CLEARWATER, Fla., Feb. 22, 2011 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based insurance holding company, announced today that it has taken initial steps to enter the Alabama homeowners insurance market, its first market outside of Florida.
According to the company, it expects to satisfy the Alabama regulatory requirements and begin operations there by the end of 2011. The company cited a number of reasons for choosing Alabama, including the regulatory environment, adequacy of insurance rates, the proximity to Florida and the sufficient size of the market.
"We have had a longstanding commitment to expand and diversify into other states and markets but only when doing so makes economic sense. We believe with our resources and operating experience, this expansion into Alabama begins to fulfill that commitment," said Homeowners Choice Chief Executive Officer, F.X. McCahill.
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 policyholders throughout Florida. 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. 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. 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 continue to pay its quarterly dividend or that it will pay additional special dividends. 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.