Pioneer General Insurance Company Merged With American Contractors Indemnity Company

Published on Friday, 13 January 2012 17:15 Written by TradersHuddle Staff

HOUSTON, Jan. 13, 2012 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced the merger of Pioneer General Insurance Company (PGIC) with and into American Contractors Indemnity Company (ACIC), both of which are wholly owned subsidiaries of HCC. The merger, which is part of HCC's ongoing effort to rationalize its legal entity structure, was effective December 31, 2011. All of the business of PGIC has been transitioned to ACIC.

Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading international specialty insurance group with offices across the United States and in the United Kingdom, Spain and Ireland. As of September 30, 2011, HCC had assets of $9.6 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.

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.

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