Heritage Insurance Holdings (HRTG) said late Tuesday that the company expects to incur about $48 million of net current accident quarter catastrophe losses in Q3, stemming from hurricanes Debbie and Helene.
The company expects to incur about $57 million of losses from Hurricane Milton in Q4.
The company "is in a strong position and backed by $1.3 billion reinsurance tower," Chief Executive Ernie Garateix said in a statement. He expects the Milton gross losses to possibly reach the "third layer of our reinsurance tower which starts at $450 million and goes to $914 million."
Heritage, which will report quarterly results on Nov. 6, maintains a "robust level of reinsurance coverage through year-end 2024," Garateix added.
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