TAMPA,
Fla., Dec. 9, 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, 2024
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, 2025.
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. This release includes forward-looking 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, without limitation, the
matters described from time to time by us in our 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, and subsequent filings.
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.
Investor Contact:
Kirk Lusk
Chief Financial Officer
klusk@heritagepci.com
investors@heritagepci.com
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SOURCE Heritage Insurance Holdings, Inc.