HCC streamlines underwriting segmentsReprints
HCC Insurance Holdings Inc. said on Thursday that it has revised its operating and reporting structure into three underwriting segments from five.
Effective in the first quarter of 2015, the Houston-based company’s underwriting segments are: North America property/casualty, accident and health, and international. A company spokesman said HCC began the restructuring in the wake of its January 2015 acquisition of crop insurer Producers Ag Insurance Group Inc. and that no layoffs would result from the restructuring. The North America property/casualty segment now includes: directors’ and officers’ liability, primary and excess casualty, small account errors and omissions liability, employment practices liability as well as ProAg’s crop products offerings.
The accident and health segment includes medical stop-loss, and short-term domestic and international medical coverages written in the United States. The International segment includes: London market marine and energy, property treaty, property and accident and health as well as specialty products such as D&O, professional indemnity, casualty, surety, and credit.
In addition to the three underwriting segments, the reorganization also creates an investing segment, HCC said in a statement, adding that prior period financial data will be revised to reflect the new reporting segments for comparability purposes.