HCC Closes Acquisition of Dickson Manchester

NU Online News Service, Dec. 26, 3:15 p.m. EST?HCC Insurance Holdings Inc., a Houston-based specialty insurance group, has closed its recently announced acquisition of Dickson Manchester & Company Ltd., HCC Chief Executive Stephen Way said.

Dickson Manchester, headquartered in London, England, is a specialist Lloyd's broker providing professional indemnity solutions to individuals and organizations across the United Kingdom and overseas.

The acquisition of Dickson Manchester was a logical step in expanding HCC's London and European operations, particularly in financial service products, according to Mr. Way.

"Dickson Manchester fits the HCC profile perfectly, as a leader in a specialty line of insurance business with both underwriting and intermediary operations," he said.

Dickson Manchester's business will now be part of Global Financial Products, a new reporting segment for HCC in 2003. "This is an exciting sector for us now and we anticipate substantial growth in both our U.S. and international operations, with gross written premium next year of more than $300 million," Mr. Way said.

The acquisition will be added to HCC's growing list of European insurance businesses that include:

? Lloyd's broker Rattner Mackenzie, with offices in London, Bermuda and New York.

? Underwriting agencies such as MAG Global Financial Products, with offices in Barcelona, Spain, and London, and the London branch office of ASU International--a HCC subsidiary.

HCC is an international insurance holding company and one of the largest specialty insurance groups in the United States, with assets of $3.5 billion. Its products include direct and reinsurance policies for the aviation, marine, and offshore energy industries; property-casualty and health policies; medical stop-loss; workers' compensation and occupational accident insurance.

The company said it plans to continue expanding its overseas operations by acquiring specialty insurers.

Special Reports /

HCC Closes Acquisition of Dickson Manchester

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