Aug. 11: HCII, WAC, INV, OMEX

Homeowners Choice Inc.
The end of the first half of 2010 was business as usual for Homeowners Choice Inc. The Clearwater-based insurance company stayed profitable, continued its stock repurchase plan, and further increased its cash holdings.

The company earned $1.3 million in net income in the recently concluded quarter, down from the $3 million it earned in 2009. The main cause for the drop appears to be increased reinsurance costs — while gross premiums were up slightly, net premiums earned (which account for reinsurance) fell 20% from last year.

Over the last six months, the publicly traded company bought back 374,401 shares of its own common stock. Since June 30, 2009, the number of HCII shares outstanding has fallen by 8.1%.