HOUSTON, Oct. 3, 2012 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced that Fitch Ratings has affirmed the Insurer Financial Strength (IFS) ratings of "AA" for its insurance company subsidiaries and the Issuer Default Rating (IDR) of "A+" for HCC Insurance Holdings, Inc., including the debt rating of "A" on the holding company's $300 million 6.300% Senior Notes due 2019. All ratings were affirmed with a Stable Outlook.
Fitch, in its October 1, 2012 press release affirming the ratings, commented, "The ratings reflect HCC's favorable niche in the specialty insurance markets, solid capitalization, disciplined underwriting, moderate financial leverage, and conservative reserving practices. The ratings also reflect the company's catastrophic risk, which increases the volatility of its underwriting results."
"We are pleased Fitch has affirmed HCC's ratings. These affirmations reflect our financial strength and consistent profitability, driven by our underwriting discipline across market cycles," said John N. Molbeck, Jr., HCC's Chief Executive Officer.
These IFS ratings apply to the following insurance company subsidiaries:
- Houston Casualty Company
- Avemco Insurance Company
- U.S. Specialty Insurance Company
- HCC Specialty Insurance Company
- HCC Life Insurance Company
- Perico Life Insurance Company
- American Contractors Indemnity Company
- United States Surety Company
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading international specialty insurance group with offices in the United States, the United Kingdom, Spain and Ireland. As of June 30, 2012, HCC had assets of $10.0 billion and shareholders' equity of $3.3 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, "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.