HCC to buy Prof. Indemnity

Houston-based HCC Insurance Holdings Inc. has signed a letter of intent to acquire all of the outstanding shares of Marshall Rattner Inc., the parent company of Professional Indemnity Agency Inc. HCC said it will acquire Professional Indemnity Agency through a combination of cash and HCC shares in a transaction that is expected to close in August. Professional Indemnity Agency is an underwriting agency based in Mt. Kisco, N.Y. Founded in 1977, the agency focuses on specialty lines of insurance including kidnap and ransom, miscellaneous errors and omissions, and directors and officers insurance. HCC said Professional Indemnity Agency is expected to underwrite approximately $110 million in premium during 2001. Professional Indemnity Agency’s current management and staff will manage the group’s operations following the transaction.