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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 This news release was distributed by GlobeNewswire, www.globenewswire.com SOURCE: Homeowners Choice, Inc. CONTACT: RFB Communications Group Media Contact: Suzie Boland 813.259.0345 sboland@rfbcommunications.com Cameron Associates Investor Relations Contact: Alison Ziegler 212.554.5469 alison@cameronassoc.com For full details for HCII click here.
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