Homeowners Choice, Inc. (HCII)

[Penny Roger$]

~ Monday! $HCII ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $HCII ~ Earnings expected on Monday *
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*If the earnings date is in error please ignore error. I do my best.

[10 bagger]

HCII.. $8.50

Homeowners Choice Reports Profitable Third Quarter

GlobeNewswire - Nov 10 at 16:01 NONE

Company Symbols: NASDAQ-NMS:HCII



-- Ninth consecutive quarter of profitability

-- Strong balance sheet: $109 million in cash and short term and
liquid investments with no debt

-- Book value of $6.99 per share is up 29% year to date

CLEARWATER, Fla., Nov. 10, 2009 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based provider of homeowners' insurance, today announced its results of operations for the three- and nine-month periods ended Sept. 30, 2009.

Net income for the third quarter of 2009 increased 2% to $815,000, or $0.11 per diluted share, compared with net income of $802,000, or $0.12 per diluted share, for the third quarter of 2008. Book value increased from $5.43 at Dec. 31, 2008 to $6.99 at Sept. 30, 2009, an increase of 29%.

Gross premiums earned for the third quarter of 2009 more than doubled to $25.2 million from $12 million in the prior year quarter. Net premiums earned for the third quarter of 2009 increased 49% to $12.0 million from $8.1 million in the prior year quarter. "Net premiums earned" is gross premiums earned reduced by the premiums ceded to reinsurance companies.

Reinsurance costs increased significantly beginning June 1, 2009 when the company renewed its reinsurance policies. The company's Condensed Consolidated Statements of Earnings, which appear below, indicate that during the third quarter the company ceded more than half of its gross premiums earned to reinsurers. Homeowners Choice also reported investment income of $516,000 for the third quarter compared with $425,000 in the prior year period.

Losses and loss adjustment expenses for the third quarter were $6.7 million compared with $4.6 million in the prior year period. This reflects increases in actual claims incurred and claim reserves primarily due to higher numbers of policies and insured values. At Sept. 30, 2009, policies in force were approximately 53,000 compared with approximately 20,000 at Sept. 30, 2008. Policy acquisition and other underwriting expenses for the three months ended 2009 and 2008 were $3.4 million and $1.4 million, respectively. Other operating expenses, which include a variety of general and administrative costs, for the three months ended Sept. 30, 2009 and 2008 were $1.4 million in both periods.

For the nine months ended Sept. 30, 2009, net income increased 34% to $10.1 million, or $1.40 per diluted share, from net income of $7.5 million, or $1.33 per diluted share, for the prior year period.

Gross premiums earned for the nine months ended Sept. 30, 2009 more than doubled to $84.1 million from $37.0 million in the prior year period. Net premiums earned for the first nine months of 2009 increased 87% to $53.0 million from $28.3 million in the prior year period. Investment income for the nine month period ended Sept. 30, 2009 was $1.2 million, up 7% from the prior year period.

Losses and loss adjustment expenses for the nine months ended Sept. 30, 2009 were $29.3 million compared with $11.0 million in the prior year period, which reflects an increase in outstanding policies and insured values. Policy acquisition and other underwriting expenses for the nine months ended Sept. 30, 2009 and 2008 were $5.7 million and $4.2 million, respectively. Other operating expenses were $4.1 million for the nine month period ended Sept. 30, 2009 compared with $2.7 million in the prior year period.

"We are pleased to continue to report profitable underwriting results despite what has been a challenging environment, particularly with regard to reinsurance costs," said Homeowners Choice Chief Executive Officer F.X. McCahill. "Our business strategy continues to focus on prudent risk mitigation and as such we rely on adequate levels of reinsurance to protect the company and policy holders in the event of a major storm. In 2009, the cost of reinsurance reduced our net premiums earned in the quarter by more than 50%, or $13.2 million, with rates well above those charged in prior years.

"Having successfully navigated the third quarter, we are now well positioned to resume policy growth. As we recently announced, we have been approved by the Florida Office of Insurance Regulation to assume 60,000 policies from Citizens, with a maximum of 30,000 policies in December 2009. Also, we were recently selected by the Florida Department of Financial Services as the replacement insurer for policyholders of American Keystone Insurance Company, which is in receivership. We plan to pursue strategic growth opportunities as they arise, including potential acquisitions and opportunities derived from the anticipated pullback by larger national carriers."

Homeowners Choice Executive Chairman Paresh Patel added, "While we have dropped recent efforts to acquire 21st Century Holding Company, we still have opportunities to grow significantly, whether organically or through other means. Despite our rapid growth over the last two years, we still have less than two percent of the Florida homeowners' insurance market today. With our experienced management team and solid financial condition, we are well positioned to compete and grow our market share in Florida and further increase book value for our shareholders."

Conference Call

The Company will host an earnings conference call today, Tuesday, Nov. 10, 2009, at 4:30 p.m. E.S.T. to discuss its third quarter results. Interested parties are invited to listen to the call live over the Internet at http://www.ir-site.com/hcpci/events.asp. The call is also available by dialing [phone] (toll-free). International participants should instead call [phone]. Participants should dial into the conference call approximately 10 minutes before the scheduled start time. Replays of the webcast will be available until Feb. 10, 2010.

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.

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. 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's policy growth will resume, the company will successfully complete an assumption of policies from Citizens Property Insurance Corporation, strategic growth opportunities will arise or that the company will pursue them when they do, the company's application for a rate increase will be successful or that the company will be successful in growing its market share. 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.


HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
(Dollars in thousands, except per share amounts)


Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------

Revenue


Gross premiums earned $ 25,204 12,017 $ 84,155 36,986
Ceded premiums earned (13,193) (3,966) (31,199) (8,677)
-------- -------- -------- --------
Net premiums earned 12,011 8,051 52,956 28,309
Net investment income 516 425 1,236 1,152
Other 254 189 1,264 591
-------- -------- -------- --------

Total revenue 12,781 8,665 55,456 30,052
-------- -------- -------- --------

Expenses


Losses and loss
adjustment expenses 6,650 4,565 29,277 11,011
Policy acquisition and
other underwriting
expenses 3,430 1,421 5,670 4,163
Other operating expenses 1,365 1,353 4,124 2,730
-------- -------- -------- --------

Total expenses 11,445 7,339 39,071 17,904
-------- -------- -------- --------

Income before income
taxes 1,336 1,326 16,385 12,148

Income taxes 521 524 6,282 4,610
-------- -------- -------- --------

Net income $ 815 802 $ 10,103 7,538
======== ======== ======== ========

Basic earnings per
share $ 0.12 0.13 $ 1.48 1.36
======== ======== ======== ========

Diluted earnings per
share $ 0.11 0.12 $ 1.40 1.33
======== ======== ======== ========


Dividends per share $ -- -- $ -- --
======== ======== ======== ========


HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars in thousands)

At September 30, At December 31,
2009 2008
---------------- ----------------
(Unaudited)

