Heritage Insurance is a regional property and casualty insurer focused on residential property insurance in coastal, hurricane-exposed markets. Heritage operates through three insurance subsidiaries: Heritage P&C (Florida and southeastern states), Narragansett Bay Insurance (Northeast and mid-Atlantic), and Zephyr (Hawaii). Heritage's core product is homeowners insurance — personal and commercial residential — sold exclusively through independent agents. Heritage P&C distributes through over 2,500 independent agents, NBIC through roughly 500 retail agents and eight wholesale relationships, and Zephyr through over 60 agencies in Hawaii. Heritage earns money by collecting premiums and paying claims, with profitability driven by underwriting margins, rate adequacy, reinsurance costs, and investment income from a conservative fixed income portfolio. Because Heritage concentrates in hurricane-exposed coastal markets, catastrophe losses are the primary source of earnings volatility. Heritage cedes a large share of premium to reinsurers — ceded premium has been running in the mid-40% range — and purchased $3.75B in catastrophe reinsurance coverage for the period ending May 2026. After several years of deliberately shrinking its policy count while pushing through rate increases, Heritage has pivoted to growth, reopening territories in Florida, the Northeast, Hawaii, and entering E&S markets in California and Texas. Heritage also operates CAN, an in-house vendor network and water mitigation subsidiary, which Heritage argues enables faster claims handling and better cost control.