HCC TO SELL COMMON STOCK
HOUSTON (November 17, 2005) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) announced today it has
agreed to sell 4,687,500 shares of common stock to Citigroup Corporate and
Investment Banking as sole book-running manager. HCC has granted Citigroup
an overallotment option to purchase an additional 703,125 shares. Closing of
the common stock offering is expected to occur on November 23, 2005.
The Company intends to use the net proceeds of the common stock offering for
general corporate purposes, including contributing capital to its insurance
company subsidiaries and funding pending and future acquisitions.
A copy of the prospectus meeting the requirements of Section 10 of the
Securities Act of 1933 may be obtained from Citigroup Corporate and
Investment Banking, Attn: Prospectus Department, Brooklyn Army Terminal 140,
58th Street, 8th Floor, Brooklyn New York 11220 or by calling (718)
765-6732.
A registration statement relating to these securities has been filed and
declared effective by the Securities and Exchange Commission. This
announcement shall not constitute an offer to sell or a solicitation of an
offer to buy the Company’s securities, nor shall there be any sale or an
offer to buy these securities in any state in which such offer or
solicitation would be unlawful prior to registration or qualification under
the securities laws of any such state.
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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