Texas-based HCC Insurance has merged two of its wholly-owned subsidiaries, Pioneer General Insurance Company (PGIC) and American Contractors Indemnity Company (ACIC) as part of HCC's ongoing effort to rationalize its legal entity structure.
As per the terms of the merger agreement, effective from 31 December 2011, all of Pioneer General’s business has been transitioned to American Contractors.
As of 31 December 2010, HCC had total assets of $9.6bn and shareholders’ equity of $3.3bn.
HCC Insurance, founded in 1974, is a general featured item insurance group with branches across the US, the UK, Spain and Ireland.
HCC underwrites more than 100 classes of Specialty Insurance within five segments including US property & casualty, professional liability, accident & health, US surety & credit, and international.