CLEARWATER, Fla., Dec. 14, 2009 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based provider of homeowners' insurance, today announced that its board of directors has authorized a plan to extend its share repurchase plan by an additional $3 million.
The plan will permit the company to repurchase shares from time to time 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.
"While we have authorized the extension of the buyback program, we continue to explore opportunities to expand our enterprise," said Paresh Patel, Chairman of the Board of Homeowners Choice.
Homeowners Choice currently has approximately 53,000 policies outstanding, most of which were assumed in take-outs from the state-run Citizens Property Insurance Company. Homeowners Choice was recently approved by the Florida Office of Insurance Regulation to assume from Citizens an additional 60,000 homeowners' policies, subject to a maximum assumption of 30,000 policies in Dec. 2009. These approved assumptions would potentially double the company's size.
About Homeowners Choice, Inc.
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 53,000 policyholders throughout Florida representing approximately $100 million in annualized premiums. The company's common shares trade on the NASDAQ Global Market under the ticker symbol HCII and were recently added to 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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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" and "project" and other similar words and expressions are intended to signify forward-looking statements. The forward-looking statements in this news release include the estimates and statements made by the stock analyst. 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 execute fully its share repurchase plan, complete the assumption of policies from Citizens Property Insurance Company or that such assumptions will double the company's size. 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.