TAMPA, Fla., March 18, 2014 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) today announced that its board of directors has authorized a plan to repurchase up to $40 million of the company's common shares over the next 12 months, subject to market conditions.
The plan permits the company to periodically repurchase shares for cash in open market purchases, block transactions and privately negotiated transactions in accordance with applicable federal securities laws. Moreover, the share repurchase plan may be modified, suspended, terminated or extended by the company any time without prior notice.
"This repurchase, coupled with our ongoing dividends, represents our commitment to create long term value for HCI's shareholders," said Paresh Patel, HCI Group's chairman and chief executive officer.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners' insurance, reinsurance, real estate and information technology services. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the S&P SmallCap 600 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." For more information about HCI Group, visit www.hcigroup.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," "confident," "prospects" 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. There can be no assurance, for example, changes in the trading price of the company's securities may impact the ability or willingness of HCI Group to repurchase shares. 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. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.
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