Heritage Insurance Holdings, Inc.
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements
Condensed Consolidated Balance Sheets
(Amounts in thousands, except per share and share amounts)
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| ASSETS · (unaudited) | ||
| Fixed maturities, available-for-sale, at fair value (amortized cost of $769,426 and $726,774) | $751,384 | $713,237 |
| Equity securities, at fair value, (cost $1,072 and $1,064) | 1,072 | 1,064 |
| Other investments, net | 1,259 | 1,285 |
| Total investments | 753,715 | 715,586 |
| Cash and cash equivalents | 517,070 | 559,274 |
| Restricted cash | 16,221 | 13,307 |
| Accrued investment income | 6,272 | 6,556 |
| Premiums receivable, net | 93,989 | 95,331 |
| Reinsurance recoverable on paid and unpaid claims, net of allowance for credit losses of $175 | 261,179 | 318,588 |
| Prepaid reinsurance premiums | 194,607 | 307,039 |
| Deferred income tax asset, net | 5,589 | 5,855 |
| Deferred policy acquisition costs, net | 64,367 | 64,544 |
| Property and equipment, net | 28,447 | 28,254 |
| Right-of-use lease asset, finance | 11,978 | 12,598 |
| Right-of-use lease asset, operating | 6,328 | 4,878 |
| Intangibles, net | 28,643 | 30,189 |
| Other assets | 32,579 | 33,823 |
| Total Assets | $2,020,984 | $2,195,822 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Unpaid losses and loss adjustment expenses | $544,043 | 579,477 |
| Unearned premiums | 701,090 | 707,923 |
| Reinsurance payable | 73,498 | 232,801 |
| Long-term debt, net | 77,613 | 78,428 |
| Advance premiums | 30,797 | 19,164 |
| Income taxes payable | 15,499 | 4,282 |
| Accrued compensation | 4,896 | 8,844 |
| Lease liability, finance | 14,914 | 15,587 |
| Lease liability, operating | 6,521 | 5,800 |
| Accounts payable and other liabilities | 31,741 | 38,265 |
| Total Liabilities | $1,500,612 | $1,690,571 |
| Commitments and contingencies (Note 17) | ||
| Stockholders’ Equity: | ||
| Common stock, $0.0001 par value, 50,000,000 shares authorized, 43,043,218 shares issued and 30,334,925 outstanding at March 31, 2026 and 43,171,585 shares issued and 30,833,776 outstanding at December 31, 2025 | 3 | 3 |
| Additional paid-in capital | 357,813 | 365,736 |
| Accumulated other comprehensive loss, net of taxes | (13,988) | (10,555) |
| Treasury stock, at cost, 12,708,293 and 12,337,809 shares at March 31, 2026 and December 31, 2025, respectively | (143,189) | (133,183) |
| Retained earnings | 319,733 | 283,250 |
| Total Stockholders' Equity | 520,372 | 505,251 |
| Total Liabilities and Stockholders' Equity | $2,020,984 | $2,195,822 |
Condensed Consolidated Statements of Operations and Other Comprehensive Income
(Amounts in thousands, except per share and share amounts)
| For the Three Months EndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| REVENUES: | ||
| Gross premiums written | $346,745 | $355,997 |
| Change in gross unearned premiums | 6,817 | (2,169) |
| Gross premiums earned | 353,562 | 353,828 |
| Ceded premiums | (153,870) | (153,794) |
| Net premiums earned | 199,692 | 200,034 |
| Net investment income | 9,867 | 8,575 |
| Net realized gains (losses) on debt securities and other investments | 16 | (4) |
| Other revenue | 3,083 | 2,915 |
| Total revenues | 212,658 | 211,520 |
| EXPENSES: | ||
| Losses and loss adjustment expenses | 91,597 | 99,407 |
| Policy acquisition costs, net of ceding commission income (1) | 45,335 | 45,815 |
| General and administrative expenses, net of ceding commission income(2) | 24,908 | 23,862 |
| Total expenses | 161,840 | 169,084 |
| Operating income | 50,818 | 42,436 |
| Interest expense, net | 1,779 | 2,426 |
| Income before income taxes | 49,039 | 40,010 |
| Income tax expense | 12,556 | 9,536 |
| Net income | $36,483 | $30,474 |
| OTHER COMPREHENSIVE INCOME | ||
| Change in net unrealized (losses) gains on investments | (4,491) | 8,477 |
| Reclassification adjustment for net realized investment (gains) losses | (16) | 4 |
| Income tax benefit (expense) related to items of other comprehensive income | 1,074 | (2,016) |
| Total comprehensive income | $33,050 | $36,939 |
| Weighted average shares outstanding | ||
| Basic | 30,680,933 | 30,697,826 |
| Diluted | 30,740,251 | 30,757,089 |
| Earnings per share | ||
| Basic | $1.19 | $0.99 |
| Diluted | $1.19 | $0.99 |
(1)
Policy acquisition costs includes $11.0 million and $15.6 million of ceding commission income for the three months ended March 31, 2026 and 2025, respectively.
(2)
General and administration includes $3.6 million and $3.8 million of ceding commission income for the three months ended March 31, 2026 and 2025, respectively.
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