HOUSTON, June 23, 2009 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that it has combined the operations of its Kenrick Corporation subsidiary with recently acquired Arrowhead Public Risk and Pinnacle Underwriting Partners, to operate as HCC Public Risk, which is expected to have gross written premium totaling $90 million for 2009.
HCC Public Risk will target growth opportunities in the public entity insurance sector, building on Kenrick's expertise working with state and local governments and organizations, Arrowhead's public entity experience and Pinnacle's criminal justice business. HCC Public Risk's three divisions will report to Cory L. Moulton, Executive Vice President of U.S. Property and Casualty Operations.
HCC Public Risk, Midwest (which will include Kenrick) will be led by President Broderick J. Donaldson; HCC Public Risk, East (formerly Arrowhead) by Senior Vice Presidents Joel Hirsch and Sharon L. Wright; and HCC Public Risk, West (formerly Pinnacle) by Senior Vice President Michael L. Davis. Vickie F. Kartchner will oversee underwriting activities across HCC Public Risk.
"Combining these three companies makes very good sense operationally, geographically and from a business development point of view. HCC Public Risk will have major offices in the Great Lakes Region, on the East Coast and in the West, as well as expertise in an impressive range of public entity underwriting. In addition, the combination provides a more efficient and cost-effective organizational structure," HCC Insurance Holdings Executive Vice President of U.S. Property and Casualty Operations Cory L. Moulton said.
"This combination will give HCC a substantial head start in building a nationwide public entity underwriting, risk management and claims servicing business," Mr. Moulton 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 $8.6 billion, shareholders' equity of $2.7 billion and is rated AA (Very Strong) by Standard & Poor's and AA (Very Strong) by Fitch Ratings. In addition, HCC's major domestic 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.