CLEARWATER, Fla., June 8, 2011 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based insurance holding company, today announced that its board of directors has declared cash dividends of 5.833 cents per share on its Series A 7% convertible preferred shares ("HCIIP") for the months of June, July and August 2011. The annualized cash dividend rate is $7 per share.
The June 2011 dividend is payable July 27, 2011 to shareholders of record at the close of business on July 1, 2011.
The July 2011 dividend is payable August 29, 2011 to shareholders of record at the close of business on August 1, 2011.
The August 2011 dividend is payable September 27, 2011 to shareholders of record at the close of business on September 1, 2011.
"We are confident in our business model and at this point we are not only a growth company looking to expand the size and scope of our business but also a dividend paying company that provides a steady cash return to our shareholders," said Paresh Patel, Homeowners Choice Executive Chairman.
About Homeowners Choice, Inc.
Homeowners Choice, Inc. is a Florida-based insurance holding company headquartered in Tampa. Through its subsidiary corporations, Homeowners Choice provides property and casualty homeowners' insurance, condominium owners' insurance and tenants' insurance. Founded in 2006, Homeowners Choice today serves approximately 61,000 policyholders throughout Florida representing approximately $130 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. Its Series A 7% cumulative convertible preferred shares trade on the NASDAQ Capital Market under the ticker symbol HCIIP.
The Homeowners Choice, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6712
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. For example statements in this news release relating to dividends are 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.