HOUSTON, Oct. 12, 2005 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that the Company had reached an agreement to acquire MIC Life Insurance Corporation from Motors Insurance Corporation, a subsidiary of GMAC Insurance Holdings, Inc., for an undisclosed consideration. MIC Life is currently inactive but is licensed to conduct business in all states except New York. This transaction is expected to close shortly, subject to receipt of required regulatory approval.
Stephen L. Way, Chairman and Chief Executive Officer of HCC said, "The addition of a second life company to the HCC group will provide increased flexibility to continue expanding our specialty life, accident and health insurance products."
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 $6.0 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.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.
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