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