HCC Insurance Holdings Inc., headquartered in Houston, reported the formation of HCC Surety Group (HCCS), which will be the platform for the expansion of its surety business in the United States. Robert F. Thomas was named chief executive officer of the new entity.
HCCS will underwrite on behalf of American Contractors Indemnity Company (ACIC), acquired in February 2004, and U.S. Specialty Insurance Company, another HCC subsidiary. HCCS will specialize in writing sureties for small contractors, court appointed executors and trustees, license and permit, bail bonds and other small surety business on a national basis.
Stephen L. Way, chairman and CEO of HCC, said, “We plan on expanding our surety business both organically and through acquisition, under the HCC Surety banner.” Mr. Way added, “ACIC has been successfully integrated into HCC and its management team ably lead by Bob Thomas, will run operations at HCC Surety.”
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