Insurer to Cover Manufactured Homes in Florida

Florida’s Heritage Insurance Holdings, LLC is planning an initial public offering (IPO) that may result in it raising up to $100 million in new capital, as reported in a preliminary prospectus filed with the Securities and Exchange Commission (SEC). Providing insurance to 128,000 homeowners, the insurer did not disclose the number of shares it will offer nor the price, according to Heritage intends to use part of the proceeds to expand into new and existing markets, including manufactured housing products. Based in Clearwater, the company was created in August 2012 and originally gained policyholders from the state’s residual market insurer, Citizens Property Insurance Corp., a story covered by April 26, 2013. Heritage reported it had $280 million in total assets as of Dec. 2013, with stockholders equity of $80 million. Gross premiums equaled $218 million and net income was $34.2 million. ##

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