TAMPA, Fla., April 12, 2013 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (NYSE:HCI) today announced the launch of its new information technology division called "Exzeo." According to the company, the Exzeo division was formed to exploit technologies originally developed in-house for the company's own use, primarily in its insurance business. The company said it plans to make commercial versions of these technologies available to third parties under the "Exzeo" brand.
"We produced these technologies to optimize the productivity of our own personnel," said Homeowners Choice Chief Executive Officer Paresh Patel, "but we believe they will enable any organization to optimize its human capital. By forming the Exzeo division we intend to give this technology group its own identity, distinct from our core insurance business, and we hope to enhance shareholder value," he said.
About Homeowners Choice, Inc.Homeowners Choice, Inc. is a holding company owning subsidiaries engaged in diverse business activities, including property and casualty insurance, information technology, real estate and reinsurance. 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 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." Its 7% Series A, cumulative redeemable preferred shares trade on the NASDAQ Capital Market under the ticker symbol "HCIIP." For more information about Homeowners Choice, visit www.hcigroup.com .
CONTACT: Company Contact: Jay Madhu, Vice President of Investor Relations Homeowners Choice, Inc. Tel (813) 405-3660 email@example.com Investor Relations Contact: Matt Glover or Michael Koehler Liolios Group, Inc. Tel (949) 574-3860 firstname.lastname@example.org
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