Posted on 07 Jan 2009
HCC Insurance Holdings, Inc. announced on Tuesday that it has acquired VMGU Insurance Agency, a leading underwriter of the lumber, building materials, forest products and woodworking industries. The acquisition, along with recently announced transactions in the Public Risk insurance sector, will further extend HCC's reach in the specialty commercial package insurance market.
Based in Waltham, Massachusetts, VMGU is the only lumber and wood products underwriter that operates on a national basis in all 50 states. VMGU is headed by President Richard D. Hayes, who will remain with the operation. VMGU, which is expected to write approximately $20 million in gross written premium in 2009, will become part of HCC's Professional Indemnity Agency subsidiary.
"VMGU is a very successful national underwriter for wood products, writing a wide range of coverages for woodworking shops, lumber yards and furniture manufacturers with expansion opportunities into inland marine risks. We are very happy to announce that Dick Hayes and VMGU are becoming a part of HCC," HCC Chief Executive Officer Frank J. Bramanti said.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Bermuda, Ireland, Spain and the United Kingdom.