HOUSTON, July 17, 2014 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc.(NYSE:HCC) today announced that Standard & Poor's Corporation has affirmed the "AA (Very Strong)" financial strength ratings for its core insurance company subsidiaries and the "A" issuer credit rating for HCC Insurance Holdings, Inc. The outlook for these Standard & Poor's ratings is Stable.
"We are pleased that Standard & Poor's has affirmed HCC's ratings. The financial strength of HCC along with our commitment to consistent underwriting profitability remains a competitive strength and source of differentiation from our competitors," said Christopher J.B. Williams, HCC's Chief Executive Officer.
The "AA" financial strength ratings apply to the following insurance company subsidiaries:
•Houston Casualty Company•Avemco Insurance Company•U.S. Specialty Insurance Company•HCC Specialty Insurance Company•HCC Life Insurance Company•American Contractors Indemnity Company•United States Surety Company•HCC International Insurance Company PLC
In addition, Standard & Poor's has affirmed HCC's Enterprise Risk Management (ERM) assessment of Strong.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading specialty insurer with offices in the United States, the United Kingdom, Spain and Ireland. As of March 31, 2014, HCC had assets of $10.6 billion and shareholders' equity of $3.8 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: Doug Busker, Director of Investor Relations
HCC Insurance Holdings, Inc.
Telephone: (713) 996-1192
Source: HCC Insurance Holdings, Inc.