Aug 11, 2003 – HCC Insurance Holdings, Inc. to acquire Rockwood Programs, Inc.
HCC Insurance Holdings, Inc.
to acquire Rockwood Programs, Inc.
HOUSTON–Aug. 11, 2003–Stephen L. Way, Chairman and Chief Executive Officer of HCC Insurance
Holdings, Inc. (NYSE:HCC – News), announced today that the Company had reached an agreement to
acquire Rockwood Programs, Inc. headquartered in Wilmington, Delaware. Terms of the transaction
were not disclosed, but it is expected to close shortly.
Rockwood’s operations are focused on the production and underwriting of specialty liability insurance
lines such as Employment Practices Liability Insurance (EPLI) and Insurance Agents Errors &
Omissions and gross premiums are expected to exceed $50 million in 2004. Glenn W. Clark, CPCU,
formerly with Morefar Marketing / UNAT Direct Europe (AIG), will remain Rockwood’s Chief Executive
Officer following the transaction. Mr. Clark founded the company in 1996 as a subsidiary of
intermediary E.W. Blanch, which is now part of Benfield’s US operations. Mr. Clark subsequently
purchased Rockwood in 2000 and established it as an independent underwriting agency.
Mr. Way said, “Glenn Clark brings with him the substantial marketing expertise employed to build
Rockwood into a technology based, specialty programs administrator.” Mr. Way added, “While Mr.
Clark will continue to oversee Rockwood’s operations, he will also become corporate V.P of Marketing
for the HCC Group.”
Mr. Clark commented, “Our team is excited to become part of the HCC Group as we believe we will
contribute significantly in marketing expertise, cross-selling between group companies and expert
specialty program production and administration.”
HCC is an international insurance holding company and a leading specialty insurance group since
1974. HCC is rated AA (Very Strong) by Standard & Poor’s and A+ (Superior) by A. M. Best Company.
For more information, visit HCCís website at www.hcch.com.
Mystic Capital Advisors Group, LLC provided consulting services to Rockwood in advance of the
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.