CLEARWATER, Fla., Aug. 6, 2018 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a property and casualty insurance holding company, announced today that its Board of Directors has authorized the repurchase of up to $50 million of its outstanding shares of common stock through December 31, 2022.
Under the program, purchases may be made from time to time in the open market, or through privately negotiated transactions, block transactions, or other techniques, as determined by the Company's management and in accordance with prevailing market conditions and the requirements of the Securities and Exchange Commission. Heritage expects to fund all purchases from cash on hand and future cash flows from operations. The Company is not obligated to acquire a particular number of shares, and the program may be discontinued at any time at the Company's discretion.
Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company headquartered in Clearwater, Florida. Its subsidiaries, Heritage Property & Casualty Insurance Company, Zephyr Insurance Company and NBIC Holdings, Inc., write personal and commercial residential premium through a large network of experienced agents in Florida, Hawaii, North Carolina, South Carolina, Georgia and Alabama, and also in Connecticut, Massachusetts, New Jersey, New York and Rhode Island with the recent acquisition of Narragansett Bay Insurance Company, headquartered in Rhode Island. Heritage Insurance Holdings, Inc. is led by a seasoned senior management team with an average of 30 years of insurance industry experience.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding Heritage's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Heritage's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Heritage's Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the SEC on March 15, 2018 .
Heritage Insurance Holdings Inc.
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SOURCE Heritage Insurance Holdings, Inc.