HCC ANNOUNCES INCREASED CASH
DIVIDEND
HOUSTON (May 24, 2006) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) today
announced its 39th consecutive quarterly cash dividend.
The Board of Directors has declared an increase in the annual cash dividend
to $0.40 per share on the Company's shares of $1.00 par value common stock,
payable $0.10 quarterly. This quarter’s dividend will be payable to
shareholders of record on July 3, 2006 and will be paid on or about July 14,
2006. It is the Company’s intention to continue to pay at least a $0.10 per
share dividend in each subsequent quarter.
Stephen L. Way, Chairman and Chief Executive Officer, commenting on the
increased dividend said, “We have raised our dividend every year for the
past 10 years continuing our focus on total return, in keeping with the long
range objectives of the Board of Directors and management, and which we
believe is in the best interest of our shareholders.” Mr. Way added, “This
dividend level represents about 15% of the projected net earnings for 2006,
as guidance previously provided by the Company.”
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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