Stephen L. Way, Chairman and Chief Executive Officer of HCC Insurance Holdings Inc., announced that the Company had closed its
acquisition of American Contractors Indemnity Company (ACIC), headquartered in Los Angeles, California.
HCC will immediately contribute additional funds to increase the statutory capital of ACIC to $30 million. ACIC is expected to receive the HCC Group rating of AA (Very Strong) from Standard & Poor’s and A+ (Superior) by A.M. Best Company.
ACIC will continue to be a market leader providing court, specialty contract, license and permit bonds with gross written premium estimated to be more than $60 million in 2004.
Way said, “ACIC’s small business profile and national platform will provide HCC the formula for our future growth and success in the surety business.”
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