HCC Insurance Holdings Inc., headquartered in Houston, Texas, announced it has reached an agreement to acquire Missouri-based Perico Ltd. for an undisclosed consideration consisting of cash and HCC shares. The transaction is expected to close shortly.
Perico is an insurance underwriting agency located in St. Louis, Mo., and is recognized as one of the premier underwriters in medical stop loss insurance. The founding management team of Carl C. Petty, Erwin F. Rittinger and Larry G. Cook will remain with the company following closing. Perico has been in business since 1988 and currently writes more than $50 million in premium.
Stephen L. Way, chairman and chief executive officer of HCC, stated, “We see an opportunity to grow Perico’s business and expand their product line, while providing enhanced service and financial security for their producers.”
Way added, “We intend to change the name of MIC Life Insurance Company, a company we are in the process of acquiring, to Perico Life Insurance Company as a part of our strategy to build upon the Perico platform while retaining the distinct culture and independence of Perico Ltd.”
HCC has an important leadership position in the medical stop loss business and its subsidiary HCC Life Insurance Company writes more than $450 million of annual premium in this line.
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