TAMPA, Fla., Jan. 16, 2012 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based insurance holding company, today announced that its board of directors has declared a regular quarterly cash dividend on its common shares in the amount of 15 cents per share, representing a 20 percent increase over the previous quarterly rate of 12.5 cents per share and the second dividend increase in two consecutive quarters. The company announced an increase in its regular quarterly dividend from 10 cents to 12.5 cents in November 2011. The dividend will be paid Mar. 16, 2012 to shareholders of record on the close of business Feb. 17, 2012.
"This increase demonstrates the board's confidence in the future of the company," said Homeowners Choice Chief Executive Officer and Chairman of the Board Paresh Patel.
Homeowners Choice recently acquired a competitor's Florida book of business nearly doubling the size of the company.
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 125,000 policyholders throughout Florida representing approximately $235 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 Microcap Index. Its warrants trade on the same market under the ticker symbol HCIIW. It's 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.
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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. 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.
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