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Homeowners Choice Posts Q2, H1 Profit

Net income increased 7% and 37.9%, respectively

Homeowners Choice, a Florida-based provider of homeowners’ insurance, has reported its results of operations for the three and six month periods ended June 30, 2009.

The net income for the second quarter of 2009 increased 7% to $3.0 million, or $0.42 per diluted share, compared to net income of $2.8 million, or $0.54 per diluted share, for the second quarter of 2008.

The net premiums earned for the second quarter of 2009 nearly doubled to $19.6 million, from $9.8 million in the prior year quarter. Homeowners Choice also reported investment income of $361,000 for the second quarter, as compared to $381,000 in the prior year period. Policy acquisition and other underwriting expenses for the second quarter of 2009 and 2008 were $1.6 million and $1.3 million, respectively.

For the six months ended June 30, 2009, net income increased 37.9% to $9.3 million or $1.28 per diluted share, from net income of $6.7 million or $1.30 per diluted share for the year ago period.

The net premiums earned for the first six months of 2009 increased 102.1% to $40.9 million, from $20.3 million in the prior year period. Investment income for the six month period ended June 30, 2009 was $719,000, as compared to $727,000 in the prior year period. Policy acquisition and other underwriting expenses for the six months ended June 30, 2009 and 2008 were $2.7 million and $2.9 million, respectively.