Assets


Investment in fixed maturity
securities, held-to-maturity,
at amortized cost (fair
value $2,136 at September
30, 2009) $ 1,898 --
Investment in fixed maturity
securities, available-for-
sale, at fair value
(amortized cost $19,715 at
September 30, 2009) $ 19,954 --
Short-term investments 28,052 27,582
Cash and cash equivalents 61,102 81,060
Accrued interest and
dividends receivable 187 63
Premiums receivable 18,360 5,021
Note receivable -- 450
Reinsurance balances receivable -- 157
Prepaid reinsurance premiums 1,867 7,122
Deferred policy acquisition
costs 11,339 6,292
Property and equipment, net 346 267
Deferred income taxes 2,361 3,563
Income taxes receivable 84 --
Other assets 335 412
---------------- ----------------

Total assets $ 145,885 131,989
================ ================

Liabilities and Stockholders' Equity

Losses and loss adjustment expenses 21,732 14,763
Unearned premiums 73,361 67,219
Reinsurance balances payable -- 6,136
Accrued expenses 4,222 1,535
Income taxes payable -- 4,704
Other liabilities 582 239
---------------- ----------------

Total liabilities 99,897 94,596
---------------- ----------------

Stockholders' equity:
Preferred stock (no par
value 20,000,000 shares
authorized, no shares
issued or outstanding) -- --
Common stock, (no par value,
40,000,000 shares
authorized, 6,581,265 and
6,892,668 shares issued
and outstanding at
September 30, 2009 and
December 31, 2008,
respectively) -- --
Additional paid-in capital 22,128 23,783
Retained earnings 23,713 13,610
Accumulated other
comprehensive income 147 --
---------------- ----------------

Total stockholders' equity 45,988 37,393
---------------- ----------------

Total liabilities and
stockholders' equity $ 145,885 131,989
================ ================

CONTACT: RFB Communications Group
Media Contact:
Suzie Boland
813.259.0345
[e-mail]

Cameron Associates
Investor Relations Contact:
Alison Ziegler
212.554.5469
[e-mail]


2009 GlobeNewswire, Inc.

[10 bagger]

HCII..$8.52

Homeowners Choice Inc. Webcast Alert: Third Quarter 2009 Earnings Conference Call

CLEARWATER, Fla. Nov. 10 /PRNewswire-FirstCall/ -- Homeowners Choice Inc. (NASDAQ:HCII) announces the following Webcast:

What: Third Quarter 2009 Earnings Conference Call

When: November 10, 2009 @ 4:30 PM Eastern

Where: http://www.ir-site.com/hcpci/events.asp

How: Live over the Internet -- Simply log on to the web at the address above.

Interested parties are invited to listen to the call live over the Internet at http://www.ir-site.com/hcpci/events.asp. The call is also available by dialing [phone] (toll-free). International participants should instead call [phone]. Participants should dial into the conference call approximately 10 minutes before the scheduled start time.

If you are unable to participate during the live webcast, the call will be available for replay at http://www.ir-site.com/hcpci/events.asp. Replays of the webcast will be available until Feb. 10, 2010.

Investors wishing to participate in the call should contact Jay Madhu, Vice-President - Marketing and Investor Relations at: or [phone].

About Homeowners Choice, Inc.

Homeowners Choice Property & Casualty Insurance Company, Inc. is a Florida-based homeowners' insurance company, headquartered in Clearwater, Florida, that provides property and casualty insurance solely to Florida property owners. Our slogan is "Insurance for Floridians by Floridians."

Homeowners Choice was founded in 2006 by individuals who were themselves Florida homeowners and recognized the need for a quality, stable and service-oriented homeowners' insurance provider in Florida. Our management has worked in the Florida homeowner insurance business for over 25 years and is well acquainted with the problems and challenges of Florida's insurance market.

Our parent company, Homeowners Choice, Inc., is publicly-held. Its common shares trade on The NASDAQ Global Market under the ticker symbol "HCII".

Demotech, Inc., a leading actuarial and financial analysis firm, has awarded Homeowners Choice a Financial Stability Rating of "A" (Exceptional). Demotech's Financial Stability Ratings are designed to indicate the financial stability of a property and casualty insurer.

We are regulated by the Florida Office of Insurance Regulation, which oversees the rates, conduct and financial solvency of Florida insurers.

We seek to mitigate our risk through a comprehensive reinsurance program by which we transfer substantial portions of our liability to other large insurance companies, including the state-sponsored Florida Hurricane Catastrophic Fund.

DATASOURCE: Homeowners Choice Inc.

CONTACT: Jay Madhu, Vice-President - Marketing and Investor Relations,

[phone],

[10 bagger]

HCII.. $8.02... 21'st Century merger..

Homeowners Choice Drops Effort to Acquire 21st Century Holding Company

GlobeNewswire - Nov 04 at 17:41 NONE

Company Symbols: NASDAQ-NMS:HCII

Homeowners Choice Chairman Expects Profitable Third and Fourth Quarters


CLEARWATER, Fla., Nov. 4, 2009 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based insurance holding company, announced today that its proposal to merge with 21st Century Holding Company (Nasdaq:TCHC) expired on Monday, Nov. 2, 2009, and it has ended for now its efforts to effect the merger. The proposal, publicly disclosed on Oct. 13, 2009, was an offer by Homeowners Choice of $1.00 in cash and one-half share of Homeowners Choice common stock for each share of 21st Century common stock. 21st Century announced its rejection of the proposed offer on Oct. 29, 2009.

In conjunction with the announcement, Paresh Patel, Chairman of the Board of Homeowners Choice, issued a statement addressed to the company's shareholders. In the statement, presented in a question and answer format, he explains the rationale behind the proposed merger, discusses the performance of Homeowners Choice and anticipates future profits.

In answer to the question "Will Homeowners Choice consider a hostile acquisition of 21st Century?" Patel's responds, "We may do so at a later date, but the current answer is no." On performance and future profits, Patel states, "Homeowners Choice has been profitable for eight consecutive quarters. And, I am pleased to state that we expect to be profitable in the third and fourth quarters of 2009."

Following is the full text of the statement.



To my fellow shareholders of Homeowners Choice, Inc.:

As you probably are aware, Homeowners Choice proposed a merger
with 21st Century Holding Company several weeks ago. A number of
you had questions about the transaction and the future of our
company. At the time, we asked for your patience as we thought it
inappropriate to discuss an ongoing situation. We noted your
questions and believe this is now the appropriate time for our
response.

What is the rationale behind the proposal?
When Homeowners Choice was founded, management outlined a
strategy for steady, prudent growth. We continue to implement
that strategy, which has produced the following results over the
past two years:

-- Increased book value from $2.50 to $6.83
-- Eight consecutive quarters of profitability
-- More than 53,000 policyholders
-- Proven capability of our management team to grow the business

A merger of Homeowners Choice and 21st Century represented an
opportunity to enhance shareholder value in continuance of our
growth strategy. 21st Century has an array of business lines
and geographic markets which would provide a combined entity
with diversification and avenues for growth. 21st Century,
however, has struggled in managing these valuable assets.
According to 21st Century Chief Executive Officer Michael Braun,
21st Century will not be profitable during the third and fourth
quarters of 2009. That means 21st Century will report losses in
four out of six quarters.

