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<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on January&nbsp;7, 2005



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-___________



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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933</B>


<P align="center" style="font-size: 24pt"><B>HCC Insurance Holdings, Inc.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>76-0336636</B><BR>
(I.R.S. Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>13403 Northwest Freeway, Houston, Texas</B><BR>
(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77040</B><BR>
(Zip code)</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>HCC INSURANCE HOLDINGS, INC.<BR>
2004 FLEXIBLE INCENTIVE PLAN</B>



<P align="center" style="font-size: 10pt">(Full title of the plan)



<P align="center" style="font-size: 10pt"><B>Christopher L. Martin,<BR>
Executive Vice President and General Counsel<BR>
13403 Northwest Freeway<BR>
Houston, Texas 77040<BR>
(713)&nbsp;690-7300</B>



<P align="center" style="font-size: 10pt">(Name and address and telephone<BR>
number, including area code,<BR>
of agent for service)



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of Each</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Class Of</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Maximum</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Maximum</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Securities</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">To Be</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">To Be</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Price</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registration</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Registered</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registered</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Per Unit</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Price</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD align="center" valign="top" style="border-top: 1px solid #000000">Common Shares
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">5,000,000
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$32.80
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$164,000,000
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$19302.80</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>

<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act of 1933, this registration statement also
covers an indeterminate number of shares as may be required to cover possible adjustments
under the Plan by reason of any stock dividend, stock split, share combination, exchange of shares, recapitalization, merger, consolidation, separate reorganization or the like of or by
the Registrant.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>Estimated solely for the purposes of calculating the registration fee pursuant to Rule
457(h), based on the average of the high and low prices of the Common Stock of the Registrant
on the New York Stock Exchange on January&nbsp;5, 2005.</TD>
</TR>

</TABLE>


<P>
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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information.*</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information.*</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">Exhibit&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="h21581exv4w1.htm">2004 Flexible Incentive Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="h21581exv5w1.htm">Opinion of Haynes & Boone, LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="h21581exv23w1.htm">Consent of PricewaterhouseCoopers LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="h21581exv24w1.htm">Powers of Attorney</A></TD></TR>
</TABLE>
</CENTER>
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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>


<DIV align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE<BR>
SECTION 10(a) PROSPECTUS</B></DIV>


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<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1. Plan Information.</B>*


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<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information</B>.*




<P>
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<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Information required by Part&nbsp;I to be contained in the Section 10(a) prospectus is omitted
from this Registration Statement in accordance with the Note to Part&nbsp;I of Form S-8.</TD>
</TR>

</TABLE>


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<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>


<DIV align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></DIV>


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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents (as filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) by the Registrant) are incorporated by reference in this Registration Statement:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The registrant&#146;s latest annual report on Form 10-K for the period ended
December&nbsp;31, 2003, as filed on March&nbsp;15, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The registrant&#146;s quarterly report on Form 10-Q for the quarter ended March&nbsp;31,
2004, as filed on May&nbsp;10, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The registrant&#146;s quarterly report on Form 10-Q for the second quarter ended
June&nbsp;30, 2004, as filed on August&nbsp;9, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>The registrant&#146;s quarterly report on Form 10-Q for the third quarter ended
September&nbsp;30, 2004, as filed on November&nbsp;9, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>The registrant&#146;s current reports on Form 8-K, as filed on July&nbsp;19, 2004;
November&nbsp;2, 2004; November 30, 2004; December&nbsp;1, 2004; December&nbsp;22, 2004 and December
29, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>The description of the Common Stock contained in the Registrant&#146;s Prospectus
filed with the Commission on September&nbsp;3, 1993 as part of the Registrant&#146;s Registration
Statement on Form S-1 (Registration No.&nbsp;33-67342); and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(g)&nbsp;&nbsp;</TD>
    <TD>All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a),
13(c), 14, and 15(d) of the Exchange Act prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be part hereof from the date of filing
of such documents.</TD>
</TR>

