Loading
CLEARWATER — Heritage Property & Casualty Insurance Co., a subsidiary of Clearwater-based Heritage Insurance Holdings Inc., has assumed a portfolio of 35,000 insurance policies with $59 million in annualized premiums from Sunshine State Insurance Co.
The policies cover homes, condominiums, renters, and commercial residential policies. Sunshine State Property & Casualty Insurance Co. is being liquidated after failing to meet the state's surplus requirement.
“Only 5% of the SSIC policies are located in our most concentrated regions in Tampa Bay and the Tri-County in southeast Florida,” Bruce Lucas, chairman and CEO of Heritage Insurance Holdings, says in a press release. “As a result, Heritage significantly improved its spread of risk, which will positively impact future reinsurance costs.”
Rich Widdicombe, president of Heritage Insurance Holdings, says that by spreading its risk, the company was able to increase its in-force premiums by 23% while its possible maximum loss increased by about 11%.
As part of taking on the additional policies, Heritage Property & Casualty Insurance purchased an additional $135 million in coverage from private reinsurers and the Florida Hurricane Catastrophe Fund, which increases its total reinsurance protection to $990 million.
The policy acquisition will also increase Heritage's agency network by about 150 agencies in Florida.
Heritage Insurance offers home, condominium, rental, and commercial residential insurance.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
