HOUSTON, May 11, 2009 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that Michael J. Donovan has been promoted to President of HCC Aviation, a division of the Company.
HCC Aviation has significant worldwide General Aviation business through the aviation underwriting operations of its Avemco Insurance Company, U.S. Specialty Insurance Company and Houston Casualty Company subsidiaries. Donovan is a 26-year veteran of HCC, having spent his entire career with the Company in aviation underwriting.
"There is no more seasoned or respected aviation insurance professional in the business than Michael Donovan and we are fortunate to have him heading our aviation operations. Aviation insurance was the very first business HCC entered into and it has been consistently profitable for the Company, thanks in large part to Michael's underwriting expertise and leadership," HCC President and Chief Executive Officer John N. Molbeck, Jr. said.
In addition to becoming President of HCC Aviation, Donovan has been promoted to Executive Vice President of Houston Casualty Company, HCC's largest subsidiary.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Bermuda, Ireland, Spain and the United Kingdom. HCC has assets of $8.6 billion, shareholders' equity of $2.7 billion and is rated AA (Very Strong) by Standard & Poor's and AA (Very Strong) by Fitch Ratings. In addition, HCC's major domestic 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.