HCC CONTRIBUTES $75 MILLION CAPITAL TO INSCO
SUBSIDIARIES WITH OPTIMISTIC OUTLOOK FOR 2005
HOUSTON (December 27, 2004) . . .
HCC
Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that the
Company had utilized a significant part of the proceeds from its recently
completed equity offering, in making a $75 million capital contribution to
its insurance company subsidiaries.
Stephen L. Way, Chairman and Chief Executive Officer, said, “Despite the
perceived generally negative industry analysis we are hearing from
reinsurers and sell side analysts alike, we remain very optimistic about our
specialty lines of business and the outlook for 2005.” Mr. Way added, “We
expect our net premium to grow significantly next year due to acquisitions
made in 2004 and less ceded reinsurance.”
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 $5.5
billion, shareholders’ equity of over $1.25 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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