TAMPA, Fla., Dec. 04, 2018 (GLOBE NEWSWIRE) -- The board of directors of HCI Group, Inc. (HCI), a holding company primarily engaged in homeowners’ insurance, with additional operations in reinsurance, real estate and information technology, has authorized a program to repurchase up to $20 million of the company’s common shares through December 31, 2019, subject to market conditions. The company’s previous $20 million repurchase program completed its authorized repurchases on October 3, 2018.
The program will permit the company to periodically repurchase shares for cash in open market purchases, block transactions and privately negotiated transactions in accordance with applicable federal securities laws. In addition, the stock repurchase program may be modified, suspended, terminated or extended by the company any time without prior notice.
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 services. 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 and the S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, 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 changes in the trading price of the company’s securities will not impact the ability or willingness of HCI Group to repurchase shares. 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.
Kevin Mitchell, Senior Vice President of Investor Relations
HCI Group, Inc.
Tel (813) 405-3603
Investor Relations Contact:
Matt Glover or Najim Mostamand, CFA
Liolios Group, Inc.
Tel (949) 574-3860