HCC CLOSES ITS ACQUISITION OF MIC
LIFE
AND RENAMES IT PERICO LIFE
HOUSTON (December 13, 2005) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that
the Company had closed its recently announced acquisition of MIC Life
Insurance Corporation from Motors Insurance Corporation, a subsidiary of
GMAC Insurance Holdings, Inc., for an undisclosed consideration.
MIC Life will immediately be renamed Perico Life Insurance Company (Perico
Life) and will be headquartered in St. Louis, Missouri. Perico Life will
have initial capital of $25 million and HCC will contribute additional
capital as needed to execute the company’s planned growth.
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 exceeding $6.6 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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