HCC HAS LIMITED EXPOSURE
TO HURRICANE CHARLEY
HOUSTON (August 19, 2004) . . .
HCC
Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that the
Company has limited exposure to Hurricane Charley and did not expect its net
loss after reinsurance to exceed more than $10 million, or approximately
$0.10 per share after tax in the third quarter of 2004.
Stephen L. Way, Chairman and Chief Executive Officer, said, “We do not appear to have a
large number of claims as we do not write homeowners or automobiles. Most of
our exposure would likely come from damage to small, privately owned
aircraft written by our insurance company subsidiary, Avemco.”
Avemco (www.avemco.com), based in Frederick, Maryland is the largest writer
of privately owned aircraft in the USA.
HCC is an international insurance holding company and a leading specialty
insurance group since 1974, based in Houston, Texas with offices across the
USA and in Bermuda, England and Spain. HCC has assets of more than $5
billion, shareholders’ equity of over $1 billion and 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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