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8-K - FORM 8-K - HCC INSURANCE HOLDINGS INC/DE/ | h80596e8vk.htm |
EX-99.2 - EX-99.2 - HCC INSURANCE HOLDINGS INC/DE/ | h80596exv99w2.htm |
Exhibit 99.1
HCC Insurance Holdings, Inc. |
HCC INSURANCE HOLDINGS APPROVES NEW SHARE REPURCHASE PROGRAM
HOUSTON (March 14, 2011) . . .
HCC Insurance Holdings, Inc. (NYSE: HCC) announced today that its Board of Directors has authorized
a new share repurchase program that provides for the repurchase of up to an aggregate of $300
million of the Companys common stock.
HCCs repurchase plan reflects our confidence in the strength of our financial position, our
earnings capacity, and our continued commitment to manage capital efficiently, HCC President and
Chief Executive Officer John N. Molbeck, Jr., said.
The repurchase plan calls for the repurchases to be made in the open market or in privately
negotiated transactions from time-to-time in compliance with applicable laws, rules and
regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
Repurchases under the plan will be made opportunistically from time to time at prices approved by
the Board of Directors, subject to market and business conditions, as well as the Companys level
of cash generated from operations, cash required for acquisitions, debt covenant compliance, and
other relevant factors. The plan does not obligate the Company to purchase any particular number
of shares, has no expiration date, and may be suspended or discontinued at any time at the
Companys discretion.
This authorization replaces an existing share repurchase program approved by the Board on May 27,
2010 that provided for the repurchase of up to $300 million of the Companys common stock only at
prices below book value per share.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading international specialty
insurance group with offices across the United States and in the United Kingdom, Spain and Ireland.
As of December 31, 2010, HCC had assets of $9.1 billion and shareholders equity of $3.3 billion.
HCCs major domestic and international insurance companies have financial strength ratings of AA
(Very Strong) from Standard & Poors Corporation, A+ (Superior) from A.M. Best Company Inc., AA
(Very Strong) from Fitch Ratings, and A1 (Good Security) by Moodys Investors Service, Inc.
For more information about HCC, please visit http://www.hcc.com.
Contact: | Doug Busker, Director of Investor Relations HCC Insurance Holdings, Inc. Telephone: (713) 996-1192 |
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.
* * * * *