HOUSTON, Feb. 22, 2006 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that the Company had reached an agreement with an investment company to acquire their 23.6% shareholding in Heritage Underwriting Agency, Plc. for an undisclosed cash consideration. The transaction is expected to close shortly pending regulatory and Lloyd's approval.
Heritage is a Lloyd's agency that manages Syndicates 1200 & 3245, which underwrite property insurance and professional indemnity. Heritage is a leading underwriter in worldwide property insurance, skillfully guided by their chief underwriter Les Rock. For more information, visit their website at www.heritage-plc.com.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, stated, "Heritage is an excellent addition to our other holdings in Lloyd's and continues to expand our international underwriting business." Mr. Way added, "We look forward to working with the management team at Heritage and providing them value added through access to the additional resources we have here at HCC."
Barry J. Cook Chief Executive of HCC International will become a Director of the agency.
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 $7.0 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.hcc.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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