>While a number of Florida-domiciled property insurers have begun rebuilding their policy portfolios in the last 12 months, Tampa-based Heritage Insurance has continued to shed policies in recent years.<\/p>\n<p>The selective underwriting strategy, along with other changes, appears to have made a difference: Heritage reported a Q2 profit of almost $62 million. That\u2019s a 28.5% increase in net income for the second quarter of this year, compared to Q2 2025.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"profit-loss\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>The company also posted a microscopic 65% combined ratio as of the end of June this year. That\u2019s eight points lower than what the insurer reported at this time last year, according to filings with the U.S. Securities and Exchange Commission.<\/p>\n<p><a href=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/05\/heritage-insurance.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-777582 size-medium\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/05\/heritage-insurance-300x95.png\" alt width=\"300\" height=\"95\" srcset=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/05\/heritage-insurance-300x95.png 300w, https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/05\/heritage-insurance-580x184.png 580w, https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/05\/heritage-insurance.png 676w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"><\/a>\u201cSeveral years ago, our focus was on improving profitability, strengthening the balance sheet, and reducing volatility in our financial results. Today, we are generating record earnings, producing substantial excess capital and beginning to see encouraging signs that the foundation we have built can support future growth,\u201d CEO Ernie Garateix said in a statement posted last week.<\/p>\n<p>He said Heritage has evolved into a stronger, more diversified and more resilient business as a super-regional insurance carrier.<\/p>\n<p>The publicly traded insurer, ranked 21<sup>st<\/sup>-largest in Florida, reported 350,887 policies in force in Q2 2026, for all of the 17 states it writes in. That\u2019s 5% fewer than seen in the second quarter last year, and almost a quarter-million fewer policies than Heritage held in 2021, at the worst of the Florida property insurance litigation crisis. The vast majority of Heritage policies are personal residential.<\/p>\n<p>In Florida, the Heritage policy count has dropped from 241,581 in 2021 to just 112,304 in Q2 this year, according to SEC filings and Florida regulator reports.<\/p>\n<p>Company-wide, net losses and loss-adjustment expenses, often seen as a reflection of litigation costs, dropped almost $15 million from last year at this time.<\/p>\n<div class=\"bzn bzn-sized bzn-intext-2\">\n<ins data-revive-zoneid=\"162\" data-revive-topics=\"profit-loss\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>The company said it plans to stay the course for at least the rest of 2026 with selective underwriting and rate adequacy and by putting capital into products and geographic areas that promise to maximize long-term results.<\/p>\n<p>\u201cDespite the significant progress we have made over the last several years, we do not believe our current valuation fully reflects the strength of our earnings profile, the durability of our results, or the growth opportunities ahead,\u201d Garateix said in the earnings statement. \u201cAs a result, we have repurchased more than one million shares of our common stock year to date because we believe our shares continue to trade below intrinsic value, while we are also still preserving substantial capacity to support future growth.\u201d<\/p>\n<p>Heritage\u2019s latest SEC filing can be seen <a href=\"https:\/\/filecache.investorroom.com\/mr5ir_heritage\/386\/HRTG%20%28Heritage%20Insurance%20Holdings%20Inc.%29%20%20%2810-Q%29%202026-08-07.pdf_.pdf\">here<\/a>.<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/location\/florida\/\" class=\"btn btn-sm btn-primary tagtag\">Florida<\/a> <a href=\"https:\/\/www.insurancejournal.com\/profit-loss\/\" class=\"btn btn-sm btn-primary tagtag\">Profit Loss<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"880894\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"author-byline clearfix\">\n<div class=\"author-byline-img\"> <img width=\"200\" height=\"187\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2022\/01\/Rabb.jpg\" class=\"attachment-200x200 size-200x200 wp-post-image\" alt decoding=\"async\" loading=\"lazy\" srcset=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2022\/01\/Rabb.jpg 493w, https:\/\/www.insurancejournal.com\/app\/uploads\/2022\/01\/Rabb-300x281.jpg 300w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\"> <\/div>\n<div class=\"author-byline-content\">\n<h4 class=\"author-byline-name\"> <small>Written By<\/small> William Rabb <\/h4>\n<p class=\"author-byline-bio\"> Rabb is Southeast Editor for Insurance Journal. He is a longtime newspaper man in the Deep South; also covered workers&#8217; comp insurance issues for a trade publication for a few years. <\/p>\n<div class=\"author-byline-posts\">\n<h5>Latest Posts:<\/h5>\n<\/p><\/div>\n<p> <a href=\"https:\/\/www.insurancejournal.com\/author\/will-rabb\/\" class=\"author-byline-more\"> More From Author <i class=\"fas fa-caret-right\"><\/i> <\/a> <\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Profit Loss<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments While a number of Florida-domiciled property insurers have begun rebuilding their policy portfolios in the last 12 months, Tampa-based Heritage Insurance has continued to shed policies in recent years. The selective&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":25273,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[83,2198,1,2199,2200,2201,45,2202,2203,2204],"class_list":["post-25272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-florida-property-insurance-crisis","tag-net-income","tag-news","tag-publicly-traded-insurance-companies","tag-quarterly-earnings-reports-for-property-insurers","tag-softening-insurance-market","tag-southeast-news","tag-strategic-underwriting","tag-the-florida-office-of-insurance-regulation-oir","tag-underwriting-discipline"],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2026\/08\/florida-based-heritage-continues-to-shed-policies-as-earnings-soar-to-new-heights.png","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/25272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=25272"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/25272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/25273"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=25272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=25272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=25272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}