HCC Enters D&O Market
NU Online News Service, Feb. 4, 12:48 p.m. EST?HCC Insurance Holdings in Houston is moving into the directors and officers liability insurance market by arranging to buy MAG Global Financial Products, LLC, the company said.
Without disclosing terms of the deal, HCC announced it has signed a letter of intent to acquire all of the outstanding shares of MAG. The closing is expected by end of March, HHC said.
MAG is an insurance underwriting agency with principal offices in Farmington, Conn. and Barcelona, Spain, HCC said, adding that the agency focuses on D&O insurance and related financial lines of business.
MAG's expected gross written premium for 2002 are $115 million, with roughly 40 percent coming from international business, HCC said in a statement.
In the statement, Stephen Way, chairman and chief Executive Officer of HCC said, "`There is turmoil in the D&O marketplace at this time following several difficult years, but this provides us an excellent opportunity to profitably expand our specialty insurance operations."
MAG's partners and senior executives will remain with the Company, led by Matt Fairfield in Barcelona and Andy Stone in Farmington.
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