HOUSTON, Jan. 6, 2009 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that it has acquired VMGU Insurance Agency, a leading underwriter of the lumber, building materials, forest products and woodworking industries. The acquisition, along with recently announced transactions in the Public Risk insurance sector, will further extend HCC's reach in the specialty commercial package insurance market.
Based in Waltham, Massachusetts, VMGU is the only lumber and wood products underwriter that operates on a national basis in all 50 states. VMGU is headed by President Richard D. Hayes, who will remain with the operation. VMGU, which is expected to write approximately $20 million in gross written premium in 2009, will become part of HCC's Professional Indemnity Agency subsidiary.
"VMGU is a very successful national underwriter for wood products, writing a wide range of coverages for woodworking shops, lumber yards and furniture manufacturers with expansion opportunities into inland marine risks. We are very happy to announce that Dick Hayes and VMGU are becoming a part of HCC," HCC Chief Executive Officer Frank J. Bramanti said.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Bermuda, Ireland, Spain and the United Kingdom. HCC has assets of $8.4 billion, shareholders' equity of $2.5 billion and is rated AA (Very Strong) by Standard & Poor's and AA (Very Strong) by Fitch Ratings. In addition, HCC's domestic property and casualty insurance companies are rated 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.