The CEO of Homeowners Choice Inc. (HCII)
resigned from his position, effective June 30.
In a letter to the board, CEO and President Francis McCahill said his resignation was "strictly for personal reasons" and said he believes the company was well positioned to achieve its long-term objectives.
Board Chairman Paresh Patel will assume McCahill's duties until a successor is named.
Patel is a founder of the Clearwater, Fla.-based property and casualty insurer and has served as executive chairman since its 2006 inception. As executive chairman, Patel "has played a substantial role in the company's day-to-day operations," the company said.
Patel said McCahill's resignation was neither expected nor requested.
"Frank McCahill has been an outstanding leader at Homeowners Choice,” he said. “During his tenure, Homeowners Choice has achieved much success, including 13 successive quarters of profitability."
The company serves approximately 65,000 policyholders throughout Florida representing about $135 million in annualized premiums. It writes policies for homeowners, condominium owners and tenants.
Write to Shaina Zucker