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TAMPA — Homeowners Choice Inc. will transfer the listing of its common stock from the NASDAQ Global Select Market to the New York Stock Exchange later this month.
Homeowners Choice Chairman and CEO Paresh Patel says moving to the NYSE was a logical progression for the company, and sees the transition as a milestone marking its continued fiscal health. “It's where the big boys play in our industry,” Patel told the Business Review. “It tells everyone we met the highest, most stringent financial criteria ... to us, it's quite a wonderful statement.”
The company, which is one of the largest providers of property and casualty insurance in Florida, says it expects its shares to begin trading on the NYSE Oct. 25 under the new symbol HCI. Until then, the company's shares will continue to trade under the symbol HCII on the NASDAQ.
The Tampa-based company's shares are currently trading at $24.51. Founded in 2006, it has about 110,000 policy holders and is currently working to assume a potential 71,000 policies from the state-run Citizens Property Insurance Corp. in November.
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