Heritage Insurance Holdings, Inc. (NYSE:HRTG) Q3 2023 Earnings Conference Call November 3, 2023 9:00 AM ET
Company Participants
Kirk Lusk - Chief Financial Officer
Ernie Garateix - Chief Executive Officer
Conference Call Participants
Paul Newsome - Piper Sandler
Mark Hughes - Truist Securities
Operator
Good day and welcome to the HRTG Third Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note, today's event is being recorded.
I'd now like to turn the conference over to Kirk Lusk, CFO. Please go ahead.
Kirk Lusk
Good morning and thank you for joining us today. We invite you to visit the Investors section of our website, investors.heritagepci.com, where the earnings release and our earnings call will be archived. These materials are available for replay or review at your convenience.
Today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and subject to uncertainty and changes in circumstances. In our earnings press release and our SEC filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, and we have no obligation to update any forward-looking statements we may make.
For a description of the forward-looking statements and the risks that could cause our results to differ materially from those described in the forward-looking statements, please refer to our annual report on Form 10-K, earnings release, and other SEC filings. Our comments today will also include non-GAAP financial measures. The reconciliations of and other information regarding these measures can be found in our press release.
With me on the call today is Ernie Garateix, our Chief Executive Officer. I will now turn the call over to Ernie.
Ernie Garateix
Thank you, Kirk, and to everyone joining us today. I will discuss our third quarter performance, progress of our strategic initiatives and provide updates on our progress towards sustained profitability. After my overview, Kirk will delve into our financial metrics, and then we'll open the floor for questions.
Despite challenges in the property insurance space, including social and actual inflation, increased frequency and severity of catastrophic events and rising reinsurance costs, I'm encouraged to report a substantial improvement in our financial position and strides towards sustained profitability.
Our third quarter saw a net loss, but with an improvement from the same quarter last year. Our policyholders, agents, and employees were significantly affected by two catastrophic events this quarter. In early August, wildfires on the island of Maui caused devastating losses followed by Hurricane Idalia in the Florida panhandle at the end of the month. Our policyholders and employees affected by these events remain in our thoughts, and we are steadfast in our commitment to fair and timely claim handling.