HCC GLOBAL FINANCIAL PRODUCTS
TO COMMENCE OPERATIONS WORLDWIDE

HOUSTON (January 28, 2003) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that the Company will change the name of its recently acquired underwriting agency MAG Global Financial Products. As part of the ongoing expansion in this segment the Company will market its policies under the name HCC Global Financial Products (HCC Global) throughout the world.

HCC Global will continue to be managed by R. Matthew Fairfield, Chief Executive Officer, and Andrew G. Stone, President. In addition to their corporate duties Mr. Fairfield will manage the international underwriting operations from Barcelona, Spain and Mr. Stone the domestic underwriting operations from Farmington, Connecticut. The company has other operations in London, England, Jersey City, New Jersey and Houston, Texas. HCC Global is expected to underwrite over $225 million of written premiums during 2003.

HCC Global will underwrite directors’ & officers’ and professional liability, issued through affiliated insurance companies; U.S. Specialty Insurance Company, Houston Casualty Company and HCC Europe, all of which are rated AA (Very Strong) by S&P and A+ (Superior) by A.M. Best Company.

HCC’s other subsidiaries marketing financial products include:

HCC is an international insurance holding company and one of the largest U.S. based specialty insurance groups. HCC has assets of $3.5 billion and its shares trade on the NYSE (symbol: HCC), with a market capitalization of over $1.5 billion. HCC is rated AA (Very Strong) by Standard & Poor’s and A+ (Superior) by A.M. Best Company.

* Transaction pending

For more information, visit our website at www.hcch.com.

©2005 HCC Insurance Holdings, Inc.