Houston-based HCC Insurance Holdings Inc. announced that the company had utilized a significant part of the proceeds from its recently completed equity offering, in making a $75 million capital contribution to its insurance company subsidiaries.
Stephen Way, chairman and CEO, said, “Despite the perceived generally negative industry analysis we are hearing from reinsurers and sell side analysts alike, we remain very optimistic about our specialty lines of business and the outlook for 2005. We expect our net premium to grow significantly next year due to acquisitions made in 2004 and less ceded reinsurance.”
HCC has assets of more than $5.5 billion, shareholders’ equity of over $1.25 billion and is rated AA (Very Strong) by Standard & Poor’s and A+ (Superior) by A.M. Best Company.
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