HOUSTON, March 28, 2005 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that Cory L. Moulton will join its underwriting agency subsidiary Professional Indemnity Agency (PIA), based in Mount Kisco, New York, as President and Chief Executive Officer. He will succeed the current Chief Executive, Mark E. Rattner, who is leaving his current position to pursue personal investments, but will remain on as Chairman of PIA.
Commenting on the announcement, Stephen L. Way, Chief Executive Officer of HCC, said, "Mark Rattner has been instrumental in the successful integration of PIA since its acquisition by HCC in October, 2001 and the continuing growth of its business. We are sorry to see Mark go but are pleased that he will still play a role in the future of PIA."
Mr. Moulton received a BA from San Diego State University and has been in the insurance industry since 1992 spending time with reinsurance broker E.W. Blanch in both the USA and the UK; co-founding Tobat Capital, a venture capital fund focusing in the financial services sector; and more recently serving as Executive Vice President of US Risk Insurance Group, an underwriting agency and wholesale broker based in Dallas.
Mr. Way said, "PIA is one of the jewels in our crown and we plan to continue to build it into the premier specialty insurance underwriting agency in the industry. Cory Moulton has the experience, ambition and personality to succeed in this endeavor and we are fortunate to have him join us."
PIA (www.piaint.com) specializes in specialty insurance products including professional indemnity, directors' & officers' liability, fiduciary liability, employment practices liability, product recall and kidnap & ransom insurance. PIA writes almost $300 million in premium across its various lines of business.
HCC is an international insurance holding company and a leading specialty insurance group since 1974. Based in Houston, Texas, with subsidiaries across the USA and in Bermuda, England and Spain, HCC has assets of more than $6.0 billion and shareholders' equity of over $1.3 billion. HCC 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.hcch.com.
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.