HCC Insurance Holdings
took a 23.6% stake in Heritage Underwriting Agency for an undisclosed amount of cash.
Heritage is a Lloyd's agency that manages Syndicates 1200 and 3245, which underwrite property insurance and professional indemnity.
The transaction needs regulatory and Lloyd's approval and is expected to close shortly.
"Heritage is an excellent addition to our other holdings in Lloyd's and continues to expand our international underwriting business,'' HCC said. ''We look forward to working with the management team at Heritage and providing them value addition through access to the additional resources we have here at HCC.''
Barry J. Cook CEO of HCC International will become a director of the agency. HCC is an international insurance holding company and a leading specialty insurance group.
HCC rose 6 cents to $32.41.
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