Houston-based specialty insurer HCC Insurance Holdings, Inc. has acquired VMGU Insurance Agency, an underwriter of the lumber, building materials, forest products and woodworking industries.
The acquisition, along with recently announced transactions in the public risk insurance sector, will further extend HCC’s reach in the specialty commercial package insurance market.
Based in Waltham, Massachusetts, VMGU says it is the only lumber and wood products underwriter that operates on a national basis in all 50 states.
VMGU, which is expected to write approximately $20 million in gross written premium in 2009, will become part of HCC’s Professional Indemnity Agency subsidiary.
VMGU is headed by President Richard D. Hayes, who will remain with the operation.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. has offices across the United States and in Bermuda, Ireland, Spain and the United Kingdom.
Source: HCC
www.hcc.com
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