HCC INSURANCE HOLDINGS BOARD
APPROVES SHARE REPURCHASE PLAN
HOUSTON (June 20, 2008) . . .
HCC Insurance Holdings, Inc. (NYSE: HCC) announced today that its
Board of Directors has approved the repurchase of up to an aggregate of $100
million of its common stock.
The repurchase plan calls for the repurchases to be made in the open market
or in privately negotiated transactions from time-to-time in compliance with
applicable laws, rules and regulations, including Rule 10b-18 under the
Securities Exchange Act of 1934, as amended. Repurchases under the plan will
be subject to market and business conditions, as well as the Company’s level
of cash generated from operations, cash required for acquisitions, debt
covenant compliance, trading price of the stock being at or below book value
and other relevant factors. The plan does not obligate the Company to
purchase any particular number of shares, and may be suspended or
discontinued at any time at the Company’s discretion.
“HCC’s management and Board of Directors are committed to building long-term
shareholder value by executing our strategic plan, which includes future
acquisitions, while maintaining financial flexibility and adequate
liquidity. We do, however, find the current level of our share price to be a
compelling opportunity to invest in HCC’s shares,” 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 more than $8.2 billion, shareholders’ equity in
excess of $2.5 billion and is rated AA (Very Strong) by Standard & Poor’s
and AA (Very Strong) by Fitch Ratings. In addition, HCC’s major domestic
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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