HOUSTON, July 13, 2006 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that the Company had acquired G.B. Kenrick & Associates, Inc. for an undisclosed cash consideration.
Kenrick, formed in 1985, is an insurance underwriting agency located in Auburn Hills, Michigan, and is recognized as one of the premier underwriters of municipal insurance. Kenrick currently writes business in Michigan, Ohio and Indiana and is expected to write more than $50 million in premiums this year. Founders David P. Kensler and Boderick J. Donaldson, together with their team of professionals, will remain with the company following closing. For more information, please visit their website at www.kenrickcorp.com.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, stated, "Dave and Rick helped write the book on municipal insurance and we could not have a better introduction to this new line of business for HCC."
Dave Kensler, commenting on the transaction, said, "We are very excited about our future with HCC, who will provide the capital and resources necessary for us to expand our operations into other states, while maintaining the customary high level of service to our customers and our important existing insurance relationships."
Following the acquisition, Kenrick will operate independently and expects to double its business to more than $100 million premium in the next few years. Reporting to the premier HCC underwriting agency, PIA, in Mt. Kisco, New York, Kenrick will immediately become an important part of PIA's expanding agency operations. Further acquisitions are anticipated.
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.