HCC CLOSES ITS ACQUISITION OF
AMERICAN CONTRACTORS INDEMNITY COMPANY
HOUSTON (February 4, 2004) . . .
Stephen L. Way, Chairman and Chief Executive Officer of HCC
Insurance Holdings, Inc. (NYSE symbol: HCC), announced today that the
Company had closed its acquisition of American Contractors Indemnity Company
(ACIC), headquartered in Los Angeles, California.
HCC will immediately contribute additional funds to increase the statutory
capital of ACIC to $30 million. ACIC is expected to receive the HCC Group
rating of AA (Very Strong) from Standard & Poor’s and A+ (Superior) by A.M.
Best Company.
ACIC will continue to be a market leader providing court, specialty
contract, license and permit bonds with gross written premium estimated to
be more than $60 million in 2004.
Mr. Way said, “ACIC’s small business profile and national platform will
provide HCC the formula for our future growth and success in the surety
business.”
HCC is an international holding company and a leading specialty insurance
group since 1974, headquartered in Houston, Texas, with offices in Bermuda,
Spain and England. HCC has assets exceeding $4.5 billion, shareholders’
equity of more than $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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