HCC Insurance Holdings (ticker: HCC, exchange: New York Stock Exchange (.N))
News Release -
HCC Announces the Merger of Its London Based Intermediary Subsidiaries
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
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
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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