CLEARWATER, Fla., April 25, 2011 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based provider of homeowners' insurance, today announced that Francis X. McCahill III has resigned from his position of president and chief executive officer and director of the company and its subsidiaries, with an effective date of June 30, 2011.
In a letter to the board, McCahill said his resignation was "strictly for personal reasons" and stated his belief that the company was well positioned to achieve its long term objectives. Board Chairman Paresh Patel will assume McCahill's duties until a successor is named. Patel is a founder of the company and has served as executive chairman since its inception. As executive chairman Patel has played a substantial role in the company's day to day operations.
According to Patel, McCahill's resignation was neither expected nor requested. He said, "Frank McCahill has been an outstanding leader at Homeowners Choice. During his tenure, Homeowners Choice has achieved much success, including 13 successive quarters of profitability. Moving forward, our goals are to continue and build upon that success. We thank Frank for his leadership and his many other contributions to the company and wish him well in his future endeavors."
About Homeowners Choice, Inc.
Homeowners Choice, Inc. is a Florida-based insurance holding company headquartered in Clearwater. Through its subsidiary corporations, Homeowners Choice provides property and casualty homeowners' insurance, condominium owners' insurance and tenants' insurance. Founded in 2006, Homeowners Choice today serves approximately 65,000 policyholders throughout Florida representing approximately $135 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 and preferred shares also trade on the same market under the ticker symbol HCIIW and HCIIP respectively. More information about Homeowners Choice, Inc. is available at www.hcpci.com.
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