HOUSTON, Feb 9, 2004 (BUSINESS WIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today the proposed merger of its subsidiary UK wholesale broker Dickson Manchester (DM) into the Group's other Lloyd's intermediary Rattner Mackenzie Ltd. (RML). Both Companies are based in London.

DM will become a division of RML and continue to specialize in Professional Indemnity (PI) and other diversified financial products. RML is a wholesale and reinsurance intermediary placing specialty property and casualty (re)insurance products.

In a related move, HCC announced that its recently formed underwriting agency subsidiary HCC Diversified Products, Ltd. would focus its underwriting to smaller UK and EU Professional Indemnity business, utilizing many of the current DM personnel. Charles Manchester, founder of DM, will become the Chief Executive of this new facility, which is expected to write more than Sterling 50 million of business in 2004. This change does not affect the operations of HCC's other subsidiary HCC Global, which writes larger PI business and D&O out of its offices in Barcelona and London.

Charles Manchester, currently Chief Executive Officer of DM, said, "DM's transition into the HCC group is now complete and we are able to offer our producers a more comprehensive solution to all their professional insurance needs."

HCC writes Diversified Financial Products in subsidiary offices in the USA, Spain and the UK providing coverage for directors' & officers' liability, errors & omission (PI), employers' practice liability and surety. Estimated premium in 2004 is more than $750 million.

HCC is an international holding company and a leading specialty insurance group since 1974, headquartered in Houston, Texas, with offices in Bermuda, Spain and the UK. HCC has assets exceeding $4.5 billion, shareholders' equity of more than $1 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.hcch.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.

SOURCE: HCC Insurance Holdings, Inc.

HCC Insurance Holdings, Inc., Houston
L. Byron Way, 713-690-7300

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