This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Homeowners Choice Reports Results For 2012 Fourth Quarter And Full Year

TAMPA, Fla., March 5, 2013 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (NYSE:HCI), a Florida-based insurance holding company, reported its financial results for the fourth quarter and year ended December 31, 2012.

Fourth Quarter 2012 - Financial Results

Income available to common stockholders in the fourth quarter of 2012 totaled $13.1 million or $1.19 diluted earnings per common share, compared with $4.6 million or $0.62 diluted earnings per common share in the fourth quarter of 2011.

Gross premiums earned in the fourth quarter of 2012 increased 44.8% to $72.0 million from $49.8 million in the same year-ago period. The increase was primarily due to policies acquired from Citizens Property Insurance Corporation in November 2012.

Net premiums earned (defined as gross premiums earned less premiums ceded to reinsurance companies) in the fourth quarter of 2012 increased 38.3% to $49.6 million from $35.8 million in the same year-ago period. Premiums ceded in the fourth quarter of 2012 were 31.2% of the company's gross premiums earned, compared with 28.0% during the same year-ago period.

Net investment income in the fourth quarter of 2012 was $109,000 compared with $504,000 in the same year-ago period. The decrease was primarily due to operating losses incurred by certain of the company's real estate investments.

Losses and loss adjustment expenses in the fourth quarter of 2012 were $15.9 million compared with $16.9 million in the same year-ago period.

Policy acquisition and other underwriting expenses in the fourth quarter of 2012 were $6.2 million compared with $7.6 million in the comparable period in 2011. The decrease was primarily the result of the minimal acquisition costs related to the November 2012 Citizens assumption transaction, which was not subject to commission. Other operating expenses, which include a variety of general and administrative costs, totaled $7.7 million in the fourth quarter of 2012 compared with $4.1 million in Q4 2011.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs