Citizens Head to Join Homeowners Choice

TAMPA, Fla., March 12, 2012 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (Nasdaq:HCII), a Florida-based provider of homeowners' insurance, today announced that Scott R. Wallace, chief executive officer of Citizens Property Insurance Corporation, has agreed to serve as president of its property and casualty division. State-backed Citizens is Florida's largest homeowners' insurance company with approximately 1.5 million policies in force and $3 billion in annual revenue. 

Wallace has served as Citizens' president since January 2007. He delivered notice of his resignation in January of this year and agreed to continue there until April 6, 2012.  According to Homeowners Choice Chief Executive Paresh Patel, Wallace's tenure with Homeowners Choice will begin soon after he leaves Citizens. Among his duties will be to serve as president of Homeowners Choice Property & Casualty Insurance Company, the company's principal operating subsidiary.

"Scott has extensive and wide ranging experience in the insurance industry, including management of Florida's largest homeowners' insurance carrier," said Patel. "We look forward to benefiting from his experience, professional affiliations and leadership capabilities."

About Scott R. Wallace

Wallace has more than 30 years of experience in property and casualty insurance and reinsurance. He joined Citizens Property Insurance Corporation, Florida's state run property insurance company, in January 2006 as senior vice president of operations and was appointed president in January 2007. Before joining Citizens he held senior management positions with member companies of the W.R. Berkley Corporation, a multi-billion dollar New York Stock Exchange company.

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 insurance to homeowners, condominium owners and tenants. Founded in 2006, Homeowners Choice serves approximately 121,000 policyholders throughout Florida representing approximately $227 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, Cumulative Redeemable 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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CONTACT: Media Contact:          Suzie BolandRFB Communications Group          813.259.0345          [email protected]           Investor Relations Contact:          Jay MadhuHomeowners Choice, Inc.          813.405.3660          [email protected]

Source: Homeowners Choice, Inc.