President of Homeowners Choice Property & Casualty Insurance Co., Scott Wallace, plans to retire at the end of May 2015 after 37 years in the insurance industry, according to a statement from Homeowner’s Choice’ parent company, HCI Group, Inc. (HCI). The 63 year-old Wallace joined HCI Group in 2012.
Paresh Patel, HCI Group’s chairman of the board and chief executive officer, and executive chairman of Homeowners Choice, will assume charge of the company. Patel served as president of Homeowners Choice from 2011 to 2012.
“We thank Scott for his important contributions to HCI Group, and leading Homeowners Choice through an extraordinary period of growth and profitability,” said Patel. “Scott leaves behind a strong well prepared management team.”
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners’ insurance, reinsurance, real estate and information technology services. The company’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Co., Inc., is a provider of property and casualty insurance in the state of Florida.
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