HOUSTON, Nov. 18, 2010 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today announced the hiring of Frank Pedicini and Frank Argondizzo to lead the Company's new technical property division based in New York, NY.
Mr. Pedicini holds a Bachelor of Technology degree from The City College School of Engineering, New York with a focus on electro-mechanical engineering. Mr. Argondizzo holds a B.S. degree in chemical engineering and a M.S. degree in biomedical engineering from Polytechnic University. Combined they bring over 52 years of experience in underwriting technical property risk at companies such as Starr Technical Risks Agency and ACE Limited.
The technical property division will further expand the Company's specialty focus by extending its underwriting activities more deeply into the onshore energy, utility, chemical and heavy manufacturing industries.
"Given our leadership position in the energy market, establishing a strong technical property underwriting capability is a natural progression for HCC. We are fortunate to have identified two highly experienced and respected underwriting executives to build this specialty area for HCC," said John N. Molbeck, Jr., HCC President and Chief Executive Officer.
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, 2010, HCC had assets of $9.3 billion and shareholders' equity of $3.3 billion. HCC's major domestic and international insurance companies have a financial strength rating of "AA (Very Strong)" from Standard & Poor's Corporation. HCC's major domestic insurance companies have a financial strength rating of "AA (Very Strong)" from Fitch Ratings, "A1 (Good Security)" from Moody's Investors Service, Inc., and "A+ (Superior)" by A.M. Best Company, Inc.
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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: HCC Insurance Holdings, Inc. Jonathan Lee, HCC Director of Investor Relations (713) 996-1156