HCC Insurance receives default notice on 2%, 1.3% convertibles, 2% convertible exchange notes

By Caroline Salls

Pittsburgh, Oct. 31 - HCC Insurance Holdings, Inc. received a notice of default on its 2% convertible notes due 2021, 1.3% convertible notes due 2023 and 2% convertible exchange notes due 2021 for failure to provide the indenture trustee with its financial statements for the quarter ended June 30, according to an 8-K filing with the Securities and Exchange Commission.

The company has 60 days to deliver the 10-Q for that quarter to the trustee before the filing failure will constitute an event of default.

As of Tuesday, there were $297.3 million outstanding on the notes.

According to the filing, the audit committee of the company's board of directors is conducting a review of the company's historical stock option practices and related accounting treatment, and HCC will not be able to file its 10-Q until the review is completed.

HCC is an insurance holding company based in Houston.

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