Patel named new CEO at HCI

CLEARWATER — Homeowners Choice Inc. (symbol: HCII), a Clearwater-based insurance provider, named Paresh Patel its new CEO, effective today. Patel replaces Frank McCahill, who led the firm as its chief executive since its founding in 2007.

Prior to this most recent appointment, Patel had been serving as the chairman of the company's board, a role he held since the company's founding.

Homeowners Choice Inc. generated $68.6 million in revenues in 2010. In April, the company raised $12.5 million in new capital through an equity issuance.

That issuance likely contributed to the decline of the company's stock price, which is down nearly 18% so far in 2011, to $6.66 a share.