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
CONTACT: Doug Busker, Director of Investor Relations HCC Insurance Holdings, Inc. Telephone: (713) 996-1192