</TABLE>

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<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is incorporated under the laws of the State of Delaware. Section&nbsp;145 of the
General Corporation Law of the State of Delaware (&#147;Section&nbsp;145&#148;) provides that a Delaware
corporation may indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, by reason of the fact that such person is or was an officer,
director, employee or agent of such corporation, or is or was serving at the request of such
corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or enterprise, including an employee benefit plan. The indemnity may include
expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with such action, suit or proceeding, provided
that such person acted in good faith and in a manner he reasonably believed to be in or not opposed
to the corporation&#146;s best interests and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that his conduct was unlawful, except that no indemnification shall be
made in connection with any action or suit by or in the right of the corporation to procure a
judgment in its favor in respect of any claim, issue, or matter as to which such person shall have
been adjudged to be liable to the corporation unless and only to the extent that the Court of
Chancery or the court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, such
person is fairly and reasonably entitled to indemnity for such expenses that such court deems
proper. The termination of any action, suit, or proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which he reasonably believed
to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was unlawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 also provides that to the extent that a director, officer, employee or agent of
the corporation has been successful on the merits or otherwise in defense of any action, suit or
proceeding referred to above, or in defense of any claim, issue or matter therein, the corporation
must indemnify him against expenses (including attorneys&#146; fees) actually and reasonably incurred by
him in connection therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 further provides that any indemnification (unless ordered by a court) must be made
only as authorized in the specific case upon a determination that indemnification of the director,
officer, employee or agent is proper in the circumstances because he has met the applicable
standard of conduct set forth above. Such determination must be made (i)&nbsp;by a majority vote of the
directors who were not parties to such action, suit or proceeding, even though less than a quorum,
or (ii)&nbsp;if there are no such directors, or if such directors so direct, by independent legal
counsel in a written opinion, or (iii)&nbsp;by the stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 also provides that expenses (including attorneys&#146; fees) incurred by an officer or
director in defending or settling any civil, criminal, administrative or investigative action, suit
or proceeding may be paid by the corporation in advance of the final disposition of such action,
suit or proceeding, upon receipt of an undertaking by or on behalf of such director or officer to
repay such amount if it is ultimately determined that he is not entitled to be indemnified by the
corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 further provides that the indemnification and advancement of expenses provided by,
or granted pursuant to, Section&nbsp;145 shall not exclude any other rights to which a person seeking
indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in his official capacity
and as to action in another capacity while holding such office.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;IX of the Registrant&#146;s certificate of incorporation, as amended, requires the
Registrant to indemnify the Registrant&#146;s directors and officers to the extent permitted under
Section&nbsp;145.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VIII of the Registrant&#146;s bylaws also provides that the Registrant shall indemnify any
person who was or is a party or is threatened to be made a party to any threatened, pending, or
completed action, suit, or proceeding whether civil, criminal, administrative, or investigative, by
reason of the fact that he is or was a director or officer of the Registrant, or is or was serving
at the request of the Registrant as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, or other enterprise, in accordance with provisions corresponding
to Section&nbsp;145. However, such Article requires that the determination of whether a person is
entitled to indemnification is to be made, unless ordered by a court: (i)&nbsp;by a majority vote of a
quorum consisting of directors who at the time of


<P align="center" style="font-size: 10pt">&nbsp;
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">the vote are not parties to the proceeding; (ii)&nbsp;if such quorum cannot be obtained, or even if
obtainable a quorum of disinterested directors so directs, by independent legal counsel in a
written opinion; or (iii)&nbsp;by the stockholders of the Registrant. Further, the Registrant&#146;s bylaws
provide that any person, other than an officer or director, who was or is a party or is threatened
to be made a party to any threatened, pending, or completed action, suit or proceeding, whether
civil, criminal, administrative, or investigative, by reason of the fact that he is or was an
employee or agent of the Registrant, or was serving at the request of the Registrant as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust, or other
enterprise, and who desires indemnification shall make written application for such indemnification
to the Board of Directors for its determination that indemnification is appropriate, and if so, to
what extent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 further provides that a corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise against any liability asserted
against him and incurred by him in any such capacity, or arising out of his status as such, whether
or not the corporation would have the authority to indemnify him against such liability and
expenses under the provisions described in the preceding paragraphs. The Registrant maintains
liability insurance covering its directors and officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102(b)(7) of the General Corporation Law of the State of Delaware permits a Delaware
corporation to include a provision in its certificate of incorporation eliminating or limiting the
personal liability of a director to the corporation or its stockholders for monetary damages for
breach of fiduciary duty as a director, except (i)&nbsp;for any breach of the director&#146;s duty of loyalty
to the corporation or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (iii)&nbsp;pursuant to Section&nbsp;174 of the
General Corporation Law of the State of Delaware (providing for liability of directors for unlawful
payment of dividends or unlawful stock purchases or redemptions), or (iv)&nbsp;for any transaction from
which the director derived an improper personal benefit. Article&nbsp;X of the Registrant&#146;s Certificate
of Incorporation eliminates liability of directors of the Registrant to the Registrant or its
shareholders for monetary damages for breach of fiduciary duty to the extent permitted by Section
102(b)(7) of the General Corporation Law of the State of Delaware.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing discussion is qualified in its entirety by reference to the General Corporation
Law of the State of Delaware and the Registrant&#146;s Certificate of Incorporation and Bylaws.

