TAMPA, Fla., Feb. 9, 2015 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) announced today that Scott Wallace, the president of its insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, plans to retire at the end of May 2015 after 37 years in the insurance industry. The 63 year-old Wallace joined HCI Group in 2012.
Paresh Patel, HCI Group's chairman of the board and chief executive officer, and executive chairman of Homeowners Choice, will assume charge of the company. Mr. Patel served as president of Homeowners Choice from 2011 to 2012.
"We thank Scott for his important contributions to HCI Group, and leading Homeowners Choice through an extraordinary period of growth and profitability," said Patel. "Scott leaves behind a strong well prepared management team."
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners' insurance, reinsurance, real estate and information technology services. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." For more information about HCI Group, visit www.hcigroup.com.
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