FITCH UPGRADES ITS FINANCIAL
RATINGS
FOR HCC INSURANCE HOLDINGS, SUBSIDIARIES
HOUSTON (October
16, 2007) . . .
HCC Insurance Holdings, Inc. (NYSE: HCC) today announced
that Fitch Ratings has upgraded its financial ratings for HCC and its
subsidiaries.
These rating upgrades were issued for HCC Insurance Holdings, Inc.:
Issuer Default Rating (IDR) to “A+” from “A”.
$172 million 2% convertible notes due September 1, 2021 to “A” from “A-”.
$125 million 1.3% convertible notes due April 1, 2023 to “A” from “A-”.
Fitch also increased its Insurer Financial Strength (IFS) rating to “AA”
from “AA-” for HCC subsidiaries Houston Casualty Company, Avemco Insurance
Company, HCC Life Insurance Company, HCC Specialty Insurance Company and
U.S. Specialty Insurance Company.
In addition, Fitch gave new IFS ratings of “AA” to HCC subsidiaries Perico
Life Insurance Company, HCC Insurance Company, American Contractors
Indemnity Company and United States Surety Company.
“We believe Fitch’s decision to upgrade its ratings for HCC is based in part
on the financial strength of HCC, its conservative operating approach and
the depth and strength of its entire management team,” HCC Chief Executive
Officer Frank J. Bramanti said.
Headquartered in Houston, Texas, HCC is a leading international specialty
insurance group with offices across the United States and in Bermuda, Spain,
Ireland and the United Kingdom. HCC has assets of more than $7.9 billion,
shareholders’ equity of $2.2 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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Barney White, HCC Vice President of
Investor Relations
Telephone: (713) 744-3719
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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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