Houston-based HCC Insurance Holdings Inc. is changing the name of its recently acquired underwriting agency, MAG Global Financial Products, to HCC Global Financial Products (HCC Global).
According to the company, HCC Global will continue to be managed by R. Matthew Fairfield, chief executive officer, and Andrew G. Stone, president. In addition to their corporate duties, Fairfield will manage the international underwriting operations from Barcelona, Spain and Stone the domestic underwriting operations from Farmington, Connecticut. The company has other operations in London, England, Jersey City, New Jersey and Houston, Texas.
HCC Global is expected to underwrite over $225 million of written premiums during 2003. It will underwrite directors’ & officers’ and professional liability, issued through affiliated insurance companies; U.S. Specialty Insurance Company, Houston Casualty Company and HCC Europe, all of which are rated “AA” (Very Strong) by S&P and “A+” (Superior) by A.M. Best Company.
HCC Insurance Holdings also announced that it expects net earnings of $0.50 for the fourth quarter and $1.67 for the full year 2002. Guidance for the full year 2003 is a range of 20 percent to 30 percent increase over the 2002 result.
Stephen L. Way, Chairman and CEO, commented, “We had the best year in our history in 2002 and expect to beat that result convincingly this year. Without the industry issues of A&E, equity losses or capital inadequacies, HCC is well positioned to succeed.”
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