HCC Ratings Affirmed by A.M. Best and Fitch HOUSTO
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HOUSTON, Oct. 4, 2013 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE: HCC ) today announced that A.M. Best Company, Inc. and Fitch Ratings have affirmed the Company's ratings.
"We are very pleased that A.M. Best and Fitch have affirmed HCC's financial strength ratings of "A+" and "AA," respectively. These strong ratings reflect our continued commitment to underwriting discipline and consistent profitability," said Christopher J.B. Williams, HCC's Chief Executive Officer.
On October 3, 2013, A.M. Best announced that it had affirmed the "A+ (Superior)" financial strength ratings (FSR) and "aa" issuer credit ratings (ICR) of the property/casualty companies in the Houston Casualty Group and HCC Life Insurance Company. Additionally, A.M. Best affirmed ICR and debt ratings of "a" on the holding company's $300 million 6.300% Senior Notes due 2019. The outlook for all of A.M. Best's ratings is Stable.
The following property/casualty insurance companies comprise Houston Casualty Group, as defined by A.M. Best:
- Houston Casualty Company
- U.S. Specialty Insurance Company
- Avemco Insurance Company
- HCC Specialty Insurance Company
A.M. Best also affirmed the "A+ (Superior)" FSR and "aa-" ICR for the following insurance company subsidiaries:
- American Contractors Indemnity Company
- United States Surety Company
On October 1, 2013, Fitch Ratings announced that it had affirmed the "AA (Very Strong)" insurer financial strength (IFS) ratings for HCC's insurance company subsidiaries and the "A+" issuer default rating for HCC Insurance Holdings, Inc. In addition, Fitch affirmed the "A" debt rating on the holding company's $300 million 6.300% Senior Notes due 2019. The outlook for all of Fitch's ratings is Stable.
These IFS ratings apply to the following insurance company subsidiaries:
- Houston Casualty Company
- U.S. Specialty Insurance Company
- Avemco Insurance Company
- HCC Specialty Insurance Company
- HCC Life Insurance Company
- American Contractors Indemnity Company
- United States Surety Company
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 June 30, 2013, HCC had assets of $10.2 billion and shareholders' equity of $3.5 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.
Doug Busker, Director of Investor Relations HCC Insurance Holdings, Inc. Telephone: (713) 996-1192
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