HCC Insurance Holdings, Inc. is pleased to announce today the appointment of Mr. Thibaud Hervy and Mr. Philippe Vezio as joint CEO's of our HCC Global international operations, replacing Mr. R. Matthew Fairfield.
Mr. Thibaud Hervy and Mr. Philippe Vezio have been with HCC Global and its predecessor since 1999 and 2000, respectively. They have both held decisive roles in its development. Mr. Hervy supervised the international portfolio of business, leading the underwriting team, and Mr. Vezio ran the claims department being actively involved in the drafting of international policy wordings. With years of experience in the insurance industry, extending beyond their tenure at HCC Global, both gentlemen step confidently into their new roles within the company. From the Barcelona headquarters, they will oversee all of HCC Global's international business for HCC Global's Barcelona, London, and Miami offices.
Mr. Fairfield announced his departure and proposed his successors at a time when the company is uniquely positioned in the market with its excellent financial strength and long term and successful focus on specialty lines.
HCC Insurance Holdings, Inc. President and Chief Executive Officer John N. Molbeck, Jr. said, "Thibaud and Philippe are two proven executives and recognized market leaders. We are very pleased that they have assumed their new responsibilities and have entered into long term employment contracts with the Company. Matt Fairfield has positioned HCC Global extremely well during his tenure and we wish him all the best in the future."
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading international specialty insurance group with offices across the United States and in the United Kingdom, Spain and Ireland. As of March 31, 2010, HCC had assets of $8.9 billion and shareholders' equity of $3.1 billion. HCC's major domestic and international insurance companies have a financial strength rating of "AA (Very Strong)" from Standard & Poor's Corporation. HCC's major domestic insurance companies have a financial strength rating of "AA (Very Strong)" from Fitch Ratings, "A1 (Good Security)" from Moody's Investors Service, Inc., and "A+ (Superior)" by A.M. Best Company, Inc.