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                                                                    EXHIBIT 99.2



                                 HCC TO ACQUIRE
                          PROFESSIONAL INDEMNITY AGENCY


HOUSTON (July 26, 2001) . . . Stephen L. Way, Chairman and Chief Executive
Officer of HCC INSURANCE HOLDINGS, INC. (NYSE symbol: HCC) announced today that
the Company has signed a letter of intent to acquire all of the outstanding
shares of Marshall Rattner, Inc., the parent company of Professional Indemnity
Agency, Inc. ("PIA"). The transaction contemplates a combination of cash and HCC
shares and is expected to close in August, 2001.

PIA is an underwriting agency based in Mt. Kisco, New York focusing on specialty
lines of insurance including kidnap & ransom, miscellaneous errors & omissions
and directors & officers insurance. Founded in 1977, PIA is recognized as a
leader in its specialty insurance business and enjoys a superior reputation,
worldwide. PIA is expected to underwrite approximately $110 million in premium
during 2001.

Mr. Way stated that this acquisition is part of HCC's continuing philosophy to
expand its underwriting agency operations and also provide the Company
diversification into new specialty lines of business.


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Mark E. Rattner, who will remain President and Chief Executive Officer of PIA,
stated that he and his existing team would continue to manage PIA's operations
following the transaction. Mr. Rattner added that as part of the HCC group, PIA
will be able to provide increased stability to its reinsurers, producers and
clients, as well as expand its operations into other specialty lines of
business, possibly through further acquisitions.

HCC is an international insurance holding company with assets exceeding $2.75
billion and whose shares are traded on the NYSE (symbol: HCC) with a market
capitalization of over $1.5 billion. HCC is rated AA (Very Strong) by Standard &
Poor's and A+ (Superior) by A. M. Best Company.

For more information, visit our website at WWW.HCCH.COM.

Contact:    L. Byron Way, Vice President at
            HCC Insurance Holdings, Inc. (713) 690-7300

This press release contains certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934, which are intended to be covered by the safe
harbors created by those laws. We have based these forward-looking statements on
our current expectations and projections about future events. These
forward-looking statements include information about possible or assumed future
results of our operations. All statements, other than statements of historical
facts, included in this press release that address activities, events or
developments that we expect or anticipate may occur in the future, including
such things as future capital expenditures, business strategies, competitive
strengths, goals, growth of our businesses and operations, plans and references
to future successes may be considered forward-looking statements. Also, when we
use words


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such as "anticipate," "believe," "estimate," "expect," "intend," "plan,"
"probably" or similar expressions, we are making forward-looking statements.
Many risks and uncertainties may impact the matters addressed in these
forward-looking statements. Many possible events or factors could affect our
future financial results and performance. These could cause our results or
performance to differ materially from those we express in our forward-looking
statements. Although we believe that the assumptions underlying our
forward-looking statements are reasonable, any of these assumptions, and
therefore also the forward-looking statements based on these assumptions, could
themselves prove to be inaccurate. In light of the significant uncertainties
inherent in the forward-looking statements included in this press release, our
inclusion of this information is not a representation by us or any other person
that our objectives and plans will be achieved. Our forward-looking statements
speak only as of the date made and we will not update these forward-looking
statements unless the securities laws require us to do so. In light of these
risks, uncertainties and assumptions, the forward-looking events discussed in
this press release may not occur.

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