Acquisition for HCC Insurance Holdings
HCC Insurance Holdings has recently acquired Indiana-based MultiNational Underwriters (MNU), which specialises in international life, accident and health insurance.
MNU was established in 1998 and sells insurance in more than 130 countries, primarily via the internet. It is anticipated that MNU will write in excess of $40 million in premiums in 2008.
HCC Insurance Holdings, based in Houston, has secured approval to establish a new Lloyd’s Syndicate, 4141, which will initially write the MNU international accident and health insurance and develop other lines of business in the future. The 2008 year capacity of Syndicate 4141 is approximately $24 million.
Frank J Bramanti, HCC’s chief executive officer, expects the group’s Lloyd’s platform to enable it to continue expanding its product offerings as well as allow HCC to avail itself of the many advantages of underwriting in the Lloyd’s market.