HCC Insurance to divest Rattner Mackenzie to Guy Carpenter

Tue. October 06, 2009; Posted: 08:33 AM

Oct 06, 2009 (Datamonitor via COMTEX) -- HCC | Quote | Chart | News | PowerRating -- HCC Insurance Holdings has executed an agreement to sell all of the issued shares of its reinsurance broker affiliate Rattner Mackenzie to Guy Carpenter & Company.

For strategic reasons, HCC is looking to focus its development around its core insurance business and believes that Guy Carpenter provides an excellent platform for all of Rattner Mackenzie's (RML's) clients.

The transaction is expected to close in October 2009 following receipt of regulatory approvals and satisfaction of other closing conditions. Terms of the transaction have not been disclosed. Hines Associates acted as financial advisor to HCC in relation to the transaction, and Clyde & Co acted as legal counsel.

John Molbeck, Jr, HCC's president and CEO, said: "The transaction will enable HCC to focus on its core businesses while enabling RML to develop its business proposition in conjunction with Guy Carpenter, which we believe to be an ideal home for RML. We consider Guy Carpenter to be a premier reinsurance intermediary and we are delighted to further our trading relationship with them as a result of this transaction."

Peter Zaffino, president and CEO of Guy Carpenter, said: "We have great respect for HCC and its management team and are extremely proud to become a major trading partner as a result of the transaction. The acquisition of RML is further demonstration of our strategy to build our capabilities in the specialty sector."

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For full details on HCC Insurance Holdings Inc (HCC) click here. HCC Insurance Holdings Inc (HCC) has Short Term PowerRatings of 5. Details on HCC Insurance Holdings Inc (HCC) Short Term PowerRatings is available at This Link.

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