HCC to Acquire Lloyd’s Specialty Broker Dickson Manchester Ltd.

December 17, 2002

Stephen L. Way, Chairman and CEO of Houston-based HCC Insurance Holdings, Inc. announced that the Company had reached an agreement to acquire Lloyd’s broker Dickson Manchester & Company Limited (DM).

Stephen L. Way, Chairman and CEO of Houston-based HCC Insurance Holdings, Inc. announced that the Company had reached an agreement to acquire Lloyd’s broker Dickson Manchester & Company Limited (DM).

“DM is a market leader in the underwriting and placement of UK professional indemnity insurance, with an annual gross written premium of approximately 40 million pounds Sterling “[$63.6 million], said HCC’s announcement. It noted that the company “issues policies on behalf of various Companies and Lloyd’s Syndicates,” and said that “the current management, led by Charles Manchester and Mike Dickson, will continue to oversee operations following the acquisition.”

“This is the next step in expanding our London and European operations, particularly in financial service products,” Way stated. “Dickson Manchester fits the HCC profile perfectly, as a leader in a specialty line of insurance business with both underwriting and intermediary operations.”

DM will be added to HCC’s growing list of European insurance businesses, which now include HCC’s London branch and the pending organization of HCC Europe based in Madrid; Lloyd’s broker Rattner Mackenzie with offices in London, Bermuda & New York; Underwriting agencies – MAG Global Financial Products with offices in Barcelona and London, and ASU International’s branch office in London.

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