UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

HCC INSURANCE HOLDINGS, INC.

Delaware		001-13790		76-0336636
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 5.02.		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     On March 10, 2011, the Compensation Committee of the Board of Directors (the “Committee”) of HCC Insurance Holdings, Inc. (the “Company”) adopted the following compensation-related decisions regarding the Company’s named executive officers (i.e. — those executive officers for whom disclosure was required in the Company’s 2010 Proxy Statement):

2010 Cash Performance Awards

     The Committee approved the actual amounts to be paid to certain executive officers, including our named executive officers, for cash performance awards made in 2010 under the Company’s 2008 Flexible Incentive Plan (the “2008 FIP”), as follows:

Named Executive Officer		2010 Cash Performance Award
John N. Molbeck, Jr.		$	3,250,000
Craig J. Kelbel		$	675,000
Michael J. Schell		$	725,000
W. Tobin Whamond		$	500,000

     In addition, the Committee awarded discretionary annual incentive awards to named executive officers who did not receive cash performance awards in 2010 under the 2008 FIP, as follows:

Named Executive Officer		2010 Discretionary Annual Incentive Award
Barry J. Cook		$	978,000	*
Brad T. Irick		$	250,000

2011 Cash Performance Award Targets

     The Committee designated named executive officers as participants and established targets for the cash performance awards in 2011 under the 2008 FIP, as follows:

Named Executive Officer		2011 Cash Performance Award Target
John N. Molbeck, Jr.			1.00	%
Brad T. Irick			0.25	%
Craig J. Kelbel			0.25	%
Michael J. Schell			0.25	%
W. Tobin Whamond			0.25	%

     The target awards are expressed as a percentage of the Company’s pre-tax income for 2011. The actual amount paid under these cash performance awards may differ from the 2011 target. Under the terms of the 2008 FIP, the Committee has the authority to reduce any award down to zero, at any time until such award is paid on March 15, 2012.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DATED: March 15, 2011