A Florida property insurer that provides insurance coverage to 128,000 homeowners is planning to go public by issuing an initial public offering (IPO) that could result in the insurer raising up to $100 million in new capital.

The insurer, however, has yet to announce how many shares of stock it will sell and at what price. The IPO filing also does not include whether the stock will be traded on NASDAQ or NYSE stock exchanges.

“We may use this offering to pursue expansions of the insurance products that we offer in existing and new markets.”

Those additional products could include commercial residential and manufactured housing, along with other non-residential coverage such as general liability.

Heritage also stated it will use some of the funds to beef-up its reinsurance program, which largely depends on the Florida Hurricane Catastrophe Fund.

While its overall reinsurance program is not in place for the 2014 hurricane season, last year it had treaties with 13 private reinsurers. It also has coverage through its reinsurance subsidiary, Osprey Re. Ltd.

Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial and Life & Financial products as well.

http://www.insurancejournal.com/news/southeast/2014/04/25/327328.htm

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