HOUSTON, Aug. 27, 2012 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced 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 Company's common stock.
"We continue to view HCC's shares as an attractive investment opportunity and plan to continue to utilize share repurchases as an important aspect of our capital management strategy. Based on the results of our recently completed strategic plan, we believe share repurchases are consistent with our goal of enhancing the intrinsic value of HCC shares, while maintaining appropriate capital levels to fund growth and meet regulatory and rating agency expectations," said John N. Molbeck, Jr., HCC's Chief Executive Officer.
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 subject to market and business conditions, as well as the Company's 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 Company's discretion.This authorization replaces an existing share repurchase program approved by the Board on August 25, 2011 that provided for the repurchase of up to $300 million of the Company's common stock. The remaining $98.0 million of authorization under the previous program will not be used. 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.