HCC to Merge London Based Intermediary Subsidiaries

February 10, 2004

Houston-based broker HCC Insurance Holdings, Inc. announced the proposed merger of its subsidiary U.K. wholesale broker Dickson Manchester (DM) into the Group’s other Lloyd’s intermediary, Rattner Mackenzie Ltd. (RML). Both Companies are based in London.

“DM will become a division of RML and continue to specialize in Professional Indemnity (PI) and other diversified financial products. RML is a wholesale and reinsurance intermediary placing specialty property and casualty (re)insurance products,” said the bulletin.

In a related move, HCC announced that its recently formed underwriting agency subsidiary HCC Diversified Products, Ltd. would focus its underwriting on smaller U.K. and EU Professional Indemnity business, utilizing many of the current DM personnel. Charles Manchester, founder of DM, will become the Chief Executive of this new facility, which is expected to write more than £50 million ($92.5 million) of business in 2004. This change does not affect the operations of HCC’s other subsidiary HCC Global, which writes larger PI business and D&O out of its offices in Barcelona and London.

“DM’s transition into the HCC group is now complete and we are able to offer our producers a more comprehensive solution to all their professional insurance needs,” Manchester stated.

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