HOUSTON, Feb. 2, 2015 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced that A.M. Best Company, Inc. has upgraded the financial strength ratings to "A+ (Superior)" from "A (Excellent)" for Producers Agriculture Insurance Company (PAIC) and Producers Lloyds Insurance Company (PLIC). These companies are insurance subsidiaries of Producers Ag Insurance Group, Inc. (ProAg), which HCC acquired effective January 1, 2015. A.M. Best also upgraded the issuer credit ratings to "aa" from "a" for PAIC and PLIC. These ratings have been removed from under review with developing implications and assigned an outlook of Stable.
"The integration of ProAg is proceeding well, and we are very pleased that A.M. Best has taken this action to upgrade the financial strength ratings of our new agriculture insurance companies. These ratings acknowledge HCC's support and commitment to this new line of business," said Christopher J.B. Williams, HCC's Chief Executive Officer.
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 September 30, 2014, HCC had assets of $10.8 billion and shareholders' equity of $3.9 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.