HCC TO EXPAND ITS UNDERWRITING
AGENCY OPERATIONS WITH THE ACQUISITION OF KENRICK
HOUSTON (July 13, 2006) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that
the Company had acquired G.B. Kenrick & Associates, Inc. for an undisclosed
cash consideration.
Kenrick, formed in 1985, is an insurance underwriting agency located in
Auburn Hills, Michigan and is recognized as one of the premier underwriters
of municipal insurance. Kenrick currently writes business in Michigan, Ohio
and Indiana and is expected to write more than $50 million in premium this
year. Founders David P. Kensler and Broderick J. Donaldson together with
their team of professionals will remain with the company following closing.
For more information, please visit their website at
www.kenrickcorp.com.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, stated, “Dave
and Rick helped write the book on municipal insurance and we could not have
a better introduction to this new line of business for HCC.”
Dave Kensler, commenting on the transaction, said, “We are very excited
about our future with HCC, who will provide the capital and resources
necessary for us to expand our operations into other states, while
maintaining the customary high level of service to our customers and our
important existing insurance relationships.”
Following the acquisition, Kenrick will operate independently and expects to
double its business to more than $100 million premium in the next few years.
Reporting to the premier HCC underwriting agency, PIA, in Mt. Kisco, New
York, Kenrick will immediately become an important part of PIA’s expanding
agency operations. Further acquisitions are anticipated.
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 $7 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.hcc.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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