TAMPA, Fla. - Heritage Insurance Holdings, Inc. (NYSE: NYSE:HRTG), a property and casualty insurer, has initiated a new share repurchase program, authorizing the buyback of $10 million worth of shares starting after the previous program of the same amount expired on December 31, 2023.
The company's Board of Directors has given the green light for the repurchase to be conducted through open market transactions, privately negotiated deals, or other legal methods until December 31, 2024. The repurchases will be made considering various factors, including Heritage's trading windows, liquidity, market conditions, and compliance with legal and debt covenant restrictions.
Heritage Insurance, known as a super-regional insurer, writes personal and commercial residential premiums across several states, including the northeast, southeast, Hawaii, and California, totaling approximately $1.4 billion in gross premiums.
The press release also contains forward-looking statements, cautioning that actual events and results could materially differ from those discussed. Factors that could affect the outcome include market conditions, legal restrictions, the availability of shares, and the company's financial performance. The company has declared that it is not obliged to update any forward-looking statements unless required by law.
This announcement is based on a press release statement from Heritage Insurance Holdings, Inc.
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