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TAMPA --Â Homeowners Choice Inc. (symbol: HCII) acquired the Florida business of HomeWise Insurance Co., representing up to 70,000 homeowners' policies and $53 in unearned premiums, a release says.
Both firms are based in Tampa. In August, insurance agency rating firm Demotech Inc. withdrew its Financial Stability Rating from HomeWise.
"This acquisition nearly doubles the size of the company without doubling administrative expenses," says Paresh Patel, CEO at Homeowners Choice. Prior to this latest deal, Homeowners Choice managed 59,000 homeowners' policies, representing $130 million in annual premiums.
Investors responded positively to the reported policy growth, with Homeowners' stock price increasing by nearly 2% in early Tuesday trading. The firm's per share price of $7.79 on Tuesday morning is down 15% from its 52-week high of $9.15.
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