HCC TO ACQUIRE MIC LIFE
HOUSTON (October 12, 2005) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that
the Company had reached an agreement to acquire MIC Life Insurance
Corporation from Motors Insurance Corporation, a subsidiary of GMAC
Insurance Holdings, Inc., for an undisclosed consideration. MIC Life is
currently inactive but is licensed to conduct business in all states except
New York. This transaction is expected to close shortly, subject to receipt
of required regulatory approval.
Stephen L. Way, Chairman and Chief Executive Officer of HCC said, “The
addition of a second life company to the HCC group will provide increased
flexibility to continue expanding our specialty life, accident and health
insurance products.”
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 $6.0 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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