HCC Insurance Holdings names John Molbeck CEO

(RTTNews) -  Wednesday, specialty insurance group HCC Insurance Holdings, Inc. (HCC: News ) said that it appointed John Molbeck, currently President and Chief Operating Officer, as the new Chief Executive Officer, succeeding Frank Bramanti. In addition to his position as CEO, Molbeck will continue as President of the company.

Bramanti, who is retiring from the position of CEO, will remain on the board of directors. Bramanti was the CEO of the company since 2006 when he came out of retirement to take on the CEO position.

Commenting on the appointment, Christopher Williams, chairman of HCC said, "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 Houston, Texas-based HCC Insurance Holdings and its subsidiaries provide property and casualty, surety, group life, accident, and health insurance coverage, as well as related agency and reinsurance brokerage services.

HCC is currently trading at $23.64,down $1.13 or 4.56%,on the NYSE, with a volume of 1.6 million shares.