HCC Insurance Holdings (ticker: HCC, exchange: New York Stock Exchange (.N))
News Release -
HCC Enters the D&O Market By Acquiring MAG Global
HOUSTON, Feb 4, 2002 /PRNewswire-FirstCall via COMTEX/ -- Stephen L. Way,
Chairman and Chief Executive Officer of HCC Insurance Holdings, Inc., (NYSE:
HCC) announced today that the Company has signed a letter of intent to acquire
all of the outstanding shares of MAG Global Financial Products, LLC ("MAG"). MAG
is an insurance underwriting agency with principal offices in Farmington,
Connecticut and Barcelona, Spain. MAG focuses on directors & officers insurance
and related financial lines of business and expects gross written premium to be
$115 million in 2002, with approximately 40% internationally.
Mr. Way said, "We are extremely pleased to welcome the partners and employees of
MAG to HCC and we are fortunate to have such a talented group of individuals."
He added, "There is turmoil in the D&O marketplace at this time following
several difficult years, but this provides us an excellent opportunity to
profitably expand our specialty insurance operations."
MAG's partners and senior executives will remain with the Company, led by Matt
Fairfield in Barcelona and Andy Stone in Farmington. Terms of the transaction
were not disclosed, but it is expected to close by the end of March, 2002.
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.
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.
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SOURCE HCC Insurance Holdings, Inc.
CONTACT: L. Byron Way, Vice President of HCC Insurance Holdings, Inc.,
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