HCC Announces Stock Repurchase Program

July 12, 2002

HCC Insurance Holdings Inc. announced that in accordance with the company’s previous announcement, the company is authorized to and may from time to time repurchase up to 3,000,000 shares of its common stock in either the open market or private transactions.

HCC is one of the largest specialty insurance groups in the United States and consists of insurance company, underwriting agency and intermediary operations. HCC has assets of over $3.0 billion and its shares are traded on the NYSE (symbol: HCC) with a market capitalization of over $1.5 billion.

HCC is rated “AA” (very strong) by Standard & Poor’s and “A+” (superior) by A. M. Best Company.

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