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HCC Set To Acquire Life Unit

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HCC Insurance Holdings Inc. says it has agreed to acquire MIC Life Insurance Corp. from Motors Insurance Corp. [@@]

HCC is not disclosing the price of the deal, but it says it expects to close on the deal soon.

MIC Life is inactive but licensed to do business in all states except New York. Its parent, Motors Insurance, is a subsidiary of General Motors Acceptance Corp. Insurance Holdings Inc.

HCC, a holding company in Houston, also owns HCC Life Insurance Company.

HCC says it is buying a second life company to expand its line of specialty life, accident and health insurance products.