HOUSTON, Nov. 10, 2005 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that the Company had reached an agreement to acquire Perico Ltd. for an undisclosed consideration consisting of cash and HCC shares. The transaction is expected to close shortly.
Perico is an insurance underwriting agency located in St. Louis, Missouri and is recognized as one of the premier underwriters in medical stop loss insurance. The founding management team of Carl C. Petty, Erwin F. Rittinger, and Larry G. Cook will remain with the company following closing. Perico has been in business since 1988 and currently writes more than $50 million in premium. For more information, please visit their website at www.perico.com.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, stated, "We see an opportunity to grow Perico's business and expand their product line, while providing enhanced service and financial security for their producers." Mr. Way added, "We intend to change the name of MIC Life Insurance Company, a company we are in the process of acquiring, to Perico Life Insurance Company as a part of our strategy to build upon the Perico platform while retaining the distinct culture and independence of Perico Ltd."
HCC has an important leadership position in the medical stop loss business and its subsidiary HCC Life Insurance Company writes more than $450 million of annual premium in this line.
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 $6.6 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.
The HCC Insurance Holdings, Inc. company logo can be found at http://www.primezone.com/newsroom/prs/?pkgid=1977.