HCC ANNOUNCES THE REORGANIZATION
OF ITS LIFE AND HEALTH SUBSIDIARIES
HOUSTON (January 24, 2005) . . .
HCC
Insurance Holdings, Inc. (NYSE symbol: HCC) announced today the
reorganization of the operations of the Company’s life insurance company and
its life and health underwriting agency subsidiaries.
Effective January 1, 2005, HCC Benefits Corporation, the Company’s
underwriting agency subsidiary specializing in writing medical stop loss and
group life insurance, has consolidated its new and renewal business
operations into the Company’s life insurance subsidiary, HCC Life Insurance
Company. HCC Life is rated AA (Very Strong) from S&P and A+ (Superior) from
A.M. Best Company and is expected to write approximately $500 million in
life, accident and health insurance premiums in 2005.
In related news, John Kane, Chief Executive Officer of HCC Benefits, has
announced his retirement from the Company effective February 28, 2005, but
will remain as a consultant. Mr. Kane has been with HCC for more than 19
years and the Company wishes him the very best in his future endeavors.
All HCC Benefits employees will be retained at HCC Life where Craig J.
Kelbel will become President and Chief Executive Officer. Mr. Kelbel has
been with HCC for over 7 years and has more than 28 years experience in the
health insurance industry. Mr. Kelbel will remain an Executive Vice
President of HCC and a member of the Company’s Executive Management Group.
Commenting on the changes, Stephen L. Way, Chairman and Chief Executive
Officer of HCC, said, “We are consolidating our life and health agency
operation into our life insurance company to provide even more efficient
service to our clients and producers and to better reflect our long term
commitment to this line of business.” Mr. Way added, “HCC Life will be one
of our most important subsidiaries and with Craig Kelbel’s leadership, we
are confident in its future success.”
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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