Homeowners Choice Joins Russell Microcap Index
June 30 2009 - 7:00AM
Business Wire
Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider
of homeowners� insurance, today announced that it has been included
in the Russell Microcap Index as part of Russell Investment Group�s
reconstitution of its family of U.S. indexes. Russell finalized the
reconstitution after the market close on June 26, 2009 and a list
of final additions to its indexes can be viewed at
www.russell.com.
The Russell Microcap Index measures the performance of the
microcap segment of the U.S. equity market and includes 1,000 of
the smallest securities in the small-cap Russell 2000 Index based
on a combination of their market capitalization and current index
membership as well as the next smallest 1,000 securities.
Membership in the Russell Microcap Index, which remains in place
for one year, means automatic inclusion in the appropriate growth
and value style indexes. Russell determines membership for its
equity indexes primarily by objective, market capitalization
rankings and style attributes. Homeowners Choice�s market
capitalization is approximately $35 million.
Homeowners Choice Chief Executive Officer F.X. McCahill,
commented, "Inclusion in the Russell Microcap Index is an important
milestone for the company. Since our initial public offering in
July 2008 we have reported strong gains in revenue, earnings and
book value. We believe a tremendous market opportunity still exists
in the Florida property and casualty market for experienced
managers and companies such as Homeowners Choice that have a solid
financial condition. With inclusion in this index, we hope to gain
additional attention from prospective investors.�
According to Russell, their indexes are widely used by
investment managers and institutional investors for index funds and
as benchmarks for both passive and active investment strategies.
More than $4 trillion in assets currently are benchmarked to them.
Investment managers who oversee these funds purchase shares of
member stocks according to that company�s weighting in the
particular index.
Annual reconstitution of Russell indexes captures the 4,000
largest U.S. stocks as of the end of May, ranking them by total
market capitalization to create the Russell 3000 and Russell
Microcap. These investment tools originated from Russell's
multi-manager investment business in the early 1980s when the
company saw the need for a more objective, market-driven set of
benchmarks in order to evaluate outside investment managers.
About Homeowners Choice, Inc.
Homeowners Choice, Inc. (NASDAQ: HCII) is a Florida-based
insurance holding company headquartered in Clearwater. The
Homeowners Choice group of companies provides property and casualty
homeowners' insurance, condominium owners' insurance and tenants'
insurance solely to Florida property owners. Founded in 2006,
Homeowners Choice today serves more than 60,000 policyholders
throughout Florida representing in excess of $100 million in
annualized premiums. More information about Homeowners Choice, Inc.
is available at www.hcpci.com.
Forward-Looking Statements
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�
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. Some of these risks and
uncertainties are identified in the company�s registration
statement filed 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.
Homeowners Choice, Inc. disclaims all obligations to update any
forward-looking statements.
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