Homeowners Choice Set to Assume 71,000 Citizens Policies; Up to 40 New Tampa Bay Area Jobs Expected to Result
October 01 2012 - 8:00AM
Homeowners Choice, Inc. (Nasdaq:HCII), a leading provider of
homeowners' insurance, today announced that its wholly-owned
insurance subsidiary, Homeowners Choice Property & Casualty
Insurance Company, Inc., is set to assume 71,000 policies from
Citizens Property Insurance Corporation, Florida's state-owned
insurance company, in November of this year.
The policies have been identified and are assumable under
Citizens' Non-Bonus Take-out Program, which encourages private
insurance companies to assume policies from Citizens to reduce its
risk exposure. Once informed of the assumption, the affected
policyholders will have up to 30 days to opt out and stay with
Citizens. After opt outs, Homeowners Choice expects to retain
between 55, 000 to 65,000 of the assumed policies.
"Not only will this takeout reduce Citizens' exposure statewide,
but we also anticipate adding approximately 40 new jobs to our
growing workforce," said Paresh Patel, chairman of the board and
chief executive officer of Homeowners Choice.
About Homeowners Choice,
Inc.
Homeowners Choice, Inc. is a Florida-based insurance holding
company headquartered in Tampa. Through its subsidiary
corporations, Homeowners Choice provides property and casualty
homeowners' insurance, condominium owners' insurance and tenants'
insurance. Founded in 2006, Homeowners Choice serves approximately
110,000 policyholders throughout Florida representing approximately
$220 million in annualized premiums. The company's common shares
trade on the NASDAQ Global Select Market under the ticker symbol
HCII and are included in the Russell 2000 Index. Its warrants trade
on the NASDAQ Global Market under the ticker symbol HCIIW. Its
Series A, cumulative redeemable preferred shares trade on the
NASDAQ Capital Market under the ticker symbol HCIIP. More
information about Homeowners Choice, Inc. is available at
www.hcpci.com.
The Homeowners Choice, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6712
Forward-Looking Statements
This news release may contain forward-looking statements made
pursuant to the Private Securities Litigation Reform Act of 1995.
Words such as "anticipate," "estimate," "expect," "intend," "plan"
and "project" and other similar words and expressions are intended
to signify forward-looking statements. Forward-looking statements
are not guarantees of future results and conditions but rather are
subject to various risks and uncertainties. For example, there can
be no assurance that the company can retain between 55,000 to
65,000 of the assumed policies. Some of these risks and
uncertainties are identified in the company's filings with the
Securities and Exchange Commission. Should any risks or
uncertainties develop into actual events, these developments could
have material adverse effects on the company's business, financial
condition and results of operations. Homeowners Choice, Inc.
disclaims all obligations to update any forward-looking
statements.
CONTACT: Media Contact:
Suzie Boland
RFB Communications Group
813.259.0345
sboland@rfbcommunications.com
Investor Relations Contact:
Jay Madhu
Homeowners Choice, Inc.
813.405.3660
jmadhu@hcpci.com
Hudson Executive Investm... (NASDAQ:HCII)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hudson Executive Investm... (NASDAQ:HCII)
Historical Stock Chart
From Jul 2023 to Jul 2024