Clearwater, Florida-based Heritage Property & Casualty Co. said it has applied to expand into North Carolina, South Carolina, Massachusetts and Rhode Island.
“The entry into complementary coastal states positions Heritage for new growth opportunities and is an important step toward our business diversification goals,” said Heritage Chairman and CEO Bruce Lucas. “We will use our underwriting and claims expertise established in our Florida operations to attract profitable business in these new regions. 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.”
Heritage P&C writes approximately $500 million of personal and commercial residential premium.
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