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For Immediate Release
September 30, 2002
HCC and SureTec Finalize Strategic
Alliance
A.M. Best Assigns "Excellent" Rating to SureTec
HOUSTON, TEXAS.—September 30, 2002— Stephen
L. Way, Chairman and Chief Executive Officer of HCC Insurance
Holdings, Inc. (NYSE symbol: HCC) and John
Knox, Jr., Chairman and Chief Executive Officer of
SureTec Financial Corp. announced today the funding of their
previously announced strategic alliance.
Following regulatory approval, HCC has
invested $5 million in a combination of equity and
debt, providing SureTec with additional capital for
its insurance company subsidiary, SureTec Insurance Company.
Mr. Way said, "We are extremely pleased to
enter the surety market at this opportunistic time and
with a partner of such integrity and experience."
HCC is an international insurance holding
company and one of the largest specialty insurance
groups in the United Sates. HCC has assets of $3.4
billion and its shares trade on the NYSE (symbol: HCC), with a market
capitalization of over $1.5 billion. HCC is rated AA (Very Strong) by
Standard & Poor's and A+ (Superior) by A.M. Best Company.
Mr. Knox commented, " This alliance, and
the A.M. Best rating made possible because of it, will
help to justify the continuing confidence that our
producing partners and construction industry customers have in
SureTec. We are pleased to have HCC as our strategic partner."
SureTec is a Houston based property and
casualty insurance holding company whose
subsidiaries specialize in underwriting contract surety and related
financial services to the construction
industry, primarily in Texas. Recently, A.M. Best Company
assigned an initial rating of A- (Excellent) to SureTec Insurance
Company based upon the expertise of SureTec's management and in
anticipation of this additional capital contribution.
For more information, visit the Companies'
websites at www.hcch.com
and
www.suretec.com
Contact:
L. Byron Way, Vice President
HCC Insurance Holdings, Inc.
Telephone: (713) 690-7300
John Knox, Jr., CEO
SureTec Financial Corp.
(713) 812-0800 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. |
