HCC to Acquire Dickson Manchester Ltd.

December 17, 2002

HCC Insurance Holdings Inc., based in Houston, plans to acquire Dickson Manchester & Company Limited (DM), a Lloyd’s broker headquartered in London, England. According to HCC, the transaction is expected to close shortly.

HCC said DM is a market leader in the underwriting and placement of professional indemnity insurance in the U.K., with an annual gross written premium of approximately 40 million pounds Sterling. DM issues policies on behalf of various Companies and Lloyd’s Syndicates. Current management, led by Charles Manchester and Mike Dickson, will continue to oversee operations following the acquisition.

Stephen L. Way, HCC chairman and CEO commented, “This is the next step in expanding our London and European operations, particularly in financial service products.” He added that “Dickson Manchester fits the HCC profile perfectly, as a leader in a specialty line of insurance business with both underwriting and intermediary operations.”

HCC’s growing list of European insurance businesses include insurance company operations, Houston Casualty Company London branch and HCC Europe, based in Madrid, Spain; Lloyd’s broker Rattner Mackenzie with offices in London, Bermuda and New York; and underwriting agencies MAG Global Financial Products, with offices in Barcelona, Spain and London, and ASU International’s branch office in London.

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