Mr. Braun blames these losses on the economic environment,
reinsurance costs and wind mitigation credits. We of course
sympathize with 21st Century since we face that same economic
environment and the same challenges of reinsurance costs and
wind mitigation credits. However, Homeowners Choice has been
profitable for eight consecutive quarters. And I am pleased to
state that we expect to be profitable in the third and fourth
quarters of 2009, reaching 10 consecutive quarters of
profitability.

Frankly, our track record indicates we could add substantial
Value to 21st Century's assets.

Beyond that, the combined entity would be larger, stronger and
better able to pursue growth. Also, a larger market
capitalization should be accompanied by greater share trading
volume and liquidity, which would make the shares more
attractive to institutional investors and ultimately lead to
a greater overall market valuation.

Did you undervalue 21st Century?
No. We believe we offered a fair price to 21st Century
shareholders. Publicly-held companies are valued each day
through their share prices. Those valuations are based on, among
other things, their assets, the performance of the management
team and future prospects.

21st Century has been trading below book value for more than a
year. The market is substantially discounting the assets of 21st
Century, perhaps because of past performance of its management
and concerns for its future prospects.

Note that while 21st Century's share price jumped substantially
on our offer, it never neared our offer price. We believe this
is a strong indication that the market viewed our offer as fair,
if not generous. Putting it differently, the market does not
believe 21st Century is worth more than our offer.

While 21st Century described our offer of approximately $5.30 as
"wholly inadequate," consider the following: (1) 21st Century's
management never asked for a higher offer or engaged in any
serious discussions with us and (2) after rejecting our proposed
offer, 21st Century has now initiated a share buy-back program
by which it proposes to purchase shares from its own
shareholders at market prices approaching $4.00.

Will Homeowners Choice consider a hostile acquisition of 21st
Century?
We may do so at a later date, but the current answer is no.

Can you comment on the share price of Homeowners Choice?
We don't typically comment on our share price, preferring to
focus on managing the business. As I noted above, the market
generally values a company's assets, performance and prospects.
In terms of assets, we have increased book value per share from
$2.50 to $6.83 in two years. As for performance, we have had
eight straight quarters of profitability, and expect to reach 10
straight quarters during 2009.

In terms of our future prospects, one need only look at what our
insiders are doing. We have been buying our own stock. The
board authorized a $3 million share buyback several months ago
based on a determination that buying Homeowners Choice stock was
the best use of a portion of our investment cash.

Not one member of the Homeowners Choice board, which includes
some of our largest shareholders, has sold a single share of
Homeowners Choice stock.

Finally, I am the second largest shareholder of Homeowners
Choice and, as reported to the Securities and Exchange
Commission, since November of last year I have been purchasing
Homeowners Choice warrants on the open market. The exercise
price of those warrants is $9.10 per share. (The warrants trade
on the Nasdaq Global Market under the ticker symbol "HCIIW."
Two warrants must be exercised to purchase one Homeowners Choice
share.)

Are you worried about wind mitigation credits?
Wind mitigation credits have been in force for several years.
They do cause uncertainty to the premiums collected. However,
it is an industry-wide issue and not a new item. Our management
team factored the issue into our business planning 18 months ago
and our results reflect that.

What about reinsurance?
Reinsurance is our single biggest cost. The Florida Office of
Insurance Regulation regulates Homeowners Choice as it does all
insurers in Florida. At the start of each hurricane season,
that office reviews all insurers in the state - large or small,
new or old - for their ability to pay claims in the event of a
hurricane. Every year we buy enough reinsurance to meet or
exceed regulatory requirements.

The result is that we transfer most of the potential hurricane
losses to our reinsurers. This transfer of risk costs 30
percent to 55 percent of our premiums every year. We incur this
cost even in hurricane-free years.

This hurricane season, the cost of reinsurance has been
particularly high, which has caused stress to all property
insurance companies. The management team of Homeowners Choice
had the foresight to take appropriate action well in advance.
Our results, contrasted with those of our competitors, reflect
that prudent management.

Is Homeowners Choice profitable only because there have been no
hurricanes?
No. Maintaining profitability is not as simple as dodging
hurricanes. First, as noted above, we transfer most of the
hurricane risks to our reinsurers. Second, homeowners'
insurance is a complicated business. It requires the balance of
many competing variables, including rates, underwriting criteria,
risk dispersal, reinsurance costs and operating expenses.

In general, our rates are limited to the rates charged by
Citizens Property Insurance Corporation, from which we assume
most of our policies. Selecting policies with rates
commensurate to the risks and without undue geographic
concentrations requires adherence to our own complex set of
underwriting criteria. Miami-Dade County, Florida is a
particularly challenging environment for comparing rates and
risks. Yet we are profitable there. Dispersing our risks
geographically plays a role in managing reinsurance costs, our
single largest cost.

We have been profitable for eight consecutive quarters. Our
competitors have operated during this same hurricane-free period.
Yet many of them have reported losses or gone out of business.
For example, we were recently selected by the Florida Department
of Financial Services as the replacement insurer for
policyholders of American Keystone Insurance Company, which is
in receivership. Being profitable is not easy. It requires
diligence and foresight.

Is Homeowners Choice prepared for an active wind season?
Yes. We believe our consistent profitability positions us well
to surmount an active wind season. As I stated above, we
transfer most of the hurricane risks to our reinsurers. In the
event of a hurricane, we have plans in place for handling the
additional service levels required and the higher expenses for
investigating and estimating policyholder losses.

What will Homeowners Choice do next?
We will continue to move forward. We have a proven strategy
that produces above average results. We do not need to develop
alternative strategies in order to improve results.

Although the past two years have seen Homeowners Choice grow
prudently, profitably and quickly, we have captured less than 2
percent of the Florida homeowners' insurance market. We have a
great deal of opportunity ahead of us.

We recently announced that we have been approved by the Florida
Department of Insurance Regulation to assume 60,000 policies
from Citizens Property Insurance Corporation, the state-owned
insurance company. We have a solid track record of handling
these assumptions.

Finally, we will evaluate opportunities for growth whether
organic or by acquisition as those opportunities arise.

In conclusion, Homeowners Choice has exceeded expectations during
the past two years, not by accident or luck, but rather by having
an outstanding management team. This team will continue to pursue
opportunities to enhance shareholder value.

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.

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. The forward-looking statements in this news release include statements regarding the company's expectations regarding future profits. 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 registration statement filed 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.

