Jul. 1, 2011 (GlobeNewswire) --
HOUSTON, July 1, 2011 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced that effective July 1, 2011, Perico Life Insurance Company, a subsidiary of HCC Insurance Holdings, Inc., is combining its operations with HCC Life Insurance Company (HCC Life). This strategic consolidation of operations will allow HCC Life to better utilize its capital and improve its efficiencies in providing the premier medical stop loss product to the self-funded market. HCC Life will continue to provide superior services. As a result, all in force accounts and underwriting requests for proposals will be redirected to the appropriate HCC Life regional office.
"This combination demonstrates HCC Life's increased commitment to the self-funded market," said Craig J. Kelbel, HCC Life's President and Chief Executive Officer. "We have an opportunity to combine our resources to benefit our producers and policyholders while maintaining the superior service for which we are known. For more than 30 years, we've been making sound business decisions to grow our company and the industry, and we are anticipating continued growth through this combination."
HCC Life Insurance Company has a financial strength rating of "A+ (Superior)" from A.M. Best Company Inc. and is backed by the financial strength of its parent company, HCC Insurance Holdings, Inc.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading international specialty insurance group with offices across the United States and in the United Kingdom, Spain and Ireland. As of March 31, 2011, HCC had assets of $9.3 billion and shareholders' equity of $3.3 billion. HCC's major domestic and international insurance companies have financial strength ratings of "AA (Very Strong)" from Standard & Poor's Corporation, "A+ (Superior)" from A.M. Best Company Inc., "AA (Very Strong)" from Fitch Ratings, and "A1 (Good Security)" from Moody's Investors Service, Inc.
For more information about HCC, please visit http://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.
CONTACT: Daniel Strusz, Executive Vice President
HCC Life Insurance Company
Telephone: (877) 843-5743
Email: dstrusz@hcclife.com
