HCI expands to Alabama

CLEARWATER — Homeowners Choice Inc. (symbol: HCII), the insurance company based in Clearwater, will begin offering homeowners insurance in Alabama by the end of 2011. Up until now, HCI has operated exclusively in Florida.

"We have had a longstanding commitment to expand and diversify into other states and markets,” explained CEO F.X. McCahill in a release. The company chose to address that commitment by entering Alabama for a number of reasons, including the state's regulatory environment, its proximity to Florida, and the size of the market.

HCI had its 12th consecutive profitable quarter last year, according to its earnings release. The company earned $1.7 million in profits in the third quarter of 2010.