CONTACT: RFB Communications Group
Media Contact:
Suzie Boland
813.259.0345
[e-mail]

Cameron Associates
Investor Relations Contact:
Alison Ziegler
212.554.5469
[e-mail]


2009 GlobeNewswire, Inc.

Merger

[10 bagger]

HCII.. $8.25

Homeowners Choice Selected as Replacement Insurer for Policyholders of Failed American Keystone Insurance Company

GlobeNewswire - Oct 30 at 06:30 NONE

Company Symbols: NASDAQ-NMS:HCII


CLEARWATER, Fla., Oct. 30, 2009 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based insurance holding company, today announced that its wholly-owned insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc. has been selected by the Florida Department of Financial Services as the replacement insurer for policyholders of American Keystone Insurance Company, which was placed into receivership by the Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court-appointed receiver. On Oct. 9, 2009 the Department announced plans to liquidate the company. All of American Keystone's approximately 5,500 homeowners' policies are scheduled for cancellation at 11:59 p.m. on Nov. 8, 2009. The Department has authorized Homeowners Choice to offer replacement coverage to those policyholders. Homeowners Choice will pay commissions to the Department for replacement policies that remain active for one year. The policyholders and their agents are free to seek out other insurance companies.

According to Homeowners Choice, it will begin notifying American Keystone's policy holders and their agents immediately. "Our replacement quote will be lower than the rate charged by Citizens for similar coverage," said F.X. McCahill, chief executive officer of Homeowners Choice. "While it is unfortunate that American Keystone policy holders are in the position they are, we want to offer them a sound alternative. The fact that the Department of Financial Services selected Homeowners Choice is a strong statement about our financial stability," added McCahill.

The website of the Florida Department of Financial Services says American Keystone's policyholders will be entitled refunds for the unused portions of their policies. The refunds will be paid by the Florida Insurance Guaranty Association after the receiver completes it processing of the policy records. A $100 statutory deductible will be taken from the amount owed.

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 60,000 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.

The Homeowners Choice, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6712

CONTACT: RFB Communications Group
Media Contact:
Suzie Boland
813.259.0345
[e-mail]

Cameron Associates
Investor Relations Contact:
Alison Ziegler
212.554.5469
[e-mail]

[10 bagger]

HCII..$8.00

Homeowners Choice Inc. (HCII) said Tuesday it is offering $40.7 million for rival Florida insurance provider 21st Century Holding Company (TCHC).

The offer is $1 plus one-half share of Homeowners for each share of 21st Century common stock. That would value each share at $5.08, a 30% premium to Monday's closing price. Neither company's stock was active premarket.

In August, Homeowners Choice made a preliminary offer to 21st Century, but 21st Century Chief Executive Michael Braun responded last month that 21st Century's board didn't intend to accept the proposal, according to a letter on Tuesday to 21st Century.

"We hope that the 21st Century board will exercise its fiduciary duties and engage in a complete and careful review of our expression of interest and give it the serious consideration it deserves," said Homeowners Chairman Paresh Patel in the letter.

Homeowners Choice in August reported a 7% jump in second-quarter earnings while 21st Century swung to a profit.

Officials for 21st Century weren't immediately available to comment.

-By Nathan Becker, Dow Jones Newswires; 212-416-2855; [e-mail]

[10 bagger]

HCII...

PRESS RELEASE: Homeowners Choice to Present on the Florida Insurance Market Panel at the Fox-Pitt Kelton Cochran Caronia Waller Bermuda in Boston Conference on September 15, 2009

Dow Jones & Company, Inc. - Sep 10 at 16:16 NONE

Company Symbols: NASDAQ-NMS:HCII


CLEARWATER, Fla.--(BUSINESS WIRE)--September 10, 2009--

Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider of homeowners' insurance, is scheduled to participate on the Florida Insurance Market Panel at the Fox-Pitt Kelton Cochran Caronia Waller Bermuda in Boston Conference on September 15, 2009 at the Boston Harbor Hotel in Boston, MA.

The Florida Insurance Market Panel is scheduled for 11:15 am Eastern Time. In addition to Paresh Patel, Executive Chairman of Homeowners Choice, Inc., participants include senior management from Citizens Property Insurance Corporation, Florida's state-sponsored property insurance provider. Moderating the panel will be Amit Kumar, Vice President Fox-Pitt Kelton Cochran Caronia Waller.

Members the management of Homeowners Choice will be available for one-on-one meetings at the conference.

About Fox-Pitt Kelton Cochran Caronia Waller

Founded in 1971, with offices in New York, Chicago, Boston, Hartford, San Francisco, London, Hong Kong and Tokyo, FPKCCW is one of the leading global specialist investment banks focused exclusively on the financial services sector. Its reputation has been built around its equity research team which has consistently been recognized by institutional investors for quality and independence. FPKCCW is also a leading underwriter of equity securities and actively serves as a strategic advisor providing advice on mergers and acquisitions, corporate restructurings and equity capital market transactions for banks, insurance companies and other financial services companies around the world. FPKCCW has been consistently ranked among the leaders in insurance investment banking transactions. For further information, please visit its website at www.fpk.com.

About Homeowners Choice, Inc.

Homeowners Choice, Inc. (NASDAQ:HCII) is a Florida-based insurance holding company headquartered in Clearwater. The Homeowners Choice group of companies provides property and casualty homeowners' insurance, condominium owners' insurance, and tenants' insurance solely to Florida property owners. Founded in 2006, Homeowners Choice today serves over 60 000 policyholders throughout Florida representing over $100 million in annualized premiums. More information about Homeowners Choice, Inc. is available at www.hcpci.com.

CONTACT: For Homeowners Choice, Inc.

Media:

RFB Communications Group

Suzie Boland

813-259-0345

[e-mail]

or

Investor

Relations:

Cameron Associates

Alison Ziegler,

212-554-5469

[e-mail]

SOURCE: Homeowners Choice, Inc. Copyright Business Wire 2009

PRESS RELEASE: Homeowners Choice to Present on the Florida Insurance Market Panel at the Fox-Pitt Kelton Cochran Caronia Waller Bermuda in Boston Conference on September 15, 2009

Dow Jones & Company, Inc. - Sep 10 at 16:16 NONE

Company Symbols: NASDAQ-NMS:HCII


CLEARWATER, Fla.--(BUSINESS WIRE)--September 10, 2009--

Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider of homeowners' insurance, is scheduled to participate on the Florida Insurance Market Panel at the Fox-Pitt Kelton Cochran Caronia Waller Bermuda in Boston Conference on September 15, 2009 at the Boston Harbor Hotel in Boston, MA.

The Florida Insurance Market Panel is scheduled for 11:15 am Eastern Time. In addition to Paresh Patel, Executive Chairman of Homeowners Choice, Inc., participants include senior management from Citizens Property Insurance Corporation, Florida's state-sponsored property insurance provider. Moderating the panel will be Amit Kumar, Vice President Fox-Pitt Kelton Cochran Caronia Waller.

Members the management of Homeowners Choice will be available for one-on-one meetings at the conference.

