HCC Acquires RA&MCO Insurance

September 30, 2004

HCC Insurance Holdings Inc. announced that it has reached an agreement to acquire RA&MCO Insurance Services Inc. for an undisclosed consideration consisting of cash and HCC shares. The
transaction is expected to close shortly.

RA&MCO is an insurance underwriting agency located in Concord, Calif., and provides professional indemnity coverage to Architects & Engineers and other related professions. Grant Weaver, RA&MCO’s founder and CEO, will remain with the company following the closing. RA&MCO has been in business for 22 years and currently underwrites more than $50 million in premium.

“We are very pleased to welcome Grant Weaver and his team
of professionals to the HCC Group,” said Stephen L. Way, chairman and CEO. “HCC underwrites more than $300 million in professional indemnity premium through our subsidiaries in the USA, UK and
Spain and RA&MCO adds considerable experience and expertise in another specialty line for our Diversified Financial Products segment.”

HCC is an international insurance holding company and a leading specialty insurance group since 1974, based in Houston, Texas with offices across the United States and in Bermuda, England and Spain.

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