HCC Insurance Holdings Announces Sale of Rattner Mackenzie Limited to Guy Carpenter

• Press Release
• Source: HCC Insurance Holdings, Inc.
• On 8:00 am EDT, Monday October 5, 2009

HOUSTON, Oct. 5, 2009 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC - News) announced today that it has executed an agreement to sell all of the issued shares of its reinsurance broker affiliate Rattner Mackenzie Limited (RML) to Guy Carpenter & Company, LLC (Guy Carpenter).

Related Quotes

Symbol	Price	Change
HCC	26.11	-0.58

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Founded in 1988, RML is a Lloyd's broker marketing specialty accident and health, aviation, trade credit, property and casualty insurance and reinsurance based in London. RML has successfully expanded into a number of specialty businesses and provides important support in placing HCC's reinsurance programs in the London market. For strategic reasons, HCC is looking to focus its development around its core insurance business and believes that Guy Carpenter provides an excellent platform for all of RML's clients.

"This transaction will enable HCC to focus on its core businesses while enabling RML to develop its business proposition in conjunction with Guy Carpenter, which we believe to be an ideal home for RML," HCC President and Chief Executive Officer John N. Molbeck, Jr. said. "We consider Guy Carpenter to be a premier reinsurance intermediary and we are delighted to further our trading relationship with them as a result of this transaction."

"We have great respect for HCC and its management team and are extremely proud to become a major trading partner as a result of this transaction," said Peter Zaffino, President and Chief Executive Officer of Guy Carpenter. "The acquisition of RML is further demonstration of our strategy to build our capabilities in the specialty sector."

The transaction is expected to close in October 2009 following receipt of regulatory approvals and satisfaction of other closing conditions. Terms of the transaction have not been disclosed. Hines Associates acted as financial advisor to HCC in relation to the transaction, and Clyde & Co LLP acted as legal counsel.

Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Bermuda, Ireland, Spain and the United Kingdom. HCC has assets of $8.9 billion, shareholders' equity of $2.8 billion and is rated AA (Very Strong) by Standard & Poor's and AA (Very Strong) by Fitch Ratings. In addition, HCC's major domestic insurance companies are rated A+ (Superior) by A.M. Best Company.

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.

HCC Insurance Holdings, Inc.
Jen Browne, Investor Relations Coordinator
(713) 996-1144