FLORIDA INSURERS UPC AND HERITAGE POST FIRST-QUARTER LOSSES

Florida-based home insurer Heritage Insurance swung to a first-quarter net loss of $5.1m from income of $7.6m, largely reflecting a 48% increase in weather-related losses to $31.2m. The loss per share came in at 19¢, missing analysts’ forecast for a 12¢ loss. With the added weather losses, the combined ratio added 12.5 points to 107.7%. Gross written premiums grew 19.7% to $274.2m, partly owing to rate increases, particularly in Florida. Separately, Florida-based United Insurance Holdings (UPC Insurance) saw its first-quarter net loss widen to $17.8m from $12.7m after strengthening reserves for its home-state personal lines exposures by $30m. UPC swung to an adjusted loss per share of 45¢ from income of 21¢ but beat analysts’ forecast of a 69¢ loss. With the reserve strengthening and a 7.5-point increase in catastrophe losses, the combined ratio added 28.2 points to 127.2%. Gross written premiums grew 7% to $311.6m.