HRTG - Heritage Insurance sees $40M in net retained losses from Hurricane Ian

• Heritage Insurance Holdings ( NYSE: HRTG ) said Thursday that it's anticipating to incur $40.0M in net retained losses in connection with Hurricane Ian .
• The Tampa, Florida-based property and casualty insurer expects its ultimate gross losses, albeit elevated, to be contained within the second layer of the catastrophe excess of loss program, which begins at $140.0M and exhausts at $960.0M.
• The company has received nearly 12K claims to date in connection with the storm, it said.
• Furthermore, its ultimate gross loss is expected to be "well within our reinsurance tower, which provides up to $1.2 billion of limit for a first event," said Heritage CEO Ernie Garateix.
• HRTG stock slipped 2% in early morning trading and dropped over 77% in the past year.
• Take a look at Heritage Insurance's mixed Q2 results here .

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