HCC ANNOUNCES MANAGEMENT
CHANGES AT HCC SURETY GROUP
HOUSTON (January 13, 2005) . . .
HCC
Insurance Holdings, Inc. (NYSE symbol: HCC) announced today the
reorganization of the Group’s surety operations.
Robert F. Thomas, currently President & CEO of American Contractors
Indemnity Company (ACIC) in Los Angeles, will relocate to Houston to become
Senior Vice President of HCC and responsible for all surety and credit
insurance operations worldwide. Mr. Thomas will remain President & CEO of
HCC Surety Group.
Mr. Thomas will be succeeded at ACIC by Adam Pessin, who currently serves as
Chief Operating Officer. Mr. Pessin will also become Executive Vice
President of HCC Surety Group’s Western Region. Richard E. Klein, President
& CEO of U.S. Surety Company, a recently announced acquisition by HCC which
is expected to close shortly following regulatory approvals, will become
Executive Vice President of HCC Surety Group’s Eastern region.
The Company’s domestic surety business operates as HCC Surety Group, which
currently represents the Company’s insurance company subsidiaries American
Contractors Indemnity Company, U.S. Specialty Insurance Company and will
also represent U.S. Surety Company following the closing. Also included is
business written through strategic investments in IndemCo, an underwriting
agency in Houston, Texas specializing in energy related surety bonds, and
the Houston-based SureTec Group, who specialize in providing all types of
surety and related services throughout Texas.
The Company’s international surety business is written through its European
insurance company subsidiary HCC Europe, one of the principal surety
insurers in Spain and through a strategic investment in the DeMontfort
Group, a leading surety and credit insurer in the UK.
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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