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HCC INSURANCE HOLDINGS, INC. FILES PUBLIC OFFERING WITH SEC

 HOUSTON, Aug. 12 /PRNewswire/ -- HCC Insurance Holdings, Inc. (NASDAQ-NMS: HCCH) announced today that it has filed a registration statement with the Securities and Exchange Commission.
 Stephen L. Way, chairman, said the company filed a registration statement with the Securities and Exchange Commission covering a public offering of 1,763,000 common shares. Of the total, 1,085,000 shares will be offered by the company and 678,000 shares by selling shareholders.
 J.P. Morgan Capital Corporation plans to sell 350,000 shares of its 588,000 shares, which were acquired in a 1987 private placement by the company.
 Mr. Way, the company's largest shareholder, plans to sell 285,000 shares, or less than 20 percent of his 1,561,000 shares. His proceeds will be used for debt reduction and estate planning purposes.
 William Blair & Company and Kemper Securities, Inc. will co-manage the underwriting group. The offering is expected in early September.
 Net proceeds to the company will be used to expand its underwriting business, by increasing the company's investment in its principal operating subsidiary, Houston Casualty Company ("HCC"), and for general corporate purposes including debt service. HCC's statutory capital and surplus after the offering will be approximately $90 million.
 Headquartered in Houston, HCC Insurance Holdings, Inc. is a property and casualty insurance group specializing in marine, aviation, offshore energy and property insurance worldwide.
 -0- 8/12/93
 /CONTACT: Frank J. Bramanti, chief financial officer of HCC Insurance Holdings, Inc., 713-690-7300/
 (HCCH)


CO: HCC Insurance Holdings, Inc. ST: Texas IN: INS SU: OFR

TM-MG -- NY095 -- 2353 08/12/93 18:39 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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