HOUSTON, Sept. 13, 2005 (PRIMEZONE) -- HCC Credit Group (HCC Credit) announced today that Brian E. Duffy, Carl R. Nederman and Mark P. Rickert would be joining the Company as Senior Vice Presidents from Trade Underwriters Agency (TUA), an underwriting agency that they founded in 1993.
The three executives, who have all been active in the trade credit insurance industry for over twenty-five years, have decided to join HCC to be able to offer their producers and clients substantially stronger security, wider ranging services and a long-term commitment by HCC Credit. TUA will go into an orderly run-off.
Robert F. Thomas, Chief Executive Officer of HCC Credit, said, "We are very excited to have such expert and seasoned veterans joining our growing credit operation which is expected to write approximately $25 million in premium during 2006." Mr. Thomas added, "Along with Mark Reynolds, who recently joined us as President, we now have a team of professionals who are certain to make HCC Credit Group a leading market for trade credit insurance."
HCC Credit is based in New York City with branch offices in London, England and Jericho, NY, specializing in short and medium term trade credit risks for U.S. and international companies. HCC Credit represents Houston Casualty Company and U.S. Specialty Insurance Company, which are all wholly owned subsidiaries of HCC Insurance Holdings (NYSE:HCC).
HCC is an international insurance holding company and a leading specialty insurance group since 1974, based in Houston, Texas with offices across the USA and in Bermuda, England and Spain. HCC has assets of more than $6.0 billion and is rated AA (Very Strong) by Standard & Poor's and A+ (Superior) by A.M. Best Company.
For more information, visit our website at www.hcch.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.