Houston-based international insurance holding company and specialty insurance group HCC Insurance Holdings Inc. announced the closure of its sale of 3,000,000 shares of common stock in an equity offering led by Citigroup Global Markets and co-managed by Raymond James & Associates and Advest Inc. The net proceeds to HCC from the offering are approximately $100 million.
The company said the amount may be increased if the underwriters exercise their over allotment option, and will be used for general corporate purposes, including capital contributions to the company’s insurance company subsidiaries and funding of current and future acquisitions.
Stephen L. Way, chairman and chief executive officer of HCC, commenting on the transaction said, “This equity will assist us in funding recently announced transactions that expand our Diversified Financial Products segment and provide capital for the expected growth in net written premium in our insurance companies during 2005 and beyond.”
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