HCI Group, Inc. — Director's Dealing 2010

Jan 22, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Homeowners Choice, Inc. (HCII)
CIK: 0001400810
Period of Report: 2010-01-20

Reporting Person: Persaud Krishna (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-01-20	Common stock	D	200000	$1400000.00	Disposed	120000	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 (30000)	30000	Direct

Footnotes

F1: These shares were redeemed by the issuer at a price of $7.00 per share on January 20, 2010 under a formal stock purchase agreement dated January 19, 2010 by and between Homeowners Choice, Inc ("HCII") and Homeowners Choice Holdings, LLC. The reporting person sold such shares to HCII to meet personal financial commitments as well as diversify his holdings.

F2: The reporting person holds voting and investment power of the remaining 120,000 shares, which are held by Homeowners Choice Holdings, LLC. Prior to the sale on January 20, 2010 of 200,000 shares, the reporting person held the voting and investment power of the 320,000 shares originally reported on Form 3 as held by Windsor Related Holdings, LLC. The reporting person subsequently transferred the 320,000 shares to Homeowners Choice Holdings, LLC.

F3: The options were granted pursuant to the Homeowners Choice, Inc. 2007 Stock Option and Incentive Plan.

F4: Commencing on May 1, 2008 and continuing on the same day of each calendar year thereafter through and including May 1, 2010, 10,000 options vested and become exercisable on each such annual vesting date.