By GlobeNewswire, October 18, 2013, 04:20:00 PM EDT
TAMPA, Fla., Oct. 18, 2013 (GLOBE NEWSWIRE) -- HCI Group, Inc.(NYSE:HCI) announced today that its board of directors has declared a regular quarterly cash dividend in the amount of 27.5 cents per common share for the fourth quarter of 2013, which represents a 22.2 percent increase over the previous quarterly rate of 22.5 cents per share. The dividend will be paid Dec. 20, 2013 to shareholders of record on the close of business Nov. 15, 2013.
"This dividend increase reflects the board's confidence in future earnings and its commitment to deliver results to the shareholders," said Homeowners Choice Chief Executive Officer and Chairman of the Board Paresh Patel. "The board's decision to pay a special dividend in the fourth quarter last year was spurred by the uncertainty surrounding the tax treatment of dividends beyond 2012. The income tax environment may play an increasing role in future board decisions regarding dividends."
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 S&P SmallCap 600 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 HCI Group, 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" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements, including statements about future dividend payments, are not guarantees of future results and conditions and are subject to various risks and uncertainties. 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.
CONTACT: Company Contact:
Kevin Mitchell, Vice President of Investor Relations
HCI Group, Inc.
Tel (813) 405-3603
Investor Relations Contact:
Matt Glover or Michael KoehlerLiolios Group, Inc.
Tel (949) 574-3860
Source: HCI Group, Inc.