HOUSTON, Oct. 16, 2007 (PRIME NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced that Fitch Ratings has upgraded its financial ratings for HCC and its subsidiaries.
These rating upgrades were issued for HCC Insurance Holdings, Inc.:
Issuer Default Rating (IDR) to "A+" from "A". $172 million 2% convertible notes due September 1, 2021 to "A" from "A-". $125 million 1.3% convertible notes due April 1, 2023 to "A" from "A-".
Fitch also increased its Insurer Financial Strength (IFS) rating to "AA" from "AA-" for HCC subsidiaries Houston Casualty Company, Avemco Insurance Company, HCC Life Insurance Company, HCC Specialty Insurance Company and U.S. Specialty Insurance Company.
In addition, Fitch gave new IFS ratings of "AA" to HCC subsidiaries Perico Life Insurance Company, HCC Insurance Company, American Contractors Indemnity Company and United States Surety Company.
"We believe Fitch's decision to upgrade its ratings for HCC is based in part on the financial strength of HCC, its conservative operating approach and the depth and strength of its entire management team," HCC Chief Executive Officer Frank J. Bramanti said.
Headquartered in Houston, Texas, HCC is a leading international specialty insurance group with offices across the United States and in Bermuda, Spain, Ireland and the United Kingdom. HCC has assets of more than $7.9 billion, shareholders' equity of $2.2 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.
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.