HCC ACQUIRES MULTINATIONAL
UNDERWRITERS;
RECEIVES APPROVAL FOR NEW LLOYD’S SYNDICATE
HOUSTON (January 3, 2008) . . .
HCC Insurance Holdings, Inc. (NYSE: HCC) announced today that it had
acquired Indianapolis, Indiana-based MultiNational Underwriters, LLC (MNU).
MNU is a recognized leader in international life, accident and health
insurance offering coverage to customers in more than 130 countries. MNU’s
clients include United States citizens traveling or residing outside the
country, U.S. corporations with employees and their families traveling or
residing abroad, foreign nationals and the employees of foreign companies
outside their home countries, missionary organizations, and institutions of
higher education with foreign programs.
Founded in 1998, MNU is expected to write more than $40 million in premium
in 2008. President Betsy Brougher and the MNU team of professionals in
Indianapolis and at locations around the world will remain with the company
following closing.
In conjunction with the MNU acquisition, HCC has received approval from
Lloyd’s, effective January 1, 2008, to establish a new Lloyd’s Syndicate,
4141, which will initially write the MNU international accident and health
insurance, and other selected lines of business in the future. The 2008 year
capacity of Syndicate 4141 is approximately $24 million. In addition to
Syndicate 4141, HCC Underwriting Agency Limited will continue to manage
Syndicate 4040.
“MultiNational Underwriters’ success is driven by the use of the Internet as
a vehicle for offering 24-hour-a-day insurance services worldwide, a concept
that it continues to refine. We are proud to add a company as innovative as
MNU to the HCC organization,” HCC Chief Executive Officer Frank J. Bramanti
said.
“Our Lloyd’s platform will enable HCC to continue to expand its product
offerings as well as allow HCC to avail itself of the many advantages of
underwriting in the Lloyd’s market,” Mr. 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 Bermuda, Spain, Ireland and the United Kingdom. HCC has
assets of more than $8.0 billion, shareholders’ equity in excess of $2.3
billion and is rated AA (Very Strong) by Standard & Poor’s, AA (Very Strong)
by Fitch Ratings and 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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