TAMPA, Fla., March 28, 2012 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based insurance holding company, today announced that its board of directors has declared a regular quarterly cash dividend on its common shares in the amount of 20 cents per share, representing a 33 percent increase over the previous quarterly rate of 15 cents per share. The dividend increase is the third increase in three consecutive quarters. The company previously announced an increase in its regular quarterly dividend from 10 cents to 12.5 cents in November 2011, followed by an increase to 15 cents announced in January. The dividend will be paid June 15, 2012 to shareholders of record on the close of business May 17, 2012.
"This 33 percent increase of our common dividend payout follows the HomeWise acquisition in November which doubled the size of our company," said Homeowners Choice Chief Executive Officer and Chairman of the Board Paresh Patel. "That successful transaction continues to reflect in our overall results. We are confident about our business and its prospects."
The company further announced that it will hold its Annual Meeting of Shareholders on Thursday, May 24, 2012 at 3 p.m. at its Tampa headquarters, 5300 West Cypress Street, Tampa, Florida 33607. Shareholders will be admitted beginning at 2:30 p.m. The record date for the meeting has been set as Monday, April 9, 2012. Shareholders of record at the close of business on the record date will be entitled to vote in the meeting.
Homeowners Choice, Inc. is a Florida-based insurance holding company headquartered in Tampa. Through its subsidiary corporations, Homeowners Choice provides homeowners' insurance to Florida property owners, including renters and condominium owners. Founded in 2006, Homeowners Choice serves approximately 118,000 policyholders throughout Florida representing approximately $224 million in annualized premiums. The company's common shares trade on the NASDAQ Global Select Market under the ticker symbol HCII and are included in the Russell Microcap Index. Its warrants trade on the same market under the ticker symbol HCIIW. It's Series A, Cumulative Redeemable Preferred shares trade on the NASDAQ Capital Market under the ticker symbol HCIIP. More information about Homeowners Choice, Inc. is available at www.hcpci.com.
Forward-Looking Statements
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. 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.
Media Contact: Suzie Boland RFB Communications Group 813.259.0345 Investor Relations Contact: Jay Madhu Homeowners Choice, Inc. 813.405.3660