HOUSTON, Oct. 24, 2005 (PRIMEZONE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today the Company's proposal to purchase the remaining 80% of the outstanding shares that it does not own in UK-based holding company Illium Insurance Group Ltd. has been accepted by Illium's Board of Directors.
Illium, who commenced operations in 2004, is the owner of a Lloyd's managing agency that manages syndicate 4040 specializing in UK third party and employers' liability. HCC currently represents 30% of the syndicate's capacity of Sterling 70 million.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, said, "Illium represents a planned increase in our London market presence and provides a Lloyd's platform with licenses to facilitate the expansion of our international operations outside of the U.S. and Europe."
Russell J. Benzies, Chief Executive Officer of Illium, said, "The Board of Directors and senior management of Illium are very pleased to accept HCC's offer which will provide the financial stability needed to continue to expand our operations in the UK market."
HCC's proposal to purchase is subject to completion of legal documentation and regulatory approval. Terms were not disclosed.
HCC is an international insurance holding company and a leading specialty insurance group since 1974, based in Houston, Texas with offices across the USA and in Bermuda, England and Spain. HCC has assets exceeding $6.0 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.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.
The HCC Insurance Holdings, Inc. company logo can be found at: http://www.primezone.com/newsroom/prs/?pkgid=1977