FEDERAL COURT ORDERS FINAL
APPROVAL
OF DERIVATIVE LITIGATION SETTLEMENT
HOUSTON (April 1, 2008) . . .
HCC Insurance Holdings, Inc. (NYSE: HCC) announced today that the
United States District Court for the Southern District of Texas has granted
final approval of the settlement, previously reported by the Company, of the
shareholder derivative litigation relating to HCC’s historic stock option
granting practices. The order also dismisses all claims in the shareholder
derivative litigation with prejudice.
“The judge’s approval of this settlement permanently closes one part of
HCC’s option issue. We have also previously announced the settlement,
pending judicial approval, of the class action litigation arising out of the
matter. That matter is proceeding to conclusion. The final matter
outstanding is the Securities and Exchange Commission’s determination on the
option issue, which we hope will be forthcoming shortly,” HCC Chief
Executive Officer Frank J. Bramanti said.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a
leading international specialty insurance group with offices across the
United States and in Belgium, Bermuda, Ireland, Spain and the United
Kingdom. HCC has assets of nearly $8.1 billion, shareholders’ equity in
excess of $2.4 billion and is rated AA (Very Strong) by Standard & Poor’s
and AA (Very Strong) by Fitch Ratings. In addition, HCC’s domestic property
and casualty insurance companies are rated A+ (Superior) by A.M. Best
Company.
For more information, visit our website at
www.hcc.com.
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Contact:
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Barney White, HCC Vice President of
Investor Relations
Telephone: (713) 744-3719
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Forward-looking statements contained in this press
release are made under “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 and involve a number of
risks and uncertainties. The types of risks and uncertainties which
may affect the Company are set forth in its periodic reports filed
with the Securities and Exchange Commission. |
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