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HOMEOWNERS CHOICE, INC.
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On April 15, 2013, we published the following news release.
FOR IMMEDIATE RELEASE
Homeowners Choice Announces Branding Initiatives
Tampa, Fla. (April 15, 2013) Homeowners Choice, Inc. (NYSE:HCI) today announced it has begun doing business as HCI Group, Inc. and intends to ask its shareholders to approve an amendment to its articles of incorporation to change the companys name to HCI Group, Inc.
The company gave several reasons for the name change.
|||The name HCI Group, Inc. will better represent the companys diversified business activities, which include property and casualty insurance, information technology, real estate and reinsurance.|
|||The new name will provide greater clarity to the companys identity, avoiding confusion between the company and its largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc.|
|||The new name will distinguish the company and the brands of its non-property and casualty insurance enterprises from the Homeowners Choice brand, thereby enhancing and strengthening the value of all the brands.|
Along with the proposed name change the company announced several other branding initiatives.
|||The companys enterprises dedicated to property and casualty insurance, including the companys most important subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc. will operate exclusively under the Homeowners Choice brand.|
|||The companys information technology enterprises will operate under the Exzeo brand.|
|||The companys real estate activities, which include the ownership and operation of several Florida properties, will be performed under the Greenleaf Capital brand.|
|||The companys enterprises that provide reinsurance will operate under the Claddaugh brand. To date, the Claddaugh reinsurance services have been limited to participating in the Homeowners Choice reinsurance programs.|
These branding initiatives coincide with the companys announced formation of its Exzeo information technology division.
These initiatives are designed to strengthen the brands of the company and its diverse business enterprises, said Chief Executive Officer Paresh Patel. While we remain committed to our insurance business and the Homeowners Choice brand, we are equally excited about our other enterprises and the strategic opportunities they offer, he said.
Shareholders should read the companys proxy statement when it becomes available. You may get the proxy statement and other relevant documents free of charge at www.SEC.gov and at www.HCIGroup.com.
About Homeowners Choice, Inc.
Homeowners Choice, Inc., doing business as HCI Group, Inc., is a holding company owning subsidiaries engaged in diverse business activities, including property and casualty insurance, information technology, real estate and reinsurance. The companys largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The companys common shares trade on the New York Stock Exchange under the ticker symbol HCI and are included in the Russell 2000 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol HCJ. Its 7% Series A, cumulative redeemable preferred shares trade on the NASDAQ Capital Market under the ticker symbol HCIIP. For more information about HCI Group, visit www.hcigroup.com.
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. Some of these risks and uncertainties are identified in the companys 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 companys business, financial condition and results of operations. Homeowners Choice, Inc. disclaims all obligations to update any forward-looking statements.
Jay Madhu, Vice President of Investor Relations
HCI Group, Inc.
Tel (813) 405-3660
Investor Relations Contact:
Matt Glover or Michael Koehler
Liolios Group, Inc.
Tel (949) 574-3860