HCC NOTES MEET CRITERIA
FOR CONVERSION IN FIRST QUARTER
HOUSTON (January 5, 2007) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) is issuing this
release under the required notice provisions of its convertible notes. Based
upon its share performance during the fourth quarter 2006, its originally
issued and exchanged 2.00% Convertible Notes due 2021 and its 1.30%
Convertible Notes due 2023 (collectively, the “Notes”) are available for
conversion under the terms of their respective Indentures during the first
quarter 2007.
The indentures governing the Notes provide that the Notes are convertible
for a given quarter if the closing price of HCC’s common stock exceeds a
specified price target for at least 20 trading days of the 30 consecutive
trading day period ending on the last day of the prior quarter. As required
by the indentures, the determination is made on a quarterly basis based upon
the share performance of the Company. The price target for the issued and
exchanged 2.00% Convertible Notes due 2021 was $25.59, and the target for
the 1.30% Convertible Notes due 2023 was $29.44.
Holders of the Notes may obtain information on how to convert their notes by
contacting the Conversion Agent at:
U.S. Bank Corporate Trust Services
5555 San Felipe Street, 11th Floor
Mail Code: EX-TX-WSFH
Houston, TX 77056
Attention: Steven A. Finklea
Tel: (713) 235-9208
Headquartered in Houston, Texas, HCC is a leading international specialty
insurance group with offices across the United States and in Bermuda, Spain
and the United Kingdom. HCC has assets exceeding $7.5 billion, shareholders’
equity of almost $2.0 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.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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