HCC COMMENTS ON HURRICANE KATRINA
HOUSTON (September 1, 2005) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that the
Company anticipates claims from Hurricane Katrina coming from aviation,
onshore and offshore energy, property and marine lines of business. The
Company has only just received its first claims notifications and it will be
some time before we are able to estimate the overall loss to HCC.
Stephen L. Way, Chairman and Chief Executive Officer, said, “Katrina is a
catastrophe of huge proportions and we fear that the loss of life and
property will continue to escalate for some time to come.” Mr. Way added,
“HCC has substantial reinsurance for catastrophe losses and we are confident
that our net loss on Katrina will be within our self imposed maximum
expected loss.”
HCC subsidiary Continental Underwriters (www.cultd.com)
is based in Covington, Louisiana and insures tugs, barges, crew vessels and
other “brown water” marine business. All employees are accounted for
although several have major damages to their personal properties. The office
survived the onslaught but will not be back in operation for several weeks.
Any enquiries should be directed to the Houston office at (713) 744-9686.
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 is traded on the NYSE (symbol:
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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