TAMPA,
Fla., March 20, 2024 /PRNewswire/ -- Heritage
Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the
"Company"), a super-regional property and casualty insurance
holding company, announced today that its Board of Directors
authorized a new share repurchase plan of $10.0
million (the "New Share Repurchase Plan") commencing upon
the December 31, 2023 expiration of the
prior $10.0 million share repurchase program (the
"Prior Share Repurchase Plan").
Under the New Share Repurchase Plan, the Company is authorized
to repurchase shares through open market purchases, privately
negotiated transactions or otherwise in accordance with applicable
federal securities laws at any time until December 31,
2024.
The number of shares to be purchased and the timing of purchases
will be based on the Company's trading windows and available
liquidity, general business and market conditions, and other
factors, including legal requirements, debt covenant restrictions,
including those in the Company's existing credit facilities, and
alternative investment opportunities.
About Heritage
Heritage Insurance Holdings, Inc. is a super-regional property
and casualty insurance holding company. Through its insurance
subsidiaries and a large network of experienced agents, the Company
writes approximately $1.4 billion of
gross personal and commercial residential premium across its
multi-state footprint covering the northeast, southeast,
Hawaii and California excess and surplus lines.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements that are subject to certain risks
and uncertainties that could cause actual events and results to
differ materially from those discussed herein. Without limiting the
generality of the foregoing, words such as "may," "will," "expect,"
"believe," "anticipate," "intend," "could," "would," "estimate,"
"or "continue" or the other negative variations thereof or
comparable terminology are intended to identify forward-looking
statements. Forward-looking statements in this press release
include statements regarding the New Share Repurchase Plan. The
risks and uncertainties that could cause our actual results to
differ from those expressed or implied herein include, the matters
described from time to time by the Company in its filings with the
Securities and Exchange Commission, including, but not limited to,
the Company's Annual Report on Form 10-K for the year ended
December 31, 2023 filed with the
Securities and Exchange Commission on March
13, 2024. With respect to the repurchases under the New
Share Repurchase Plan, the amount of shares repurchased, if any,
and the timing of such repurchases will depend on, among other
things, the trading price of the Company's common stock, which may
be positively or negatively impacted by the New Share Repurchase
Plan, market and business conditions, debt covenant restrictions,
including those in the Company's existing credit facilities, the
availability of stock, the Company's financial performance or
determinations following the date of this announcement in order to
use the Company's funds for other purposes. The Company undertakes
no obligations to update, change or revise any forward-looking
statement, whether as a result of new information, additional or
subsequent developments or otherwise, unless otherwise required by
applicable law.
Investor Contact:
Kirk Lusk
Chief Financial Officer
klusk@heritagepci.com
investors@heritagepci.com
Zack Mukewa and Mike Houston
Lambert
HRTG@lambert.com
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SOURCE Heritage Insurance Holdings, Inc.