HOUSTON, June 30, 2006 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that the Company had reached an agreement to acquire Novia Underwriters, Inc. for an undisclosed consideration. The transaction is expected to close shortly.
Novia is an underwriting agency based in Indianapolis, Indiana specializing in medical stop loss insurance. Novia has been in business since 1997 and currently writes $20 million in premium. For more information, please visit their website at www.novia-underwriters.com.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, stated, "Although small, the acquisition of Novia is an important step in growing our small case business and our overall medical stop loss line."
HCC has an important leadership position in the medical stop loss business and its subsidiaries HCC Life Insurance Company and Perico Life Insurance Company write more than $500 million of annual premium in this line. Following the acquisition, Novia's business will be included in Perico Life.
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.
For more information, visit our website at www.hcc.com.
The HCC Insurance Holdings, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1977
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.