HOUSTON, Jan. 5, 2007 (PRIME NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) is issuing this release under the required notice provisions of its convertible notes. Based upon its share performance during the fourth quarter 2006, its originally issued and exchanged 2.00% Convertible Notes due 2021 and its 1.30% Convertible Notes due 2023 (collectively, the "Notes") are available for conversion under the terms of their respective Indentures during the first quarter 2007.
The indentures governing the Notes provide that the Notes are convertible for a given quarter if the closing price of HCC's common stock exceeds a specified price target for at least 20 trading days of the 30 consecutive trading day period ending on the last day of the prior quarter. As required by the indentures, the determination is made on a quarterly basis based upon the share performance of the Company. The price target for the issued and exchanged 2.00% Convertible Notes due 2021 was $25.59, and the target for the 1.30% Convertible Notes due 2023 was $29.44.
Holders of the Notes may obtain information on how to convert their notes by contacting the Conversion Agent at:
U.S. Bank Corporate Trust Services 5555 San Felipe Street, 11th Floor Mail Code: EX-TX-WSFH Houston, TX 77056 Attention: Steven A. Finklea Tel: (713) 235-9208
Headquartered in Houston, Texas, HCC is a leading international specialty insurance group with offices across the United States and in Bermuda, Spain and the United Kingdom. HCC has assets exceeding $7.5 billion, shareholders' equity of almost $2.0 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.