HCC Insurance Holdings Inc. has agreed to acquire MIC Life Insurance Corporation from Motors Insurance Corporation, a subsidiary of GMAC Insurance Holdings Inc., for an undisclosed consideration.
MIC Life is currently inactive but is licensed to conduct business in all states except New York. This transaction is expected to close shortly, subject to receipt of required regulatory approval.
Stephen L. Way, chairman and chief executive officer of HCC said that the addition of a second life company to the HCC group “will provide increased flexibility to continue expanding our specialty life, accident and health insurance products.”
HCC is an international insurance holding company and a specialty insurance group, based in Houston, Texas with offices across the USA and in Bermuda, England and Spain. HCC has assets exceeding $6.0 billion and is rated AA (Very Strong) by Standard & Poor’s and A+ (Superior) by A. M. Best Company.
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