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NU Online News Service, Aug. 11, 3:45 p.m. EDT

Despite reinsurance costs remaining at “relatively high” rates, Florida domestic insurer Homeowners Choice Inc. said it recorded 2010 second-quarter net income of $1.3 million, compared to $3 million a year ago.

Richard Allen, chief financial officer of Homeowners Choice, said during a conference call that the insurer ceded 47.6 percent of gross earned premiums to reinsurance. Last year at this time the Clearwater, Fla.-based property insurer spent 31 percent of gross earned premiums on reinsurance.

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