Printer Friendly

HCC INSURANCE HOLDINGS, INC. ANNOUNCES CAPITAL CONTRIBUTION TO HOUSTON CASUALTY COMPANY

 HOUSTON, April 7 /PRNewswire/ -- Stephen L. Way, chairman and chief executive officer of HCC Insurance Holdings, Inc. (NASDAQ: HCCH) announced today that the company had funded a new $20 million loan through First Interstate Bank of Texas, N.A.
 Proceeds of the loan are being used to retire existing indebtedness of $3.5 million and to make a capital investment of $15.0 million in its major operating subsidiary, Houston Casualty Company ("HCC"). These additional funds will increase HCC's statutory capital and surplus to over $50 million and allow an expansion of their underwriting activities. The balance will be used for general corporate purposes, including debt service. The company's debt to equity ratio after funding remains at a conservative 0.5. HCC will invest this new capital through its investment manager, J.P. Morgan Investment Management, Inc., in high quality, investment grade securities.
 Mr. Way stated that recent further contractions in the market's underwriting capacity had resulted in substantial premium rate increases in all lines of business that HCC underwrites, including aviation, which previously had lagged behind. This strengthening in premium rate levels made an expansion in underwriting activities particularly attractive at this time.
 Headquartered in Houston, HCC Insurance Holdings, Inc. is a property and casualty insurance group specializing in marine, offshore energy, aviation, property and onshore energy insurance worldwide.
 -0- 4/7/93
 /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:

SM-TM -- NY064 -- 3912 04/07/93 16:36 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 7, 1993
Words:257
Previous Article:DUFF & PHELPS: CONSOLIDATED EDISON COMPANY OF NEW YORK $500M UNSECURED DEBT SECURITIES (SHELF) RATED 'A+'; $150M DEBENTURES RATED 'A+'
Next Article:AILEEN, INC. REPORTS MARCH SAME-STORE SALES
Topics:


Related Articles
HCC INSURANCE HOLDINGS, INC. REPORTS 1992 FOURTH QUARTER EARNINGS
HCC INSURANCE HOLDINGS, INC. REPORTS 1993 FIRST QUARTER EARNINGS
HCC INSURANCE HOLDINGS, INC. REPORTS 1993 SECOND QUARTER EARNINGS, PROPOSED PUBLIC STOCK OFFERING AND BANK LOAN
HCC INSURANCE HOLDINGS, INC. REPORTS 1994 FOURTH QUARTER AND FULL YEAR EARNINGS
HCC INSURANCE HOLDINGS, INC. REPORTS 1995 FIRST QUARTER EARNINGS
HCC INSURANCE HOLDINGS, INC. REPORTS 1995 SECOND QUARTER AND SIX MONTHS EARNINGS
HCC INSURANCE HOLDINGS, INC. REPORTS 1995 THIRD QUARTER AND NINE MONTHS EARNINGS
HCC INSURANCE HOLDINGS, INC. REPORTS 1995 FOURTH QUARTER AND FULL YEAR EARNINGS
HCC INSURANCE HOLDINGS, INC. REPORTS 1996 FIRST QUARTER EARNINGS
HCC Insurance Holdings, Inc. Announces $120 Million Revolving Credit Facility

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters