HOUSTON, Feb. 27, 2006 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that Luis R. Martinez de la Fuente has been retained as a consultant to assist the Company's planned international expansion in Latin America.
Mr. Martinez, who has residences in Mexico City and Miami, has been in the insurance industry for over 40 years spending time with reinsurance and insurance companies including Reaseguradora Patria, S.A, and Aseguradora Mexicana, S.A. in Mexico City and over 25 years as a Reinsurance Broker, representing several leading reinsurance brokers including the last 15 years with Alexander Howden / Aon Re.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, said, "Luis Martinez is a unique individual with friends and business associates throughout Latin America. He will be a valuable representative for the HCC Group."
HCC has been writing business for more than 30 years in many Central and South American countries including Mexico, Colombia, Ecuador, Peru, Argentina and Brazil. Lines of business currently written include aviation, property, marine and energy. Expansion in these lines is expected with additional growth from directors' & officers' liability and professional indemnity. Current business is written through brokers and other insurance companies primarily from HCC offices in Houston and London.
In connection with this planned expansion, the Company's Barcelona based subsidiary HCC Global Financial Products (International) S.A. is opening an office in the Miami market where considerable Latin American business is written. The Company is also contemplating opening offices in key locations in the region and possibly expanding through acquisition.
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.
The HCC Insurance Holdings, Inc. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1977