Houston-based HCC Insurance Holdings, Inc. recently announced that the company had reached an agreement to acquire Indiana-based Novia Underwriters, Inc. for an undisclosed consideration. The transaction is expected to close shortly.
Novia is an underwriting agency based in Indianapolis that specializes in medical stop loss insurance. Novia has been in business since 1997 and currently writes $20 million in premium.
Stephen L. Way, chairman and chief executive officer of HCC, stated, “Although small, the acquisition of Novia is an important step in growing our small case business and our overall medical stop loss line.”
According to HCC’s written statement, the company is a leader in the medical stop loss business and its subsidiaries HCC Life Insurance Company and Perico Life Insurance Company write more than $500 million of annual premium in this line. Following the acquisition, Novia’s business will be included in Perico Life.
HCC is an international insurance holding company and a specialty insurance group based in Houston, Texas with offices across the USA and in Bermuda, England and Spain.
Source: HCC Insurance Holdings Inc.
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