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HCC Insurance Holdings, Inc. (HCC) announced today that the Company had closed its previously announced acquisition of Pioneer General Insurance Company (Pioneer). With the closing Pioneer becomes an important new member of HCC Surety Group. HCC's purchase of Pioneer allows HCC Surety Group to expand the size and types of products offered in the mountain states region (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming) and surrounding states. Pioneer's executive management, including Bruce Lowdermilk, President and David Hyatt, Vice President, and other key personnel remain with the company. Greg P. Faulx,
Vice President and Regional Director of HCC Surety Group, said, "We
are very excited to welcome Pioneer's employees and agents who provide
us an excellent opportunity to expand HCC Surety Group's presence in Colorado
and the surrounding mountain states." Our energy and resources remain focused on making this a seamless transition. We appreciate your support and will continue to work hard to earn your business. Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Bermuda, Spain, Ireland and the United Kingdom. HCC has assets of more than $8.0 billion, shareholders' equity in excess of $2.3 billion and is rated AA (Very Strong) by Standard & Poor's, AA (Very Strong) by Fitch Ratings and A+ (Superior) by A.M. Best Company. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * * * * * Pioneer
General's charter dates back to 1946 when the company primarily wrote
bail. We continue to write bail but have extended our services to include
all phases of the surety business which has contributed to our status
as the top writer of surety in Colorado for the past five years. We
have developed into a strong, well respected company, which is currently
rated A- by A.M.
Best and is currently listed as an approved surety writer
by the U.S. Treasury Department. Pioneer General is licensed in Arizona,
Colorado, Kansas, Missouri, Montana, Nebraska, Nevada, New Mexico, Utah,
and Wyoming at the present time, but we have the ability to write in
other states as necessary.
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