About Fox-Pitt Kelton Cochran Caronia Waller

Founded in 1971, with offices in New York, Chicago, Boston, Hartford, San Francisco, London, Hong Kong and Tokyo, FPKCCW is one of the leading global specialist investment banks focused exclusively on the financial services sector. Its reputation has been built around its equity research team which has consistently been recognized by institutional investors for quality and independence. FPKCCW is also a leading underwriter of equity securities and actively serves as a strategic advisor providing advice on mergers and acquisitions, corporate restructurings and equity capital market transactions for banks, insurance companies and other financial services companies around the world. FPKCCW has been consistently ranked among the leaders in insurance investment banking transactions. For further information, please visit its website at www.fpk.com.

About Homeowners Choice, Inc.

Homeowners Choice, Inc. (NASDAQ:HCII) is a Florida-based insurance holding company headquartered in Clearwater. The Homeowners Choice group of companies provides property and casualty homeowners' insurance, condominium owners' insurance, and tenants' insurance solely to Florida property owners. Founded in 2006, Homeowners Choice today serves over 60 000 policyholders throughout Florida representing over $100 million in annualized premiums. More information about Homeowners Choice, Inc. is available at www.hcpci.com.

CONTACT: For Homeowners Choice, Inc.

Media:

RFB Communications Group

Suzie Boland

813-259-0345

[e-mail]

or

Investor

Relations:

Cameron Associates

Alison Ziegler,

212-554-5469

[e-mail]

SOURCE: Homeowners Choice, Inc. Copyright Business Wire 2009

[10 bagger]

HCII.. $7.00 Earnings

Homeowners Choice Reports Second Quarter Earnings

Business Wire - Aug 11 at 16:03 NONE

Company Symbols: NASDAQ-NMS:HCII


-- Net Income Rose 7% from Q2 2008
-- Strong Balance Sheet with $115 Million in Cash and Short Term
Investments and No Debt
-- Book Value Per Share of $6.83 is up 26% Year to Date


CLEARWATER, Fla.--(BUSINESS WIRE)-- Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider of homeowners' insurance, today announced its results of operations for the three and six month periods ended June 30, 2009.

Net income for the second quarter of 2009 increased 7% to $3.0 million, or $0.42 per diluted share, compared with net income of $2.8 million, or $0.54 per diluted share, for the second quarter of 2008.

Net premiums earned for the second quarter of 2009 nearly doubled to $19.6 million from $9.8 million in the prior year quarter, primarily as a result of policy growth driven by the company's assumption of policies from Citizens Property Insurance Corporation, Florida's state-supported insurer. Homeowners Choice also reported investment income of $361,000 for the second quarter compared with $381,000 in the prior year period. Other income, which primarily represents policy fee income earned with respect to the issuance of renewal policies, was $376,000 in the second quarter of 2009 compared with $284,000 in the second quarter of 2008.

Losses and loss adjustment expenses for the second quarter were $12.6 million compared with $4.2 million in the prior year period. The increase reflects the impact of claims incurred and an increase in claim reserves resulting primarily from the increase in policies and insured values. Policy acquisition and other underwriting expenses for the second quarter of 2009 and 2008 were $1.6 million and $1.3 million, respectively. Other operating expenses, which include a variety of general and administrative costs, were $1.3 million in the second quarter compared with $469,000 in the prior year period.

For the six months ended June 30, 2009, net income increased 37.9% to $9.3 million, or $1.28 per diluted share, from net income of $6.7 million, or $1.30 per diluted share, for the year ago period. Net premiums earned for the first six months of 2009 increased 102.1% to $40.9 million from $20.3 million in the prior year period. Investment income for the six month period ended June 30, 2009 was $719,000 compared with $727,000 in the prior year period. Other income was $1.0 million for the six months ended June 30, 2009 compared with $403,000 in the prior year period. Losses and loss adjustment expenses for the six months ended June 30, 2009 were $22.6 million compared with $6.4 million in the prior year period. The increase reflects the increase in actual claims incurred as well as an increase in case reserves and the strengthening in reserves for incurred but not reported losses. Policy acquisition and other underwriting expenses for the six months ended June 30, 2009 and 2008 were $2.7 million and $2.9 million, respectively. Other operating expenses were $2.3 million for the six month period ended June 30, 2009 compared with $1.2 million in the prior year period.

"We are pleased to have reported our seventh consecutive quarter of profitability," says Chief Executive Officer F.X. McCahill. "As expected, we experienced increased loss and loss adjustment expenses in the second quarter related to increased losses incurred and increased reserves, as well as some limited seasonality with the start of hurricane season in June. However, we remain well positioned to grow shareholder value over the long term.

"Our business strategy is one of prudent risk mitigation. As part of that strategy we attempt to ensure that we have adequate reinsurance in the event of a major storm. While this comes at a cost, we believe that this strategy protects the company and our policyholders. The rise in our insured values as well as increased reinsurance rates means reinsurance will be a greater percent of gross earned premiums as we move through the year. This is expected to lead to a decline in our net premiums earned and an increase in our loss ratio during the remaining months of 2009. We do, however, anticipate our underwriting results will remain profitable.

"To further manage our risks, we do not add new policies during hurricane season and consequently, we have seen, and expect to continue to see, a decline in the number of policies through the third quarter as a result of typical policy turnover. During the fourth quarter we expect to pursue policy growth by assuming additional policies from Citizens, adding voluntary policies through independent agents or by taking advantage of the anticipated pullback by larger national carriers. We believe with our existing systems and personnel we can handle a substantial increase in policies from current levels. We are confident that with our experienced management team and solid financial condition we are well positioned to compete and grow our market share in Florida."

Conference Call

The Company will host an earnings conference call Tuesday, Aug. 11, 2009, at 4:30 p.m. E.D.T. to discuss its second quarter results. Interested parties are invited to listen to the call live over the Internet at http://www.ir-site.com/hcpci/events.asp. The call is also available by dialing [phone] (toll-free). International participants should instead call [phone]. Participants should dial into the conference call approximately 10 minutes before the scheduled start time. Replays of the webcast will be available until Nov. 11, 2009.

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 60,000 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.

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 net premiums earned will decline and our loss ratio will increase during the remaining months of 2009, that our underwriting results will remain profitable or that the number of our policies will decline through the third quarter of 2009. 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.


HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended Six Months Ended

June 30, June 30,

2009 2008 2009 2008

Revenue

Net premiums earned $ 19,615 9,818 $ 40,945 20,259

Net investment income 361 381 719 727

Other 376 284 1,011 403

Total revenue 20,352 10,483 42,675 21,389

Expenses

Losses and loss adjustment expenses 12,605 4,173 22,627 6,447

Policy acquisition and other 1,553 1,334 2,653 2,947
underwriting expenses

Other operating expenses 1,282 469 2,346 1,172

Total expenses 15,440 5,976 27,626 10,566
Income before income taxes 4,912 4,507 15,049 10,823

Income taxes 1,907 1,694 5,760 4,087

Net income $ 3,005 2,813 $ 9,289 6,736

Basic earnings per share $ 0.44 0.54 $ 1.35 1.30

Diluted earnings per share $ 0.42 0.54 $ 1.28 1.30

Dividends per share $ -- -- $ -- --





HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES

Premiums Written and Earned

(Unaudited)

(Dollars in thousands)

Three Months Ended Six Months Ended

June 30, June 30,

2009 2008 2009 2008

Gross premiums written $ 36,013 19,499 74,415 41,054

Ceded (8,999 ) (3,190 ) (18,005 ) (4,711 )

Net premiums written $ 27,014 16,309 56,410 36,343

Gross premiums earned $ 28,614 13,008 58,950 24,970

Ceded (8,999 ) (3,190 ) (18,005 ) (4,711 )

Net premiums earned $ 19,615 9,818 40,945 20,259





HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Dollars in thousands)

At June 30, 2009 At December 31, 2008
(Unaudited)

Assets

Investment in fixed maturity
securities, held-to-maturity, at
amortized cost

(fair value $2,005 at June 30, 2009) $ 1,889 -

Short-term investments 35,042 27,582

Cash and cash equivalents 79,950 81,060

Accrued interest and dividends 69 63
receivable

Premiums receivable 33,042 5,021

Note receivable 450 450

Ceded reinsurance balances receivable - 157

Prepaid reinsurance premiums 76 7,122

Deferred policy acquisition costs 12,534 6,292

Property and equipment, net 241 267

Deferred income taxes 2,707 3,563

Other assets 408 412

Total assets $ 166,408 131,989

Liabilities and Stockholders' Equity

Losses and loss adjustment expenses 23,290 14,763

Unearned premiums 82,683 67,219

Ceded reinsurance balances payable 5,968 6,136

Accrued expenses 5,316 1,535

Income taxes payable 1,649 4,704

Other liabilities 1,143 239

Total liabilities 120,049 94,596

Stockholders' equity:
Preferred stock (no par value
20,000,000 shares authorized, no
shares

issued or outstanding) -- --

Common stock, (no par value,
40,000,000 shares authorized,
6,791,411

and 6,892,668 shares issued and
outstanding at

June 30, 2009 and December 31, 2008, -- --
respectively)

Additional paid-in capital 23,460 23,783

Retained earnings 22,899 13,610

Total stockholders' equity 46,359 37,393

Total liabilities and stockholders' $ 166,408 131,989
equity







Source: Homeowners Choice, Inc.


Copyright Business Wire 2009

[10 bagger]

HCII..$5.68..

Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider of homeowners’ insurance, today commented on the veto by Florida Governor Charlie Crist of Florida Bill HB1171, legislation that would have allowed companies like State Farm Insurance to offer unregulated property insurance rates. The veto makes it less likely there will be a change to State Farm’s January 2009 decision to discontinue 1.2 million policies in Florida over the next two years, providing a significant opportunity for policy growth by competitors such as Homeowners Choice.


Homeowners Choice Chief Executive Officer F.X. McCahill, commented, “This veto is positive news for us, as the legislation would have given a select group of property insurance companies an unfair business advantage. It also increases the likelihood that State Farm will indeed discontinue its property insurance coverage in Florida, making a significant number of policies available to competitors over the next two years. We remain very optimistic about our opportunities for growth in the Florida property and casualty market and believe our experienced management team and financial strength will enable us to exploit these opportunities.”

About Homeowners Choice, Inc.

Homeowners Choice, Inc. (NASDAQ: HCII) is a Florida-based insurance holding company headquartered in Clearwater. The Homeowners Choice group of companies provides property and casualty homeowners' insurance, condominium owners' insurance, and tenants' insurance solely to Florida property owners. Founded in 2006, Homeowners Choice today serves more than 60,000 policyholders throughout Florida representing in excess of $100 million in annualized premiums. More information about Homeowners Choice, Inc. is available at www.hcpci.com.


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. Some of these risks and uncertainties are identified in the company’s registration statement filed 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.

[I- B- N]

5/26/09 Prospectus filed pursuant to Rule 424(b)(3) (424B3)

http://ih.advfn.com/p.php?pid=nmona&cb=1243533699&article=37896694&symbol=N%5EHCII#D424B3_HTM_TX53478_9

[10 bagger]

HCII...$5.42

Homeowners Choice Reports Record First Quarter Earnings
Net income rose 60 percent from Q1 2008
Strong balance sheet with $113.3 million in cash and short term investments and no debt
Book value per share increased 17 percent to $6.35 from Dec. 31, 2008
On Tuesday May 12, 2009, 4:17 pm EDT
Buzz up! Print Related:Homeowners Choice, Inc.
CLEARWATER, Fla.--(BUSINESS WIRE)--Homeowners Choice, Inc. (NASDAQ:HCII - News), a Florida-based provider of homeowners’ insurance, today announced its results of operations for the three months ended March 31, 2009.

HCII 5.4199 +0.3199

Net income for the first quarter of 2009 was $6.3 million, or $0.87 per diluted share, an increase of 60 percent compared with net income of $3.9 million, or $0.76 per diluted share, for the first quarter of 2008.

Net premiums earned for the first quarter of 2009 more than doubled to $21.3 million from $10.4 million in the prior year period primarily as a result of policy growth driven by the company’s assumption of policies from Citizens Property Insurance Corporation, a Florida state-supported insurer. Homeowners Choice also reported investment income of $358,000 in the current quarter compared with $346,000 in the prior year period. Other income, which primarily represents policy fee income earned with respect to the issuance of renewal policies, represented $635,000 in the first quarter of 2009 compared with $119,000 in the first quarter of 2008.

Losses and loss adjustment expenses for the quarter were $10 million compared with $2.3 million in the prior year period. According to the company, the increase primarily reflects an increase in case reserves and strengthening in reserves for incurred but not reported losses. The loss ratio, which is losses and loss adjustment expenses divided by net premiums earned, was 47.0 percent for the period ended March 31, 2009. This is in line with the 45.5 percent reported for all of 2008. Policy acquisition and other underwriting expenses in the first quarter of 2009 and 2008 were $1.1 million and $1.6 million, respectively. Other operating expenses, which include a variety of general and administrative costs, were $1.1 million in the quarter compared with $704,000 in the 2008 period and are reflective of the increase in compensation and benefits related to growth in the organization.

“As expected, we saw strong results in the first quarter,” commented Chief Executive Officer F.X. McCahill. “Looking ahead, we expect to see a reduction in the number of policies as we move through the hurricane season. Our plan is to manage our risk throughout the season while planning our strategies for new policy production beginning in the fourth quarter. We believe with our existing systems and personnel we can handle a substantial increase in policies from current levels. We are confident that with our experienced management team and solid financial condition we will be able to continue to grow our market share in Florida.”

