CLEARWATER, Fla., March 2, 2010 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based insurance holding company, today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission in connection with a proposed public offering of up to 1,200,000 shares of 6% Series A Noncumulative Redeemable Preferred Stock with a purchase price of $10.00 per share.
Homeowners Choice expects that net proceeds from the offering will be used for general corporate purposes, which may include a contribution of capital to our insurance subsidiary, investments and the pursuit of growth opportunities.
Anderson & Strudwick, Incorporated has been retained to act as the company's placement agent in connection with this offering. This offering will be made only by means of a prospectus. A written preliminary prospectus relating to the offering may be obtained, when available, from Anderson & Strudwick, Incorporated, 707 East Main Street, 20th Floor, Richmond, Virginia 23219. Copies of the prospectus will also be available on the Securities and Exchange Commission website atwww.sec.gov.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 solely to Florida property owners. The company's common shares trade on the NASDAQ Global Market under the ticker symbol HCII. Warrants trade on the same market under the ticker symbol HCIIW.
The Homeowners Choice, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6712
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