Fitch Rates HCC Notes 'A-'

Fitch Ratings has assigned an 'A-' rating to HCC Insurance Holdings, Inc.'s (HCC) recent offering of $125 million of 1.3% senior convertible notes due April 2023. The rating is equivalent to HCC's current long-term issuer and senior debt rating. Proceeds from the offering will be used to pay down existing debt and general corporate purposes. The Rating Outlook is Stable. The rating is based on HCC's market position in a number of specialty insurance segments, as well as the company's strong capital position at its insurance subsidiaries and at the parent holding company, conservative investm...