HCC to Purchase Covenant & Continental Underwriting Agencies

June 30, 2003

Stephen Way, chairman and CEO of Houston-based HCC Insurance Holdings, Inc. announced that the company had reached an agreement to acquire Covenant Underwriters, Ltd. and Continental Underwriters, Ltd., both headquartered in Covington, La. Terms of the transaction were not disclosed, but it is expected to close shortly.

Both agencies are part of the same Group, which are specialists in commercial marine insurance. Operations are focused on Mississippi tug and barge business, as well as crew and service vessels in the Gulf of Mexico. The late Elder Brown, Sr. founded Continental in 1970, and his son Elder Brown, Jr. founded Covenant in 1993. Elder Brown Jr. will remain CEO of the Group following the transaction.

Way noted that, “Elder Brown has built his group into one of the leading markets for tug, barge and service vessel business and we are most fortunate to have reached this agreement with him.” Mr. Way added, “We intend to grow this unique marine insurance operation both in the U.S. and Internationally, as we continue to expand HCC’s specialty operations.”

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