EXHIBIT 99.2

                     HCC ANNOUNCES CONVERTIBLE NOTE PRICING

HOUSTON (March 26, 2003) . . .

HCC INSURANCE HOLDINGS, INC. (NYSE SYMBOL: HCC) announced today that it will
receive $125,000,000 in gross proceeds from the sale of convertible notes (the
"Notes") due in 2023. HCC intends to use the proceeds of the offering to repay
outstanding debt, to fund future acquisitions and strategic investments, and for
general corporate purposes.

The Notes, which are convertible into HCC's common stock, were offered under
HCC's shelf registration statement and have been underwritten by Salomon
Smith Barney as sole book-running manager with Raymond James and Associates,
Inc., Wells Fargo Inc., William Blair and Company, Inc., and Advest Inc., as
co-managers.

The Notes carry a coupon rate of 1.30 percent per annum with an initial
conversion price of $33.969 per share. The underwriters have a 30-day option to
purchase up to an additional $18,750,000 principal amount of the Notes to cover
over-allotments.

Each $1,000 principal amount of the Notes will be convertible into 29.4386
shares of HCC's common stock upon the occurrence of any of the following events:
(1) the closing price of HCC's shares of common stock on the New York Stock
Exchange reaches certain specified thresholds; (2) HCC calls the Notes for
redemption; or (3) HCC is a party to certain mergers or consolidations.

HCC may redeem the Notes for cash on or after April 4, 2009 at their face value
plus accrued and unpaid interest. HCC may be required to repurchase the Notes at
their face value plus accrued and unpaid interest, at the option of the holders
on each of April 1, 2009, 2014 and 2019. In such event, HCC may choose to pay
the purchase price for such repurchases in cash or shares of its common stock.
HCC may also be required to repurchase the Notes for cash, or its common stock,
at face value plus accrued and unpaid interest upon the occurrence of certain
change in control events occurring prior to April 1, 2009.

This press release does not constitute an offer to sell or the solicitation
of an offer to buy these securities.  The Notes may be offered only by means
of a prospectus, including a prospectus supplement.  A copy of the prospectus
may be obtained from Salomon Smith Barney, Raymond James and Associates,
Inc., Wells Fargo, Inc., William Blair and Company, Inc., or Advest Inc.



HCC is an international insurance holding company and a leading specialty
insurance group since 1974. HCC has assets of $3.7 billion and its shares trade
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
            HCC Insurance Holdings, Inc.
            Telephone: (713) 690-7300

Forward-looking statements contained in this press release are made under "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995 and
involve a number of risks and uncertainties. The types of risks and
uncertainties which may affect the Company are set forth in its periodic reports
filed with the Securities and Exchange Commission.

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