HCC CONVERTS OUTSTANDING LOAN TO CAPITAL
TO INCREASE SURETEC OWNERSHIP
HOUSTON (December 29, 2004) . . .
HCC
Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that the
Company has converted its outstanding debt obligation from SureTec Financial
Corp. of $2,500,000 due in 2012 into approximately 180,000 shares of SureTec
common stock. This brings HCC’s total ownership to approximately 32.5% of
the outstanding shares.
Stephen L. Way, Chairman and Chief Executive Officer, said, “Our strategic
investment in surety insurer SureTec and its founder John Knox, Jr.
continues to be very rewarding and we are pleased to increase our
commitment.” Mr. Way added, “We continue to expand our surety business
through
strategic investments and acquisitions in well managed successful
operations, specializing in small contract and other low exposure surety
business.”
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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