HCC Acquires MAG Global

October 3, 2002

HCC Insurance Holdings Inc., headquartered in Houston, said it has completed the previously announced acquisition of MAG Global Financial Products LLC.

MAG is an insurance underwriting agency specializing in directors and officers insurance, professional indemnity and related financial products. Operations in Farmington, Conn., Barcelona, Spain and London, England will continue to be managed by Matt Fairfield, CEO, and Andy Stone, president.

MAG has been underwriting on behalf of HCC since April 2002 and will underwrite more than $100 million of premium in 2002, of which approximately 30 percent is international. Substantial growth is expected for the next few years.

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