HCC TO ACQUIRE PERICO
HOUSTON (November 10, 2005) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC)
announced today that the Company had reached an agreement to
acquire Perico Ltd. for an undisclosed consideration consisting of cash and
HCC shares. The transaction is expected to close shortly.
Perico is an insurance underwriting agency located in St. Louis, Missouri
and is recognized as one of the premier underwriters in medical stop loss
insurance. The founding management team of Carl C. Petty, Erwin F. Rittinger,
and Larry G. Cook will remain with the company following closing. Perico has
been in business since 1988 and currently writes more than $50 million in
premium. For more information, please visit their website at
www.perico.com.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, stated, “We see
an opportunity to grow Perico’s business and expand their product line,
while providing enhanced service and financial security for their
producers." Mr. Way added, “We intend to change the name of MIC Life
Insurance Company, a company we are in the process of acquiring, to Perico
Life Insurance Company as a part of our strategy to build upon the Perico
platform while retaining the distinct culture and independence of Perico
Ltd.”
HCC has an important leadership position in the medical stop loss business
and its subsidiary HCC Life Insurance Company writes more than $450 million
of annual premium in this line.
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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