S&P's Rates HCC Insurance Holdings's $125M Notes

March 26, 2003

Standard & Poor's Ratings Services assigned its "A" senior debt rating to HCC Insurance Holdings Inc.'s (HCC) $125 million ($143.75 million if the underwriters exercise their over-allotment option) 1.30 percent convertible notes, which mature in 2023, based on HCC's strong business profile, strong operating performance, very strong capitalization, and good financial flexibility.

S&P's also said it affirmed its "A" counterparty credit rating on HCC and its "AA' counterparty credit and financial strength ratings on related group members.

The outlook on all these companies is stable.