HOUSTON, Dec. 13, 2005 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that the Company had closed its recently announced acquisition of MIC Life Insurance Corporation from Motors Insurance Corporation, a subsidiary of GMAC Insurance Holdings, Inc., for an undisclosed consideration.
MIC Life will immediately be renamed Perico Life Insurance Company (Perico Life) and will be headquartered in St. Louis, Missouri. Perico Life will have initial capital of $25 million and HCC will contribute additional capital as needed to execute the company's planned growth.
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