HCC Insurance Holdings Inc., based in Houston, announced the company has reached an agreement to acquire St. Paul Espana, Compania de Seguros, S.A., a property and casualty insurance company headquartered in Madrid, Spain, from The St. Paul Companies Inc.
This transaction, the terms of which were not disclosed, is subject to Spanish regulatory approval. Closing is expected by the end of this year, at which time St. Paul Espana will become known as HCC Europe, Compania de Seguros, S.A.
HCC Europe will continue to be a market leader in Spain for contract surety, medical malpractice and professional indemnity lines of business, where rates are rising substantially. In addition MAG Global, an insurance underwriting agency based in Barcelona, Spain recently acquired by HCC, will begin to write their existing Directors and Officers business on behalf of HCC Europe.
HCC Europe’s overall gross written premium in 2003 will be approximately Euros 100 million. Current management, lead by general manager Michel Pascual, will continue to oversee operations reporting to Nick Hutton-Penman, chief executive of the London branch office of Houston Casualty Company, HCC’s largest insurance company subsidiary.
Topics Mergers & Acquisitions Europe
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