CLEARWATER, Fla., July 6, 2010 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based provider of homeowners' insurance, today announced that it will continue to be part of the Russell Microcap Index after Russell Investment Group's recent reconstitution of its family of U.S. indexes. Russell finalized the reconstitution after the market close on June 25, 2010 and a list of final members in its indexes can be viewed at www.russell.com.
The Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market and includes 1,000 of the smallest securities in the small-cap Russell 2000 Index based on a combination of their market capitalization and current index membership as well as the next smallest 1,000 securities. Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market capitalization rankings and style attributes. Homeowners Choice's market capitalization is approximately $36 million.
Homeowners Choice Chief Executive Officer F.X. McCahill commented, "Continued inclusion in the Russell Microcap Index is an important achievement for the company. Since our initial public offering in July 2008 we have grown book value by 76% to $7.21 from $4.10 and have reported consistently profitable operations. With our solid financial condition and no debt as well as an experienced management team, we believe we are well positioned for continued gains in the Florida property and casualty market as well as additional attention from prospective investors."
According to Russell, their indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. Approximately $3.9 trillion in assets currently are benchmarked to them.
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. Founded in 2006, Homeowners Choice today serves approximately 69,000 policyholders throughout Florida representing approximately $127 million in annualized premiums. The company's common shares trade on the NASDAQ Global Market under the ticker symbol HCII and are included in the Russell Microcap Index. Warrants trade on the same market under the ticker symbol HCIIW. More information about Homeowners Choice, Inc. is available at www.hcpci.com.
The Homeowners Choice, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6712
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 will obtain reinsurance rate relief, improved profitability or bottom-line improvement during 2010. 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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