Houston-based HCC Insurance Holdings, Inc. is purchasing the remaining 80 percent that it does not already own in U.K.- based holding company, Illium Insurance Group Ltd.
Illium, which commenced operations in 2004, is the owner of a Lloyd’s managing agency that manages syndicate 4040 specializing in U.K. third party and employers’ liability. HCC currently represents 30 percent of the syndicate’s capacity.
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.”
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 specialty insurance group since 1974, based in Houston, Texas with offices across the U.S. 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.
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