CLEARWATER, Fla., March 15, 2017 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a property and casualty insurance holding company, announced today that it has filed a pre-effective amendment to its shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC). The registration statement on Form S-3 was originally filed with the SEC on August 5, 2015.
The registration statement is intended to provide the Company additional flexibility to finance future business opportunities through timely and cost-effective access to the capital markets. Under the shelf registration statement, once declared effective by the SEC, the Company may from time to time issue various types of securities, including common stock, preferred stock, debt securities, warrants, subscription rights, stock purchase contracts and/or stock purchase units, up to an aggregate amount of $400 million.
The Company has no current plans to issue securities under the registration statement. Bruce Lucas, Chairman and Chief Executive Officer of Heritage, said, "we believe this universal shelf registration statement is a prudent proactive move to support our future growth objectives as the filing will provide us increased financial flexibility and more efficient access to the capital markets."
The shelf registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any offering of the securities covered under the shelf registration statement will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering. A copy of the prospectus included in the registration statement may be obtained on the SEC's website at www.sec.gov.
After the shelf registration statement becomes effective, Heritage may offer and sell securities covered by the registration statement through one or more methods of distribution, subject to market conditions and Heritage's capital needs. The terms of any offering under the shelf registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to completion of the offering.
Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company headquartered in Clearwater, Florida. Its subsidiaries, Heritage Property & Casualty Insurance Company and Zephyr Insurance Company, write approximately $577 million and $58 million, respectively, of personal and commercial residential premium through a large network of experienced agents. The Company is currently writing property and casualty insurance policies in Florida, Hawaii, North Carolina, South Carolina and Georgia. Heritage Insurance Holdings, Inc. is led by a seasoned senior management team with an average of 30 years of insurance industry experience.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding Heritage's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Heritage's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Heritage's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 15, 2017.
Heritage Insurance Holdings Inc.
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SOURCE Heritage Insurance Holdings, Inc.