TAMPA,
Fla., July 16, 2024 /PRNewswire/ -- Heritage
Insurance Holdings Inc. (NYSE: HRTG) ("Heritage" or the "Company"),
a super-regional property and casualty insurance holding company,
today announced its inclusion in the Russell 3000® Index, as
confirmed by the reconstitution information posted on the FTSE
Russell website. The inclusion into the index took effect at the
opening of the U.S. equity markets on Monday
July 1, 2024.
"We are pleased to join the esteemed Russell indexes," said
Ernie Garateix, Chief Executive
Officer of Heritage Insurance. "Our re-inclusion reflects financial
performance driven by the execution of our strategy. We anticipate
that this enhanced visibility will expand our engagement with the
investment community and support our ongoing strategic initiatives
to drive shareholder value."
The annual reconstitution of the Russell US
indexes captures the 4,000 largest US stocks as of April 30, ranking them by total market
capitalization. Membership in the Russell 3000® Index, which
remains in place for one year, means automatic inclusion in the
large-cap Russell 1000 Index or small-cap Russell 2000 Index as
well as the appropriate growth and value style indexes. FTSE
Russell determines membership for its Russell indexes primarily by
objective, market-capitalization rankings and style
attributes.
"As Heritage Insurance continues to grow and evolve, our
inclusion in the Russell 3000® Index signifies an important
milestone in our journey. We remain committed to delivering value
to our shareholders and clients," added Garateix.
Russell indexes are part of FTSE Russell, a leading global index
provider.
For more information on the Russell 3000® Index and the Russell
indexes reconstitution, visit the "Russell Reconstitution" section
on the FTSE Russell website.
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.
About FTSE Russell:
FTSE Russell is a leading global
provider of benchmarking, analytics, and data solutions for
investors, giving them a precise view of the market relevant to
their investment process. A comprehensive range of reliable and
accurate indexes provides investors worldwide with the tools they
require to measure and benchmark markets across asset classes,
styles, or strategies.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. For over 30 years,
leading asset owners, asset managers, ETF providers and investment
banks have chosen FTSE Russell indexes to benchmark their
investment performance and create ETFs, structured products, and
index-based derivatives.
FTSE Russell is focused on applying the highest industry
standards in index design and governance, employing transparent
rules-based methodology informed by independent committees of
leading market participants. FTSE Russell fully embraces the IOSCO
Principles, and its Statement of Compliance has received
independent assurance. Index innovation is driven by client needs
and customer partnerships, allowing FTSE Russell to continually
enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit
https://www.lseg.com/en/ftse-russell.
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
relating to our inclusion in the Russell 3000® Index and the
anticipated benefits of such inclusion. The risks and uncertainties
that could cause our actual results to differ from those expressed
or implied herein include, without limitation: the success of the
Company's underwriting and profitability initiatives; inflation and
other changes in economic conditions (including changes in interest
rates and financial and real estate markets), including changes
that may impact demand for our products and our operations; the
impact of macroeconomic and geopolitical conditions, including the
impact of supply chain constraints, inflationary pressures, labor
availability and the conflict between Russia and Ukraine, and in the Middle East; the impact of new federal and
state regulations that affect the property and casualty insurance
market; the cost of reinsurance, the collectability of reinsurance
and our ability to obtain reinsurance coverage on terms and at a
cost acceptable to us; assessments charged by various governmental
agencies; pricing competition and other initiatives by competitors;
our ability to obtain regulatory approval for requested rate
changes, and the timing thereof; legislative and regulatory
developments; the outcome of litigation pending against us,
including the terms of any settlements; risks related to the nature
of our business; dependence on investment income and the
composition of our investment portfolio; the adequacy of our
liability for losses and loss adjustment expense; our ability to
build and maintain relationships with insurance agents; claims
experience; ratings by industry services; catastrophe losses;
reliance on key personnel; weather conditions (including the
severity and frequency of storms, hurricanes, tornadoes and hail);
changes in loss trends; acts of war and terrorist activities; court
decisions and trends in litigation; and other 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.
For further information, questions, or inquiries, please
contact:
Kirk Lusk
Chief Financial Officer
klusk@heritagepci.com
investors@heritagepci.com
Zack Mukewa
Investor Relations
Lambert
HRTG@lambert.com
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SOURCE Heritage Insurance Holdings, Inc.
