CLEARWATER, Fla., June 30, 2011 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based provider of homeowners' insurance, today announced that its board of directors has named Paresh Patel as chief executive officer, effective July 1, 2011. Patel succeeds Frank McCahill who had served as chief executive officer since the company began operations in 2007. During that time Patel served as chairman of the board, a role he expects to continue. Patel is a founder of the company and has been active within the company since its inception, particularly in the areas of strategic planning, investments and technology. McCahill indicated his intention to resign in April 2011. "We are very grateful to Frank for his leadership during the company's formative years and for his support in ensuring a smooth transition," said Patel.
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. 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 percent cumulative convertible 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.
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