HCC Insurance Holdings (ticker: HCC, exchange: New York Stock Exchange (.N))
News Release -
HCC $750 Million Shelf Registration Declared Effective
HOUSTON, Jan 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- HCC Insurance
Holdings, Inc. (NYSE: HCC) announced today that the $750 million "Universal
Shelf" Registration Statement it previously filed with the Securities and
Exchange Commission has been declared effective by the SEC.
This Registration Statement is intended to provide HCC flexibility to raise up
to an aggregate of $750 million from the offering of the securities registered,
subject to market conditions and the Company's future capital needs. HCC intends
to use the net proceeds from the sale of the securities for general corporate
purposes, including acquisitions and capital contributions to its insurance
company subsidiaries in order to accommodate growth in their business.
HCC may from time to time offer its senior or subordinated debt securities,
shares of its common stock or related warrants under a prospectus contained in
the Registration Statement.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy nor will there be any sale of the securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. The securities may
be offered, separately or together, in separate series, in amounts, at prices
and on terms to be set forth in the prospectus contained in the Registration
Statement and in one or more supplements to the prospectus and may only be
offered pursuant to the prospectus.
HCC is one of the largest specialty insurance groups in the United States and
consists of insurance company, underwriting agency and intermediary operations.
HCC has assets of over $3.0 billion and its shares are traded on the NYSE
(symbol: HCC) with a market capitalization of over $1.5 billion. HCC is rated AA
(Very Strong) by Standard & Poor's and A+ (Superior) by A. M. Best Company.
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.
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SOURCE HCC Insurance Holdings, Inc.
CONTACT: L. Byron Way, Vice President of HCC Insurance Holdings, Inc.,
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