HCC Insurance To Buy RA&MCO
NU Online News Service, Sept. 30, 2:50 p.m. EDT?HCC Insurance Holdings Inc., based in Houston, said it has reached an agreement to acquire RA&MCO Insurance Services Inc.[@@]
HCC said the purchase, which it expects to complete shortly, was for an undisclosed combination of cash and HCC shares.
RA&MCO is an agency located in Concord, Calif. It provides professional indemnity coverage to architects and engineers and other related professions.
Grant Weaver, RA&MCO's founder and chief executive officer, will remain with the company following the closing.
The agency has been in business for 22 years and currently underwrites more than $50 million in premium.
Stephen L. Way, HCC chairman and CEO, said the transaction would add experience and expertise to another specialty line for the firm's diversified financial products segment. He said HCC underwrites more than $300 million in professional indemnity premium through its subsidiaries in the United States, the United Kingdom and Spain.
An international insurance holding company, HCC has assets of more than $5 billion.
More information on HCC is available at www.hcch.com.
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