Heritage Insurance Holdings (NYSE: HRTG) is a residential property insurance company that underwrites personal and commercial lines policies primarily in coastal and catastrophe-exposed states. Revenue comes from net premiums earned, after ceding a meaningful share to reinsurers, supplemented by net investment income. As of December 31, 2025, the company carried 357,275 policies in force with $1.43 billion in premiums in force, split between Florida (123,437 policies, $679.1M in premiums) and other states (233,838 policies, $752.7M in premiums). Gross premiums written were $1.44 billion in FY2025, with ceded premiums of $637.0M, producing net premiums earned of $794.2M. Net investment income was $37.2M in FY2025. The net combined ratio improved to 73.1% in FY2025 from 94.2% in FY2024, generating net income of $195.6M in FY2025 versus $61.5M in FY2024. Distribution runs through a network of independent agents and national underwriters. CEO Ernesto Garateix signed the FY2025 10-K filed March 12, 2026.

Revenue model

Premiums earned on residential and commercial property insurance policies, net of ceded reinsurance costs, plus net investment income from the float portfolio. Gross premiums written were $1.44B in FY2025; ceded premiums were $637.0M (ceded premium ratio of 44.5%), yielding net premiums earned of $794.2M. Net investment income contributed $37.2M in FY2025.

Products and services

Personal lines residential property insurance (homeowners) and commercial residential property insurance, distributed through independent agents and national underwriter partnerships. The company performs all underwriting internally using proprietary data analytics and automated policy systems. Reinsurance structures include excess of loss, quota share, per risk, and facultative coverage.

Customers and end markets

Residential homeowners and commercial property owners in coastal and catastrophe-exposed states, reached via independent insurance agents and large retail agency partnerships. As of December 31, 2025, total policies in force were 357,275 across Florida and other states, down 8.3% from 389,475 at December 31, 2024. Total insured value was $363.5B as of December 31, 2025.

Value-chain role

Direct underwriter and policy carrier. Underwrites, prices, and services policies internally; distributes through independent agents; transfers a significant portion of catastrophe risk to third-party reinsurers. Loss mitigation services are vertically integrated.

Geographic exposure

Florida (123,437 policies, $679.1M premiums in force as of December 31, 2025) and other states (233,838 policies, $752.7M premiums in force as of December 31, 2025). Other states represented the larger share of both policies and premiums in force as of December 31, 2025.

Competitors

Single-state and regional property insurance carriers, Large national carriers, State-sponsored homeowners insurance entities

Source: SEC 10-K, filed 2026-03-12

Industry: Fire, Marine & Casualty Insurance Peers: American Coastal Insurance Corp ICC Holdings, Inc. Kingsway Financial Services Inc Progressive Corp Root Inc Trean Insurance Group, Inc.