Ernie Garateix has been the CEO of Heritage Insurance Holdings since December 2020. He stepped into this role after working his way up from Chief Operating Officer and has been with the company since 2012. Under his leadership, Heritage has...

Ernie Garateix has been the CEO of Heritage Insurance Holdings since December 2020. He stepped into this role after working his way up from Chief Operating Officer and has been with the company since 2012. Under his leadership, Heritage has focused on improving its operations in the competitive insurance market. In 2023, Ernie earned around $1 million in salary, with total compensation reaching over $1 million if we include various bonuses and benefits. His performance metrics for bonuses were impressive, hitting 148% of his target for the year. Before joining Heritage, he held a vice president position at American Integrity Insurance. Garateix’s approach often emphasizes aligning executive pay with company performance, showing a commitment to shareholders. He has also made significant insider trades, with his stock holdings fluctuating greatly; at one point in 2023, they were valued around $16.79 million, reflecting both confidence in the company and his personal financial strategy.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Heritage Insurance Holdings CEOs

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Ernie Garateix

CEO of Heritage Insurance Holdings

Education

Bachelor's degree in Business Administration from the University of Florida.

Field of Expertise

Finance & Banking - Insurance

Sector of Economy

Financial Services

CEO of Heritage Insurance Holdings for

4 years 5 months (Dec 2020 - Present)

Previous Experience

Executive Vice President at Heritage Insurance Holdings since August 2012.

Rivals

Competitors/colleagues of Ernie Garateix

Holdings

See how much did Ernie Garateix make over time.

As of recent reports, Ernie Garateix's stock holdings in Heritage Insurance saw remarkable fluctuations, peaking at an impressive $16.79 million in August 2024. His stock was worth about $1.94 million in September 2019. Over the years, he progressively increased his...

As of recent reports, Ernie Garateix's stock holdings in Heritage Insurance saw remarkable fluctuations, peaking at an impressive $16.79 million in August 2024. His stock was worth about $1.94 million in September 2019. Over the years, he progressively increased his stake, reflecting strong confidence in the company's future. These holdings have shifted significantly, with values varying from nearly $1.5 million in early 2020 to highs above $10 million in mid-2023. This substantial ownership shows his investment in the success of Heritage Insurance, aligning his interests with those of the shareholders. His trading strategies display a proactive approach in managing personal wealth while contributing to the company’s mission.

Total Stock Sold

$865.39K

HRTG

$865.39K

38,000 HRTG shares

What if they kept their stock?

If Ernie Garateix didn't sell their stock, today they would have:
Extra HRTG38,000 shares worth $442.70K.
This is -48.84% and $422.69K less than what they got when they sold the stock.

Insider Trading

See recent insider trades of Ernie Garateix.

HRTG

$49.49K

HRTG at $12.53/share

Nov 11, 2024

Purchase

HRTG

$42.95K

HRTG at $8.59/share

Aug 9, 2024

Purchase

HRTG

$82.00K

HRTG at $8.20/share

May 6, 2024

Purchase

HRTG

236,111 shares

HRTG

Feb 26, 2024

Received

HRTG

$199.99K

HRTG at $7.34/share

Dec 14, 2023

Purchase

HRTG

606,618 shares

HRTG

Jul 11, 2023

Received

HRTG

$6.22K

HRTG at $3.11/share

Mar 16, 2023

Purchase

HRTG

$3.34K

HRTG at $1.67/share

Nov 30, 2022

Purchase

HRTG

$6.90K

HRTG at $1.38/share

Nov 18, 2022

Purchase

HRTG

$6.75K

HRTG at $1.35/share

Nov 16, 2022

Purchase

Compensation History

See how much did Ernie Garateix make over time.

In 2023, Ernie Garateix's compensation totaled about $4.99 million, primarily driven by his $1 million salary. He didn't receive any bonuses this year, reflecting a shift towards performance-based pay structures starting in 2024. His compensation package previously included bonuses based on performance metrics like net operating ratio and return on average equity. Back in 2021, he earned over $3 million, including bonuses that reflected a successful year. Garateix's salary and pay plans are structured to align closely with Heritage Insurance's performance, shifting towards more at-risk compensation, emphasizing shareholder interests. Such changes are designed to motivate executives to drive long-term success for the company.

Year

2023

Total Compensation

$1.04M

Salary

$1.00M

Board Justification

The compensation philosophy focuses on aligning executive pay with performance metrics and shareholder interests, with a shift towards more performance-based compensation in 2024.

Bonus

$0.00

Board Justification

No bonus was awarded for 2023.

Other

$40.82K

Board Justification

Includes automobile allowance and contributions to 401(k) plan.

Restricted Stock

$0.00(0 RSU)

Board Justification

No stock was vested in 2023 as the amounts listed are for stock awards granted, not vested.

Performance Metrics

Performance metrics for 2023 included net operating ratio and return on average equity (ROAE), with actual performance exceeding targets.

Other Heritage Insurance Holdings CEOs

Here are other CEOs of Heritage Insurance Holdings

Bruce Lucas

Founder and Ex-CEO of Heritage Insurance Holdings

August 2012 - December 2020