HCC TO ACQUIRE COVENANT & CONTINENTAL UNDERWRITING
AGENCIES
HOUSTON (June 30, 2003) . . .
Stephen L. Way, Chairman and Chief Executive Officer of HCC
Insurance Holdings, Inc. (NYSE symbol: HCC), announced today that the
Company had reached an agreement to acquire Covenant Underwriters, Ltd.
and Continental Underwriters, Ltd., both headquartered in Covington,
Louisiana. Terms of the transaction were not disclosed, but it is expected
to close shortly.
Both agencies are part of the same Group, which are specialists in
commercial marine insurance. Operations are focused on Mississippi tug and
barge business, as well as crew and service vessels in the Gulf of Mexico.
The late Elder Brown, Sr. founded Continental in 1970, and his son Elder
Brown, Jr. founded Covenant in 1993. Elder Brown Jr. will remain Chief
Executive Officer of the Group following the transaction. 2004 gross
written premiums are estimated to be over $50 million.
Mr. Way said, “Elder Brown has built his group into one of the leading
markets for tug, barge and service vessel business and we are most
fortunate to have reached this agreement with him.” Mr. Way added, “We
intend to grow this unique marine insurance operation both in the US and
Internationally, as we continue to expand HCC’s specialty operations.”
HCC is an international insurance holding company and a leading specialty
insurance group since 1974. HCC is rated AA (Very Strong) by Standard &
Poor’s and A+ (Superior) by A. M. Best Company.
For more information, visit our website at
www.hcch.com.
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Contact:
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L. Byron Way, Vice
President
HCC Insurance Holdings, Inc.
Telephone: (713) 690-7300
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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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