HCI Group, Inc. — Director's Dealing 2008

Jul 29, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Homeowners Choice, Inc. (HCII)
CIK: 0001400810
Period of Report: 2008-07-25

Reporting Person: Madhu Sanjay (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-07-25	Common stock	P	2100	$7.00	Acquired	2100	Indirect
2008-07-25	Common stock	P	200	$7.00	Acquired	200	Indirect
2008-07-25	Common stock	P	3000	$7.00	Acquired	3000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-07-25	Stock Warrant (Right to Buy)	$9.10	P	2100	Acquired	2013-07-30	Common stock (1050)	Indirect
2008-07-25	Stock Warrant (Right to Buy)	$9.10	P	200	Acquired	2013-07-30	Common stock (100)	Indirect
2008-07-25	Stock Warrant (Right to Buy)	$9.10	P	3000	Acquired	2013-07-30	Common stock (1500)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common stock	80000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$2.50	2017-05-31	Common stock (30000)	30000	Direct

Footnotes

F1: In connection with the Homeowners Choice, Inc. initial public offering ("IPO"), 2,100 units were purchased on 7/25/08 at a price of $7.00 per unit, with each unit consisting of one share of common stock and one warrant. Two warrants may be exercised to acquire one share of common stock at an exercise price equal to $9.10 per share. The warrants may be exercised any time after the closing of the IPO up to five years after the July 30, 2008 IPO closing date.

F2: In connection with the Homeowners Choice, Inc. initial public offering ("IPO"), 200 units were purchased on 7/25/08 at a price of $7.00 per unit, with each unit consisting of one share of common stock and one warrant. Two warrants may be exercised to acquire one share of common stock at an exercise price equal to $9.10 per share. The warrants may be exercised any time after the closing of the IPO up to five years after the July 30, 2008 IPO closing date.

F3: In connection with the Homeowners Choice, Inc. initial public offering ("IPO"), 3,000 units were purchased on 7/25/08 at a price of $7.00 per unit, with each unit consisting of one share of common stock and one warrant. Two warrants may be exercised to acquire one share of common stock at an exercise price equal to $9.10 per share. The warrants may be exercised any time after the closing of the IPO up to five years after the July 30, 2008 IPO closing date.

F4: The reporting person holds voting and investment power of the 80,000 shares held by Universal Finance & Investments, LLC.

F5: The options were granted pursuant to the Homeowners Choice, Inc. 2007 Stock Option and Incentive Plan.

F6: Commencing on May 1, 2008 and continuing on the same day of each calendar year thereafter through and including May 1, 2010, the amount of 10,000 options will vest and become exercisable on each such annual vesting date.