HOUSTON, Sept. 29, 2014 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced that A.M. Best Company, Inc. has affirmed the "A+ (Superior)" financial strength ratings (FSR) and "aa" issuer credit ratings (ICR) of the property/casualty companies in the Houston Casualty Group and HCC Life Insurance Company. A.M. Best also affirmed the "A+ (Superior)" FSR and upgraded the ICR to "aa" from "aa-" for American Contractors Indemnity Company and United States Surety Company. Additionally, A.M. Best affirmed the ICR and debt ratings of "a" on the holding company's $300 million 6.300% Senior Notes due 2019. The outlook for all of A.M. Best's ratings is Stable.
"We are very pleased that A.M. Best has affirmed HCC's financial strength ratings of "A+". These strong ratings reflect our business strategy and underwriting focus, which have yielded consistent, profitable results," said Christopher J.B. Williams, HCC's Chief Executive Officer.
The following property/casualty insurance companies comprise Houston Casualty Group, as defined by A.M. Best:
- Houston Casualty Company
- U.S. Specialty Insurance Company
- Avemco Insurance Company
- HCC Specialty Insurance Company
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading specialty insurer with offices in the United States, the United Kingdom, Spain and Ireland. As of June 30, 2014, HCC had assets of $10.9 billion and shareholders' equity of $3.9 billion. HCC's major domestic and international insurance companies have financial strength ratings of "AA (Very Strong)" from Standard & Poor's Corporation, "A+ (Superior)" from A.M. Best Company, Inc., "AA (Very Strong)" from Fitch Ratings, and "A1 (Good Security)" from Moody's Investors Service, Inc.
For more information about HCC, please visit http://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.