HOUSTON, May 25, 2006 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today it has filed a "Universal Shelf" Registration Statement (the "Registration Statement") with the Securities and Exchange Commission. This Registration Statement will replace the Company's previously filed shelf registration statements and under SEC rules, will become effective upon filing.
The Registration Statement covers shares of HCC's common stock, senior or subordinated debt securities and warrants, as well as trust preferred securities to be issued under HCC's Delaware business trusts (collectively, the "Securities"). 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 thereto.
The Registration is intended to provide HCC flexibility to raise up to an aggregate of $1,000,000,000 from the offering of Securities, subject to market conditions and the Company's capital needs. HCC does not have a present intention to issue securities under the Registration Statement, but potential future expansion of existing operations and possible M&A activity may fuel the need for funds.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall 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 of any such state.
HCC is an international insurance holding company and a leading specialty insurance group since 1974, based in Houston, Texas with offices across the U.S.A. and in Bermuda, England and Spain. HCC has assets exceeding $7 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.hcc.com.
The HCC Insurance Holdings, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1977
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.