Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider of homeowners’ insurance, today commented on the veto by Florida Governor Charlie Crist of Florida Bill HB1171, legislation that would have allowed companies like State Farm Insurance to offer unregulated property insurance rates. The veto makes it less likely there will be a change to State Farm’s January 2009 decision to discontinue 1.2 million policies in Florida over the next two years, providing a significant opportunity for policy growth by competitors such as Homeowners Choice.
Homeowners Choice Chief Executive Officer F.X. McCahill, commented, “This veto is positive news for us, as the legislation would have given a select group of property insurance companies an unfair business advantage. It also increases the likelihood that State Farm will indeed discontinue its property insurance coverage in Florida, making a significant number of policies available to competitors over the next two years. We remain very optimistic about our opportunities for growth in the Florida property and casualty market and believe our experienced management team and financial strength will enable us to exploit these opportunities.”
About Homeowners Choice, Inc.
Homeowners Choice, Inc. (NASDAQ: HCII) is a Florida-based insurance holding company headquartered in Clearwater. The Homeowners Choice group of companies provides property and casualty homeowners' insurance, condominium owners' insurance, and tenants' insurance solely to Florida property owners. Founded in 2006, Homeowners Choice today serves more than 60,000 policyholders throughout Florida representing in excess of $100 million in annualized premiums. More information about Homeowners Choice, Inc. is available at www.hcpci.com.
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. Some of these risks and uncertainties are identified in the company’s registration statement filed 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.