Conference Call

The Company will host an earnings conference call today, May 12, 2009, at 4:30 p.m. E.D.T. to discuss its first quarter results. Interested parties are invited to listen to the call live over the Internet at http://www.ir-site.com/hcpci/events.asp. The call is also available by dialing [phone] (toll-free). International participants should instead call [phone]. Participants should dial into the conference call approximately 10 minutes before the scheduled start time. Replays of the webcast will be available until June 12, 2009.

About Homeowners Choice, Inc.

Homeowners Choice, Inc. is a Florida-based insurance holding company headquartered in Clearwater, Fla. The company provides homeowners', condominium owners' and tenants' insurance solely to Florida property owners. Founded in 2006 by individuals who were themselves Florida homeowners, the company began operations in 2007. Its common shares and warrants trade on the NASDAQ Global market, the common shares under the ticker symbol “HCII” and the warrants under the ticker symbol “HCIIW.” The company’s principal executive offices are located at 2340 Drew St., Suite 200, Clearwater, Fla. 33765. More information about Homeowners Choice, Inc. is available at www.hcpci.com.

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. Some of these risks and uncertainties are identified in the company’s registration statement filed 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.


HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands)

At March 31, 2009 At December 31, 2008

(Unaudited)
Assets
Cash and cash equivalents $ 79,493 81,060
Short-term investments 33,762 27,582
Accrued interest and dividends receivable 64 63
Premiums receivable 29,403 5,021
Note receivable 450 450
Ceded reinsurance balances receivable - 157
Prepaid reinsurance premiums 5,393 7,122
Deferred policy acquisition costs 9,887 6,292
Property and equipment, net 183 267
Deferred income taxes 2,997 3,563
Other assets 184 412
Total assets $ 161,816 131,989

Liabilities and Stockholders’ Equity
Losses and loss adjustment expenses 18,659 14,763
Unearned premiums 75,285 67,219
Ceded reinsurance balances payable 9,906 6,136
Accrued expenses 5,054 1,535
Income taxes payable 7,986 4,704
Other liabilities 1,141 239
Total liabilities $ 118,031 94,596

Stockholders’ equity:
Preferred stock (no par value 20,000,000 shares authorized, no shares issued or outstanding) — —
Common stock, (no par value, 40,000,000 shares authorized, 6,893,607 and 6,892,668 shares issued and outstanding at March 31, 2009 and December 31, 2008, respectively)
— —
Additional paid-in capital 23,891 23,783
Retained earnings 19,894 13,610

Total stockholders’ equity 43,785 37,393

Total liabilities and stockholders’ equity $ 161,816 131,989


HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except per share amounts)

Three Months Ended
March 31,
2009 2008
Revenue
Net premiums earned 21,330 10,441
Net investment income 358 346
Other 635 119
Total revenue 22,323 10,906

Expenses
Losses and loss adjustment expenses 10,022 2,274
Policy acquisition and other underwriting expenses 1,100 1,612
Other operating expenses 1,064 704
Total expenses 12,186 4,590

Income before income taxes 10,137 6,316

Income taxes 3,853 2,392

Net income 6,284 3,924

Basic earnings per share 0.91 0.76

Diluted earnings per share 0.87 0.76

Dividends per share — —

Gross written premium 38,403 21,553

Net written premium 29,396 20,032




Contact:
RFB Communications Group
Media Contact:
Suzie Boland, 813-259-0345
[e-mail]
or
Investor Relations Contact:
Cameron Associates
Alison Ziegler, 212-554-5469
[e-mail] Bookmarkdel.icio.usDigg

[bbotcs]

If Homeowners comes through the hurricane season unscathed, I wonder whether a divvie would be in the cards, or whether they will use the cash to do another acquisition. I want a divvie. UVE pays a nice dividend.

[bbotcs]

Hi, Hank. Thank you for starting this board. IMO, there is nothing not to like about this company at present.

[10 bagger]

HCII.. $5.25 EARNINGS:

They hit the ball out of the park.. HCII and INFIGEN STAPLED BBWPF.pk are my 2 largest holdings.... hank


Homeowners Choice Reports Record First Quarter Earnings:
Net income rose 60 percent from Q1 2008..
Strong balance sheet with $113.3 million in cash and short term investments and no debt...

Book value per share increased 17 percent to $6.35 from Dec. 31, 2008 ...
On Tuesday May 12, 2009, 4:17 pm EDT

CLEARWATER, Fla.--(BUSINESS WIRE)--Homeowners Choice, Inc. (NASDAQ:HCII - News), a Florida-based provider of homeowners’ insurance, today announced its results of operations for the three months ended March 31, 2009.

Net income for the first quarter of 2009 was $6.3 million, or $0.87 per diluted share, an increase of 60 percent compared with net income of $3.9 million, or $0.76 per diluted share, for the first quarter of 2008.

Net premiums earned for the first quarter of 2009 more than doubled to $21.3 million from $10.4 million in the prior year period primarily as a result of policy growth driven by the company’s assumption of policies from Citizens Property Insurance Corporation, a Florida state-supported insurer. Homeowners Choice also reported investment income of $358,000 in the current quarter compared with $346,000 in the prior year period. Other income, which primarily represents policy fee income earned with respect to the issuance of renewal policies, represented $635,000 in the first quarter of 2009 compared with $119,000 in the first quarter of 2008.

Losses and loss adjustment expenses for the quarter were $10 million compared with $2.3 million in the prior year period. According to the company, the increase primarily reflects an increase in case reserves and strengthening in reserves for incurred but not reported losses. The loss ratio, which is losses and loss adjustment expenses divided by net premiums earned, was 47.0 percent for the period ended March 31, 2009. This is in line with the 45.5 percent reported for all of 2008. Policy acquisition and other underwriting expenses in the first quarter of 2009 and 2008 were $1.1 million and $1.6 million, respectively. Other operating expenses, which include a variety of general and administrative costs, were $1.1 million in the quarter compared with $704,000 in the 2008 period and are reflective of the increase in compensation and benefits related to growth in the organization.

“As expected, we saw strong results in the first quarter,” commented Chief Executive Officer F.X. McCahill. “Looking ahead, we expect to see a reduction in the number of policies as we move through the hurricane season. Our plan is to manage our risk throughout the season while planning our strategies for new policy production beginning in the fourth quarter. We believe with our existing systems and personnel we can handle a substantial increase in policies from current levels. We are confident that with our experienced management team and solid financial condition we will be able to continue to grow our market share in Florida.”

Conference Call

The Company will host an earnings conference call today, May 12, 2009, at 4:30 p.m. E.D.T. to discuss its first quarter results. Interested parties are invited to listen to the call live over the Internet at http://www.ir-site.com/hcpci/events.asp. The call is also available by dialing [phone] (toll-free). International participants should instead call [phone]. Participants should dial into the conference call approximately 10 minutes before the scheduled start time. Replays of the webcast will be available until June 12, 2009.

About Homeowners Choice, Inc.

