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TAMPA — The top executives of Homeowners Choice Property & Casualty Insurance Co. Inc. received a vote of confidence as the Tampa-based insurance started offering flood insurance in Florida. Both the president of its insurance division and its chief financial officer received raises, the company announced in a statement. The company also awarded a new earnings bonus plan for its CEO.
Homeowners Choice's compensation committee awarded a salary increase to Scott Wallace, president of its insurance division, raising his base salary from $300,000 to $350,000. It also increased Chief Financial Officer Richard Allen's base salary from $158,000 to $250,000.
In addition, the committee created a cash bonus plan for its CEO, Paresh Patel, to receive 3.25% of the company's annual earnings before interest and the provision for income taxes. To receive a bonus, the company must have earnings before interest and the provision for income taxes of at least $62.5 million excluding the bonus.
The Securities and Exchange Commission filing announcing the salary increases came after the company, which is a wholly owned insurance subsidiary of HCI Group Inc., signed its first homeowners insurance policy including flood insurance. Homeowners Choice is the first private insurer licensed by the state of Florida to provide flood insurance.
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