HCC TO ACQUIRE RA&MCO INSURANCE SERVICES
HOUSTON (September 29, 2004) . . .
HCC
Insurance Holdings, Inc. (NYSE symbol: HCC) announced today, that the
Company had reached an agreement to acquire RA&MCO Insurance Services, Inc
for an undisclosed consideration consisting of cash and HCC shares. The
transaction is expected to close shortly.
RA&MCO is an insurance underwriting agency located in Concord, California,
providing professional indemnity coverage to Architects & Engineers and
other related professions. Grant Weaver, RA&MCO’s founder and Chief
Executive Officer, will remain with the company following the closing. RA&MCO
has been in business for 22 years and currently underwrites more than $50
million in premium. For more information visit their website at
www.ramco-ins.com.
Stephen L. Way, Chairman and Chief Executive Officer, commenting on the
transaction said, “We are very pleased to welcome Grant Weaver and his team
of professionals to the HCC Group. HCC underwrites more than $300 million in
professional indemnity premium through our subsidiaries in the USA, UK and
Spain and RA&MCO adds considerable experience and expertise in another
specialty line for our Diversified Financial Products segment.”
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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