HCC TO ACQUIRE UK BASED DEMONTFORT GROUP
HOUSTON (February 2, 2005) . . .
HCC
Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that the
Company had reached an agreement to acquire the remaining 66% interest that
it did not currently own in the common shares of the DeMontfort Group of
companies. This transaction is expected to close shortly following signing
of the Purchase Agreement and receipt of UK regulatory approvals.
DeMontfort is an insurance company located near Leicester, England that
provides surety and credit insurance to small and medium size companies
throughout the UK and Ireland. Executive management Jim Davidson and Martyn
Ward head up a team of professionals at DeMontfort, which has been in
business for 22 years and currently underwrites almost ₤20 million in annual
premium. For more information visit their website at
www.demontfort.com.
DeMontfort will become part of the HCC Surety Group, reporting to its Chief
Executive Officer, Robert F. Thomas. Commenting on the transaction Mr.
Thomas said, “We are very pleased to welcome the team at DeMontfort to the
HCC Surety Group, where they will be able to continue to grow their
specialty operations.”
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 and shareholders’ equity of over $1.25 billion. HCC 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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