HOUSTON, July 18, 2013 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced that Standard & Poor's Corporation has affirmed the Financial Strength Ratings (FSR) of "AA" for the following insurance company subsidiaries:
- Houston Casualty Company
- Avemco Insurance Company
- U.S. Specialty Insurance Company
- HCC Specialty Insurance Company
- HCC Life Insurance Company
- American Contractors Indemnity Company
- United States Surety Company
- HCC International Insurance Company PLC
- HCC Europe Seguros y Reaseguros, S.A.
- HCC Reinsurance Company Limited
Additionally, the Issuer Credit Rating for HCC Insurance Holdings, Inc. was affirmed at "A," and the debt rating on the $300 million 6.300% Senior Notes due 2019 of the holding company remains at "A."
For the affirmed ratings above, the Ratings Outlook is "Stable."
In addition, Standard & Poor's has affirmed HCC's Enterprise Risk Management (ERM) assessment of "Strong."
"We are very pleased that Standard & Poor's has affirmed our ratings under its new rating methodology. We are especially proud of Standard & Poor's recognition of our competitive strengths, strong balance sheet and consistent underwriting performance," 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 March 31, 2013, HCC had assets of $10.2 billion and shareholders' equity of $3.6 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.