Homeowners Choice, Inc. is a Florida-based insurance holding company headquartered in Clearwater, Fla. The company provides homeowners', condominium owners' and tenants' insurance solely to Florida property owners. Founded in 2006 by individuals who were themselves Florida homeowners, the company began operations in 2007. Its common shares and warrants trade on the NASDAQ Global market, the common shares under the ticker symbol “HCII” and the warrants under the ticker symbol “HCIIW.” The company’s principal executive offices are located at 2340 Drew St., Suite 200, Clearwater, Fla. 33765. More information about Homeowners Choice, Inc. is available at www.hcpci.com.

HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands)

At March 31, 2009 At December 31, 2008

(Unaudited)
Assets
Cash and cash equivalents $ 79,493 81,060
Short-term investments 33,762 27,582
Accrued interest and dividends receivable 64 63
Premiums receivable 29,403 5,021
Note receivable 450 450
Ceded reinsurance balances receivable - 157
Prepaid reinsurance premiums 5,393 7,122
Deferred policy acquisition costs 9,887 6,292
Property and equipment, net 183 267
Deferred income taxes 2,997 3,563
Other assets 184 412
Total assets $ 161,816 131,989

Liabilities and Stockholders’ Equity
Losses and loss adjustment expenses 18,659 14,763
Unearned premiums 75,285 67,219
Ceded reinsurance balances payable 9,906 6,136
Accrued expenses 5,054 1,535
Income taxes payable 7,986 4,704
Other liabilities 1,141 239
Total liabilities $ 118,031 94,596

Stockholders’ equity:
Preferred stock (no par value 20,000,000 shares authorized, no shares issued or outstanding) — —
Common stock, (no par value, 40,000,000 shares authorized, 6,893,607 and 6,892,668 shares issued and outstanding at March 31, 2009 and December 31, 2008, respectively)
— —
Additional paid-in capital 23,891 23,783
Retained earnings 19,894 13,610

Total stockholders’ equity 43,785 37,393

Total liabilities and stockholders’ equity $ 161,816 131,989


HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except per share amounts)

Three Months Ended
March 31,
2009 2008
Revenue
Net premiums earned 21,330 10,441
Net investment income 358 346
Other 635 119
Total revenue 22,323 10,906

Expenses
Losses and loss adjustment expenses 10,022 2,274
Policy acquisition and other underwriting expenses 1,100 1,612
Other operating expenses 1,064 704
Total expenses 12,186 4,590

Income before income taxes 10,137 6,316

Income taxes 3,853 2,392

Net income 6,284 3,924

Basic earnings per share 0.91 0.76

Diluted earnings per share 0.87 0.76

Dividends per share — —

Gross written premium 38,403 21,553

Net written premium 29,396 20,032

Contact:
RFB Communications Group
Media Contact:
Suzie Boland, 813-259-0345
[e-mail]
or
Investor Relations Contact:
Cameron Associates
Alison Ziegler, 212-554-5469
alison@cameronassoc.

[10 bagger]

HCII.. $5.24..First quarter ended March 31, 2009

CLEARWATER, Fla.--(BUSINESS WIRE)--Homeowners Choice, Inc. (NASDAQ:HCII - News), a Florida-based insurance holding company, announced today that it will release results for its first quarter ended March 31, 2009 after the market closes on Tuesday, May 12, 2009. That same day at 4:30 p.m. EDT, the company’s management will host an earnings conference call to discuss its results.

Conference Call Details

Interested parties are invited to listen to the call live over the Internet at http://www.ir-site.com/hcpci/events.asp. The call is also available by dialing 877-407-9210 (toll-free). International participants should instead call 201-689-8049. Participants should dial into the conference call approximately 10 minutes before the scheduled start time. Replays of the webcast will be available until June 12, 2009.

Investors wishing to participate in the call should contact Jay Madhu, Vice-President – Marketing and Investor Relations at: [e-mail] or 727-213-3660.

About Homeowners Choice, Inc.

Homeowners Choice, Inc. is a Florida-based insurance holding company, headquartered in Clearwater. Through its subsidiary corporations, Homeowners Choice provides homeowners' insurance, condominium owners' insurance and tenants' insurance solely to Florida property owners. Founded in 2006 by individuals who were themselves Florida homeowners, the company began operations in 2007. Common shares trade on the NASDAQ Global Market under the ticker symbol HCII and warrants trade on the same market under the ticker symbol HCIIW. The company’s principal executive offices are located at 2340 Drew St., Suite 200, Clearwater, Fla. 33765. More information about Homeowners Choice, Inc. is available at www.hcpci.com.


Contact:
RFB Communications Group
Media Contact: Suzie Boland, 813-259-0345
[e-mail]
or
Investor Relations Contact:
Cameron Associates
Alison Ziegler, 212-554-5469
[e-mail]

[10 bagger]

HCII..$4.85 Outperform Rating...

Homeowners Choice, Inc. CLEARWATER, Fla.--(BUSINESS WIRE)--Homeowners Choice, Inc. (NASDAQ:HCII - News), a Florida-based provider of homeowners’ insurance, today announced that its stock has received an Outperform Rating from Anderson & Strudwick Research Analyst Steven F. Maracia. Anderson & Strudwick is a full-service regional investment firm headquartered in Richmond, Va.

In his report Maracia highlighted the growth of policies to 70,000 and the stock trading below book value ($5.42). “These shares look inexpensive, trading below book at a 2.1X our 2009 estimate. HCII is rated an outperform with a $7 price target.” The report can be read in its entirety on the Anderson & Strudwick web site at:
http://www.anderson-strudwick.com/research_report_pages/09.03-18_HomeownersChoice.pdf.

About Homeowners Choice, Inc.

Homeowners Choice, Inc. is a Florida-based insurance holding company, headquartered in Clearwater, Fla. and founded by Florida homeowners. Its wholly-owned subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., which began operations in July 2007, provides property and casualty homeowners' insurance, condominium owners' insurance and tenants' insurance solely to Florida property owners. The company’s common shares trade on the NASDAQ Global Market under the ticker symbol HCII. Its warrants trade on the same market under the ticker symbol HCIIW. The company’s principal executive offices are located at 2340 Drew St., Suite 200, Clearwater, Fla. 33765. More information about Homeowners Choice, Inc. is available at http://www.hcpci.com.

[10 bagger]

HCII.. $4.85

The board of directors of Homeowners Choice Inc. authorized a plan to repurchase up to $3 million of the company’s common stock.

The company will buy back shares from time to time for cash over the next year, a release said. The stock will be bought on the open market, as well as in block transactions and privately negotiated deals.

The repurchase of shares is a wise use of the company’s capital and will enhance shareholder value, particularly in a low interest rate environment, Paresh Patel, chairman of the board, said in the release.

Homeowners Choice (NASDAQ: HCII), an insurance holding company headquartered in Clearwater, had more than $108 million in cash and short term investments and no significant debt on its balance sheet for Dec. 31. The company recently reported net income of $12.7 million, or $2.08 a share, on revenue of $49.5 million for 2008.