HOUSTON, Nov. 3, 2008 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) announced today that it has acquired Cox Insurance Group, a medical stop-loss managing general underwriter covering the Midwestern United States.
Founded in 1981, Cox specializes in medical stop-loss and group life insurance, principally in the mid-sized market. Cox is expected to write approximately $50 million in premium in 2009. President Derek D. Cox will continue to head the operation, which will become part of HCC's Perico Life Insurance Company subsidiary.
"HCC is continually on the lookout for innovative and successful acquisition candidates that complement our unique mix of specialty insurance businesses. With its established record of underwriting success, Cox Insurance Group is a very good fit," HCC Chief Executive Officer Frank J. Bramanti said.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Bermuda, Ireland, Spain and the United Kingdom. HCC has assets of $8.3 billion, shareholders' equity of $2.6 billion and is rated AA (Very Strong) by Standard & Poor's and AA (Very Strong) by Fitch Ratings. In addition, HCC's domestic property and casualty insurance companies are rated A+ (Superior) by A.M. Best Company.
For more information, visit our website at www.hcc.com.
Forward-looking statements contained in this press release are made under "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The types of risks and uncertainties which may affect the Company are set forth in its periodic reports filed with the Securities and Exchange Commission.