HCC TO ACQUIRE NOVIA UNDERWRITERS
HOUSTON (June 30, 2006) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that
the Company had reached an agreement to acquire Novia Underwriters, Inc. for
an undisclosed consideration. The transaction is expected to close shortly.
Novia is an underwriting agency based in Indianapolis, Indiana specializing
in medical stop loss insurance. Novia has been in business since 1997 and
currently writes $20 million in premium. For more information, please visit
their website at
www.novia-underwriters.com.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, stated,
“Although small, the acquisition of Novia is an important step in growing
our small case business and our overall medical stop loss line.”
HCC has an important leadership position in the medical stop loss business
and its subsidiaries HCC Life Insurance Company and Perico Life Insurance
Company write more than $500 million of annual premium in this line.
Following the acquisition, Novia’s business will be included in Perico Life.
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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