Heritage Insurance Achieves Remarkable Growth in 2024
Heritage Insurance Holdings, Inc. proudly announced a significant increase in net income for 2024, totaling $61.539 million, marking a 35.8% rise from the previous year despite the challenges posed by catastrophic weather events in the third and fourth quarters.
In 2024, the company’s total revenue soared to $816.985 million, representing an 11.1% growth compared to 2023. Heritage also reported gross premiums written of $1.43 billion and net premiums earned of $767.86 million, both showing improvements over the preceding year.
Additionally, the company maintained a combined ratio of 94.2% for the year, a slight improvement from 2023, while the loss ratio improved to 58.2%.
Fourth Quarter Resilience
In the fourth quarter of 2024, Heritage Insurance demonstrated resilience with a net income of $20.3 million, despite encountering a financial impact from Hurricane Milton amounting to $57.0 million. This compares to a net income of $30.9 million in the fourth quarter of 2023, which was unaffected by major weather disruptions.
Moreover, the fourth quarter of 2024 saw gross premiums written reach $338.7 million, a 3.7% increase from $326.7 million in the same period of the previous year. This growth is attributed to the organic expansion of Heritage’s commercial residential and surplus lines business, along with strategic rate adjustments across their portfolio.
Catastrophe losses in the fourth quarter amounted to $40 million, contrasting with $3.1 million in 2023. Consequently, the net combined ratio for Q4 2024 stood at 89.7%, rising by 4.8 points from 84.9% in Q4 2023.
CEO’s Insights on Strategic Initiatives
Ernie Garateix, CEO of Heritage Insurance, remarked, “The year 2024 was marked by numerous destructive hurricanes affecting communities across the Southeastern United States, and in 2025, we’ve witnessed devastating wildfires impacting residents of California.”
Garateix expressed pride in the support provided by Heritage employees to policyholders, ensuring timely claims processing to deliver essential resources during challenging times.
He continued, “Our financial foundation remains robust, instilling confidence in our customers that we’ll stand by them during their most difficult moments. Our fourth-quarter results highlight our concerted efforts to achieve rate adequacy, manage exposure, and enhance our underwriting discipline over recent years.”
Garateix emphasized the company’s strategic goal of achieving consistent long-term earnings and driving shareholder value, which was clearly realized in 2024’s successful results. “Despite the impact of catastrophic weather and related events, our profitability was preserved due to our diverse business portfolio, disciplined underwriting, and strides towards rate adequacy,” he noted.
Looking forward, Garateix concluded, “We are now poised to strategically reopen territories for new personal lines business. We plan to continue allocating capital to profitable geographies and products, adhering to our underwriting and pricing discipline as we strive for profitable growth in 2025.”
He expressed optimism about the positive impacts from legislative actions in Florida aimed at reducing abusive claims practices, along with stabilization in reinsurance pricing. These factors, combined with strategic initiatives, provide confidence in Heritage’s ability to deliver consistent long-term profitability.
Garateix also extended gratitude to their dedicated reinsurance partners, acknowledging their support through multiple catastrophic events over the years, and looked forward to continued collaboration as the company seeks expansion.
