HCC Insurance Holdings Inc. announced it has executed an agreement to acquire Surety Company of the Pacific (SCP), a writer of
license and permit bonds headquartered in Encino, Calif. This
transaction is subject to approval of the California Department of
Insurance and is expected to close during the first quarter of 2009.
Founded in 1969, SCP specializes in license and permit bonds for
California contractors. SCP will be merged with American Contractors
Indemnity Co. (ACIC), an HCC subsidiary rated “A” by A.M.
Best Co. The merger is expected to add approximately $20 million
of premium to ACIC in 2009.
“We are … excited about the opportunity to grow our California low-limit license and permit business … With this transaction we believe we can improve the margins of both the business acquired and our existing business,” said Adam S. Pessin, president of ACIC.
Headquartered in Houston, Texas, HCC Insurance Holdings is an international specialty insurance group with offices across
the United States and in Bermuda, Ireland, Spain and the United
Kingdom.
Topics Mergers & Acquisitions California
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