Investors

Heritage Insurance Reiterates Reduction in Tri-County Exposure and Catastrophe Plan

CLEARWATER, Fla., Sept. 7, 2017 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a property and casualty insurance holding company, announced that, as previously disclosed to investors, its Florida-based insurance subsidiary, Heritage Property & Casualty Insurance Company ("Heritage P&C"), has been actively reducing its exposures in Southeast Florida. Heritage has been reducing Total Insured Values in Miami-Dade, Broward and Palm counties since the second quarter of 2016.  From time period June 30, 2016 through June 30, 2017, Heritage has reduced Total Insured Values in these three counties by over $7 billion.

Heritage Insurance (PRNewsFoto/Heritage Insurance Holdings, Inc)

Bruce Lucas, Chairman and CEO of Heritage, said, "Since 2016, we have been strategically reducing exposures in Southeast Florida, which is a contrarian approach compared to many of our peer companies who have been actively writing business in Miami-Dade, Broward and Palm Beach counties.  Our prudent underwriting actions have not only stabilized our attritional loss ratios, but also have resulted in a reduction of Total Insured Value in excess of $7 billion year-over-year in Southeast Florida.  We believe that our reduced exposures, our decision not to write flood insurance, our conservative retention of only $20 million, and our decision to purchase multi-year catastrophe bonds as a hedge against reinsurance rate increases will yield impressive dividends for Heritage if Irma impacts Florida.  Furthermore, our unique vertical claims model gives Heritage an additional resource to service claims.  Heritage has a water mitigation division and a full service construction division that will allow us to service thousands of damaged homes.  During Hurricane Matthew, our mitigation and repair divisions performed services for approximately 25% of our claims.  We expect the opportunity will be substantial if Hurricane Irma makes landfall in Florida."

About Heritage Insurance Holdings Inc. 
Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company headquartered in Clearwater, Florida. Its subsidiaries, Heritage Property & Casualty Insurance Company and Zephyr Insurance Company, write personal and commercial residential premium through a large network of experienced agents in Florida, Hawaii, North Carolina, South Carolina, Georgia and Alabama. Heritage Insurance Holdings, Inc. is led by a seasoned senior management team with an average of 30 years of insurance industry experience.

Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to Heritage's current expectations, beliefs, projections and similar expressions concerning matters that are not historical facts and are not guarantees of future performance. Forward-looking statements involve uncertainties, risks, assumptions and contingencies, many of which are outside Heritage's control that may cause actual results to differ materially from those described in or implied by any forward-looking statements. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. Heritage assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent it is required to do so in connection with its ongoing requirements under Federal securities laws. For a further discussion of factors that could cause Heritage's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in Heritage's Annual Report on Form 10-K for the year ended December 31, 2016 and other risks described in documents filed by Heritage from time to time with the Securities and Exchange Commission.

Heritage Insurance Holdings Inc. 
Investor Contact:
Joseph Peiso, Investor Relations Director 
727-362-7261 
jpeiso@heritagepci.com

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SOURCE Heritage Insurance Holdings, Inc.