HCC Insurance Holdings has reached an agreement to acquire the remaining 66% interest in shares that it does not already own of the DeMontfort Group of companies. The purchase, the value of which was not disclosed, will be dependent on receipt of UK regulatory approvals.
DeMontfort is an insurance company, located in the UK, that provides surety and credit insurance to small and medium sized companies throughout the UK and Ireland. Led by executive managers Jim Davidson and Martyn Ward, DeMontfort has been in business for 22 years and currently underwrites almost 20 million in annual premium.
DeMontfort will become part of the HCC Surety Group, reporting to its CEO, Robert Thomas. Commenting on the transaction, Mr Thomas said, We are very pleased to welcome the team at DeMontfort to the HCC Surety Group, where they will be able to continue to grow their specialty operations.
HCC is an international insurance holding company and a leading specialty insurance group based in Houston, Texas, with offices across the US and in Bermuda, England and Spain. HCC has assets of more than $5.5 billion and shareholders’ equity of over $1.25 billion.