Fitch upgrades HCC

Fitch Ratings said it upgraded HCC Insurance Holdings, Inc.'s issuer default rating to A+ from A, $172 million 2% convertible notes to A from A- and $125 million 1.3% convertible notes to A from A-.

The outlook is stable.

Fitch said the upgrade reflects the agency's belief that HCC's capital position at its insurance subsidiaries and at the parent holding company is solid, its investment profile is conservative and loss reserves are adequate.

The upgrade also reflects HCC's leading market position in narrowly defined, non-correlated specialty insurance segments, the agency said.

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