HOUSTON, May 24, 2006 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced its 39th consecutive quarterly cash dividend.
The Board of Directors has declared an increase in the annual cash dividend to $0.40 per share on the Company's shares of $1.00 par value common stock, payable $0.10 quarterly. This quarter's dividend will be payable to shareholders of record on July 3, 2006 and will be paid on or about July 14, 2006. It is the Company's intention to continue to pay at least a $0.10 per share dividend in each subsequent quarter.
Stephen L. Way, Chairman and Chief Executive Officer, commenting on the increased dividend said, "We have raised our dividend every year for the past 10 years continuing our focus on total return, in keeping with the long range objectives of the Board of Directors and management, and which we believe is in the best interest of our shareholders." Mr. Way added, "This dividend level represents about 15% of the projected net earnings for 2006, as guidance previously provided by the Company."
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 billion and is rated AA (Very Strong) by Standard & Poor's and A+ (Superior) by A. M. Best Company.
The HCC Insurance Holdings, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1977
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.