HOUSTON, April 2, 2015 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced a change in its operating and reporting structure effective in the first quarter of 2015. Following the acquisition of Producers Ag Insurance Group, Inc. (ProAg) in January 2015, HCC's management changed the structure under which it now manages and evaluates the results of the Company's numerous product lines.
The new operating structure includes three underwriting segments – North America Property & Casualty, Accident & Health and International – and the Investing segment. The underwriting segments include these major product groupings and products:
- North America Property & Casualty
- Liability – directors' and officers' liability (D&O), primary and excess casualty, small account errors and omissions liability, and employment practices liability.
- Agriculture – ProAg's crop products.
- Other Specialty – aviation, sports and entertainment, public risk, surety, and various smaller products.
- Accident & Health – medical stop-loss, and short-term domestic and international medical written in the United States.
- London Market – marine and energy, property treaty, property (direct and facultative), and accident and health.
- Specialty – D&O, professional indemnity, casualty, surety, and credit.
Beginning with the first quarter of 2015, HCC will report its results in the above three underwriting segments and the Investing segment. The Company will provide supplemental financial information for the product groupings identified above in the North America Property & Casualty and International segments.
HCC previously reported its results in five underwriting segments – U.S. Property & Casualty, Professional Liability, Accident & Health, U.S. Surety & Credit and International – and the Investing segment. Under the new structure, the new North America Property & Casualty segment includes the former U.S. Property & Casualty segment, the U.S. portion of the former Professional Liability segment, and the Surety portion of the former U.S. Surety & Credit segment. The new International segment includes the former International segment, the International portion of the former Professional Liability segment, and the Credit portion of the former U.S. Surety & Credit segment. The Accident & Health and Investing segments are unchanged from the prior presentation.
Prior period financial data will be revised to reflect the new reporting segments for comparability purposes. Concurrent with the filing of its first quarter 2015 earnings, the Company will file a financial supplement that includes revised historical segment data for each quarter and the full year of 2014 and 2013.
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 December 31, 2014, HCC had assets of $10.7 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 Financial Services LLC, "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.