Heritage Insurance Holdings, Inc., announced that its wholly-owned subsidiary, Heritage Property & Casualty Insurance Company, assumed over 2,000 commercial residential policies on October 14, 2014 from Citizens Insurance. The assumed policies represent over $80 million in gross written premium.
The Commercial Division is led by an experienced management team, including Randy Jones, president, and Arlene Luis, executive vice president.
Heritage purchases hurricane reinsurance on a multi-year basis and retains $1 million per structure for all other peril losses, such as fire and sinkhole.
Jones said the company has over $120 million in surplus and is debt and quota share free.
Source: Heritage Insurance Holdings, Inc.
Was this article valuable?
Here are more articles you may enjoy.
Half of Pilots Killed in US Accidents Tested Positive for Drugs 
Ransom Attacks up, but Payments Headed Down as Cyber Becomes Top of Mind 
Worst Start to Wildfire Season Raises Alarm as El Niño Threatens 
34,000 PG&E Customers Without Power on California Fire Risk 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.