HOUSTON, April 14, 2008 (PRIME NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that HCC Specialty Underwriters, Inc. (HCCSU), its specialty underwriting agency involved in the sports, film, entertainment and promotion marketing industries, has made three management promotions.
William F. Hubbard, President and Chief Executive Officer of HCC Specialty Underwriters will be promoted to the position of Chairman. Succeeding Hubbard as Chief Executive Officer will be HCCSU's current Chief Financial and Operating Officer, Matthew C. Overlan, while Senior Vice President Marc D. Idelson will be promoted to President and Chief Underwriting Officer. All three executives were previously with HCCSU's predecessor company, American Specialty Underwriters.
"These changes will enable HCC Specialty Underwriters to better pursue the growth of its unique mix of niche businesses," HCC Chief Executive Officer Frank J. Bramanti said. "They will also support HCCSU's strategy to optimally position itself to capitalize on growth opportunities by adding externally to existing lines of business and by expanding into complementary areas."
Hubbard has been with HCCSU since 1989. He served in several positions during that time, including Director of the Contingency Division, Senior Vice President of the Enterprise Division, and President and Chief Executive Officer.
Overlan joined HCC Specialty Underwriters as Controller in 1998, became Chief Financial Officer in 2001 and assumed the additional responsibilities of Chief Operating Officer in 2004.
"During this time, Matt has played an instrumental role in the successful acquisition and integration of multiple entities into the HCC Group," HCCSU Chairman Hubbard said.
Idelson began his insurance career in 1989, moving to HCCSU the next year. He was named Vice President for underwriting personal accident and contingency products in 1998, and promoted to Senior Vice President of North American Underwriting in 1999.
"Marc is recognized as a leading expert in the sports disability, contingency and film business," Hubbard said.
Based in Wakefield, Massachusetts with offices in Los Angeles, New York City and London, HCC Specialty Underwriters provides creative insurance products for professional athletes, entertainers and other high profile individuals, as well as for the film, entertainment, sports and promotion marketing industries. A subsidiary of HCC Insurance Holdings, Inc., HCCSU also provides risk management services to agencies and firms that design and execute sweepstakes, games and contests.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Belgium, Bermuda, Ireland, Spain and the United Kingdom. HCC has assets of nearly $8.1 billion, shareholders' equity in excess of $2.4 billion and is rated AA (Very Strong) by Standard & Poor's and AA (Very Strong) by Fitch Ratings. In addition, HCC's domestic property and casualty insurance companies are rated 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.