Homeowners Choice Inc., a Clearwater, Florida-based provider of homeowners’ insurance, reported that Francis X. McCahill III has resigned from his position of president and chief executive officer and director of the company and its subsidiaries, effective date of June 30, 2011, for personal reasons.
In a letter to the board, McCahill said his resignation was “strictly for personal reasons.”
Board Chairman Paresh Patel will assume McCahill’s duties until a successor is named. Patel is a founder of the company and has served as executive chairman since its inception. As executive chairman, Patel has played a “substantial role in the company’s day to day operations,” according to the company.
Patel said McCahill’s resignation was neither expected nor requested.
Founded in 2006, the company had its initial public offering in 2008. Homeowners Choice has 65,000 policyholders in Florida, representing $135 million in annualized premiums. In February, the company said it would be expanding to Alabama this year.
Topics Florida Homeowners
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