Houston’s HCC Insurance Holdings Inc. announced it has agreed to invest in U.K.-based holding company Illium Insurance Group Ltd., owner of a new Lloyd’s managing agency and syndicate specializing in U.K. third party and employers’ liability.
Subject to regulatory approval, HCC has agreed to purchase 20 percent of Illium to provide working capital and to provide GBP25,000,000 of underwriting capacity to Syndicate 4040 for the 2004 underwriting year.
Stephen L. Way, chairman and CEO of HCC, commented in a written statement, “Illium and its experienced management team provide HCC a conservative platform to participate in the U.K. liability market.” He added, “This opportunistic investment compliments our existing involvement in U.K. professional indemnity through our London based underwriting agency subsidiary, HCC Diversified Financial Products.”
The Illium Board stated: “Illium is very pleased to enter into a strategic relationship with a company of HCC’s caliber and standing in the marketplace. We look forward to developing a mutually beneficial long-term partnership and believe that the experience and professionalism of HCC will bring valuable benefits to Illium.”
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