TAMPA, Fla., April 15, 2013 (GLOBE NEWSWIRE) -- Homeowners Choice, Inc. (NYSE:HCI) today announced it has begun doing business as "HCI Group, Inc." and intends to ask its shareholders to approve an amendment to its articles of incorporation to change the company's name to "HCI Group, Inc." The company gave several reasons for the name change.
- The name HCI Group, Inc. will better represent the company's diversified business activities, which include property and casualty insurance, information technology, real estate and reinsurance.
- The new name will provide greater clarity to the company's identity, avoiding confusion between the company and its largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc.
- The new name will distinguish the company and the brands of its non-property and casualty insurance enterprises from the "Homeowners Choice" brand, thereby enhancing and strengthening the value of all the brands.
- The company's enterprises dedicated to property and casualty insurance, including the company's most important subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc. will operate exclusively under the "Homeowners Choice" brand.
- The company's information technology enterprises will operate under the "Exzeo" brand.
- The company's real estate activities, which include the ownership and operation of several Florida properties, will be performed under the "Greenleaf Capital" brand.
- The company's enterprises that provide reinsurance will operate under the "Claddaugh" brand. To date, the Claddaugh reinsurance services have been limited to participating in the Homeowners Choice reinsurance programs.