TAMPA, Fla., Oct. 1, 2012 (GLOBE NEWSWIRE) -- 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.
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.
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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. 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.
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