TAMPA, Fla., Sept. 08, 2016 (GLOBE NEWSWIRE) -- Homeowners Choice Property & Casualty Insurance Company, Inc., which is a wholly-owned subsidiary of HCI Group, Inc. (NYSE:HCI) and a leading provider of homeowners insurance in Florida, has issued an initial assessment of losses from Hurricane Hermine, which made landfall in Florida last week. The first hurricane to hit Florida in over 10 years, Hermine made landfall at a section of the northwest Florida coastline known as the “big bend.” It crossed through mostly rural portions of north Florida before making its way to Georgia.
“While it’s too early to determine the full impact of Hermine, we expect losses from this single event to be less than the losses we experienced from weather events during the first quarter of 2016,” said Paresh Patel, HCI’s chief executive officer. “We don’t expect to trigger any reinsurance coverage.”
According to Patel, Homeowners Choice has mobilized resources to support affected policyholders. “We are deeply concerned for the wellbeing of those affected by Hurricane Hermine. Our top priority is to ensure our policyholders and fellow Floridians receive the highest level of customer service, and are able to return quickly to their normal lives.”
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, reinsurance, real estate and information technology. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." 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," "confident," "prospects" 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. There can be no assurance, for example, that weather related losses will not be larger than expected. 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. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.
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Source:HCI Group, Inc.