Homeowners Choice, a Florida-based provider of homeowners’ insurance, has named a familiar executive to be its new chief executive officer.
The insurers’ board of directors announced that Paresh Patel, board chairman, will assume the duties of CEO, effective July 1. Patel succeeds Frank McCahill, who served as company CEO since the insurer began operations in 2007. McCahill resigned in April. The company said McCahill’s resignation was neither expected nor requested.
Patel is the founder of the insurer and has been active in strategic planning, investments and technology. Patel has served as chairman of the board, a position he expects to continue.
Homeowners Choice is a Clearwater, Florida-based insurance holding company. Through its subsidiaries, it provides insurance for homeowners, condominium owners and tenants. The insurer has 61,000 policyholders in the state and writes about $130 million in annual premiums.