HERITAGE BEATS AS INCOME RISES 36% ON FEWER CAT LOSSES

US property/casualty group Heritage Insurance Holdings’ third-quarter net earnings rose 36% to $8.1m, reflecting in part a $10.6m decline in catastrophe losses. Income per share increased to 28¢ from 23¢, doubling analysts’ forecast. The group’s combined ratio added 1.6 points to 95.5% as the loss ratio rose 7.0 points owing to higher current-year noncatastrophe weather losses and lower favourable prior-year reserve development. Gross written premiums grew 1.6% to $237.3m. For the year to date, the Florida-based group’s net income fell 32% to $15.8m, as incurred losses jumped 16% to $206.5m. The combined ratio added 7.4 points to 99.2%, while gross written premium edged up only 0.1% to $702.5m