Fla. based company firm looks to expand into R.I., Mass.

CLEARWATER, Fla. – A Florida-based publicly traded property and insurance holding company this month filed applications to expand a subsidiary’s services into Rhode Island and Massachusetts.
Heritage Insurance Holdings Inc., based in Clearwater, Fla., offers home, condo, rental property and commercial residential insurance through independent agents in Florida. The company says it writes about $500 million of personal and commercial residential premium.
The planned expansion, which includes applying to enter North Carolina and South Carolina, will be done through its subsidiary Heritage Property & Casualty Co. and is a part of a “strategic initiative to expand outside of Florida,” according to its chairman and CEO Bruce Lucas.
“The entry into complementary coastal states positions Heritage for new growth opportunities and is an important step toward our business diversification goals,” Lucas said.
Heritage P&C submitted application to regulatory entities in the four states earlier this month, according to a press release.
“We will use our underwriting and claims expertise established in our Florida operations to attract profitable business in these new regions,” Lucas said. “We believe we will not only benefit from the growth potential of new markets, but also see significant synergies related to our reinsurance program and the spread of catastrophic risk exposure.”

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