CLEARWATER, Fla., Nov. 1, 2010 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based insurance holding company, today announced that its wholly owned insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., has been authorized by the Florida Office of Insurance Regulation to assume 10,000 homeowners' policies from Citizens Property Insurance Corporation, Florida's state-run insurance company. Once informed, policyholders will have up to 30 days to opt out and stay with Citizens. The final assumption date is December 7, 2010.
The policies are assumable under Florida's take-out program, which encourages private insurance companies to assume policies from Citizens to reduce the state's risk exposure. Citizens, which began as Florida's home insurer of last resort, has become Florida's largest homeowners' insurance provider with more than 1 million policies in force.
"We remain steadfast in our commitment to expanding our presence across the state of Florida, and furthering our reputation as a quality provider of homeowners' insurance for Floridians," said F.X. McCahill, chief executive officer of Homeowners Choice. "We have successfully navigated through the most trying of economic periods and built a solid and financially sound infrastructure capable of sustaining our success going forward."
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 policyholders throughout Florida. 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.
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