Stephen L. Way, chairman and CEO of Houston-based HCC Insurance Holdings Inc. and John Knox Jr., chairman and CEO of SureTec Financial Corp. announced the funding of their previously announced strategic alliance. Following regulatory approval, HCC invested $5 million in a combination of equity and debt, providing SureTec with additional capital for its insurance company subsidiary, SureTec Insurance Company.
SureTec is a property and casualty insurance holding company headquartered in Houston whose subsidiaries specialize in underwriting contract surety and related financial services to the construction industry, primarily in Texas.
Recently, A.M. Best Company assigned an initial rating of “A-” (Excellent) to SureTec based upon the expertise of SureTec’s management and in anticipation of this additional capital contribution.
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