HCC Insurance Holdings Inc., an international holding company and specialty insurance group based in Houston, announced it has entered into an underwriting agreement with Citigroup Global Markets Inc. (as sole book-running manager), Raymond James & Associates and Advest Inc., under which it has agreed to sell 3,000,000 shares of common stock.
Pursuant to the underwriting agreement, HCC granted the underwriters an overallotment option to purchase an additional 450,000 shares. Closing of the common stock offering is expected to occur on Dec. 2, 2004.
The company intends to use the net proceeds of the common stock offering for general corporate purposes, including contributing capital to its insurance company subsidiaries and funding certain pending and future acquisitions.
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