Stephen Way, chairman and CEO of Houston-based HCC Insurance Holdings, Inc., announced that the company had reached an agreement to acquire Rockwood Programs, Inc. headquartered in Wilmington, Del. Terms of the transaction were not disclosed, but it is expected to close shortly.
Rockwood’s operations are focused on the production and underwriting of specialty liability insurance lines such as Employment Practices Liability Insurance (EPLI) and Insurance Agents Errors & Omissions and gross premiums are expected to exceed $50 million in 2004.
Glenn Clark, formerly with Morefar Marketing / UNAT Direct Europe (AIG), will remain Rockwood’s CEO following the transaction. Clark founded the company in 1996 as a subsidiary of intermediary E.W. Blanch, which is now part of Benfield’s U.S. operations. Clark subsequently purchased Rockwood in 2000 and established it as an independent underwriting agency.
HCC is rated AA (Very Strong) by Standard & Poor’s and A+ (Superior) by A. M. Best Company.
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