HCC Closes a Purchase

It buys Allianz health products assets.
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HCC Insurance Holdings

(HCC) - Get Report

said Monday that it had closed its recently announced acquisition of the assets of Allianz Life Insurance's health products division for a cash consideration of $140 million.

The transaction was completed using existing capital resources and without incurring any additional debt, the Houston-based insurance holding company said.

The health products division, which is a health insurance operation, is located in Minneapolis. It has been in operation for more than 30 years, currently writing more than $300 million in premium, and will be consolidated into HCC Life insurance company's regional office, which is also located in Minneapolis, it added.

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