September 1, 2009
SureTec buys HCC’s Interest
Houston, Texas (September 1, 2009) SureTec Financial
Corp., sole owner of SureTec Insurance Company and other subsidiaries providing
services to the construction and surety industries, has entered into an
agreement to repurchase the 23.7% of its stock currently owned by U.S. Specialty
Insurance Company, a subsidiary of HCC Insurance Holdings, Inc. (“HCC”). SureTec
expects to receive regulatory approval and close the transaction at the end of
September.
“HCC has been an excellent partner since 2002. At the time,
we needed the ability to write in those jurisdictions where we were not then
licensed. We also needed Treasury-list support when we asked HCC to invest. We
could not have had a better partner” said John Knox, Jr., SureTec’s CEO. “Now
that we are licensed in 46 states, have an “A VII (Excellent)” A.M. Best rating,
and a Treasury Limitation that exceeds our single bond limit, the need for a
strategic investor has greatly diminished.”
Ownership of SureTec continues to reside with John Knox, Jr.,
personally and through family partnerships controlled by him, and with SureTec
Partners, Ltd., a group of the key employees and decision makers at SureTec.
Through independent agents and professional surety producers,
SureTec specializes in underwriting small-to-midsize contract bonds and
commercial surety. Underwriting from the perspective of “Finding a Responsible
Way to say Yes” in “Partnership with Professional Producers” is a fundamental
cornerstone of SureTec. For more information on SureTec, please visit our web
site at www.suretec.com.
For Information Contact
John Knox, Jr.
Direct Dial 713-683-1471
jknox@suretec.com
* * * * *
