Posted on 06 May 2009
In other HCC Insurance Holdings, Inc. news, the leading international specialty insurance group announced today that the Company's Board of Directors has appointed John N. Molbeck, Jr. Chief Executive Officer of HCC, succeeding Frank J. Bramanti, who is retiring as CEO. In addition to his new position as CEO, Molbeck will continue as President of the Company. Bramanti will remain on the Board of Directors.
"We believe the time is right for John Molbeck to step into this role," said HCC Board Chairman Christopher J. B. Williams. "John has consistently shown his ability to successfully lead the Company. The Board believes John's experience leading our insurance operations as President and Chief Operating Officer has prepared him for assuming the role of CEO.
"The Board is grateful for Frank Bramanti's leadership since November 2006 when he came out of retirement to take on the CEO position. He led HCC through the most difficult time in our history and through the 2008 financial market meltdown from which HCC has emerged unscathed," Williams added. "As a continuing Board member, Frank's 29 years of experience with HCC will prove invaluable to our shareholders."
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. HCC has assets of $8.6 billion, shareholders' equity of $2.7 billion and is rated AA (Very Strong) by Standard & Poor's and AA (Very Strong) by Fitch Ratings. In addition, HCC's major domestic insurance companies are rated A+ (Superior) by A.M. Best Company.