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B>&nbsp;<B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HCC Insurance Holdings, Inc. 2004 Flexible Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Haynes &#038; Boone, LLP as to the legality of the
securities being registered &#151; filed herewith.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, independent
certified public accountants &#151; filed herewith.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Haynes &#038; Boone, LLP (included in the opinion
filed as Exhibit&nbsp;5 to this Registration Statement).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney &#151; filed herewith.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>to include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>to reflect in the prospectus any facts or events arising after
the effective date of this Registration Statement (or the most recent
post-effective amendment thereof), which, individually or in the aggregate,
represent a fundamental change in the information set forth in this
Registration Statement; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>to include any information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in the Registration Statement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><I>&nbsp;&nbsp;&nbsp;</I></TD>
    <TD><I>provided, however</I>, that paragraphs (a)(1)(i) and (ii)&nbsp;do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in this
Registration Statement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>That, for purposes of determining any liability under the Securities Act of
1933, each filing of the Registrant&#146;s annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(h)&nbsp;&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions described in Item&nbsp;6 above, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities
Act of 1933, and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer of controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of such issue.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on January&nbsp;7, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HCC INSURANCE HOLDINGS, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><FONT style="font-variant: SMALL-CAPS">/s/  Stephen L. Way</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD colspan="2" align="left">Stephen L. Way&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman of the Board of Directors and
Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Securities Act of 1933, this Registration Statement has been signed below by
the following persons and in the capacities and on the dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><U>SIGNATURE</U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U>TITLE</U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U>DATE</U></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ STEPHEN L. WAY
<HR size="1" noshade color="#000000">
Stephen L. Way
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Directors
and Chief Executive Officer
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ FRANK J. BRAMANTI*
<HR size="1" noshade color="#000000">
Frank J. Bramanti
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ PATRICK B. COLLINS*
<HR size="1" noshade color="#000000">
Patrick B. Collins
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ JAMES R. CRANE*
<HR size="1" noshade color="#000000">
James R. Crane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. ROBERT DICKERSON*
<HR size="1" noshade color="#000000">
J. Robert Dickerson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ WALTER M. DUER*
<HR size="1" noshade color="#000000">
Walter M. Duer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ EDWARD H. ELLIS, JR.
<HR size="1" noshade color="#000000">
Edward H. Ellis, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Executive Vice President and
Chief Financial Officer
(Principle Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ JAMES C. FLAGG, PH.D.*
<HR size="1" noshade color="#000000">
Dr.&nbsp;James C. Flagg
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ALLAN W. FULKERSON*
<HR size="1" noshade color="#000000">
Allan W. Fulkerson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ WALTER J. LACK*
<HR size="1" noshade color="#000000">
Walter J. Lack
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ MICHAEL A. F. ROBERTS*
<HR size="1" noshade color="#000000">
Michael A. F. Roberts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;7, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>*By:&nbsp;&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
STEPHEN L. WAY
<HR size="1" noshade color="#000000">
Stephen L. Way,<BR>
Attorney-in-Fact
</DIV></TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center" style="font-size: 10pt"><B>Exhibit&nbsp;Index</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B>&nbsp;<B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HCC Insurance Holdings, Inc. 2004 Flexible Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Haynes &#038; Boone, LLP as to the legality of the
securities being registered &#151; filed herewith.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, independent
certified public accountants &#151; filed herewith.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Haynes &#038; Boone, LLP (included in the opinion
filed as Exhibit&nbsp;5 to this Registration Statement).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney &#151; filed herewith.</TD>
</TR>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on January 7, 2005
Registration No. 333-___________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
HCC Insurance Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
76-0336636
(I.R.S. Employer Identification No.)
13403 Northwest Freeway, Houston, Texas
(Address of Principal Executive Offices)
77040
(Zip code)
HCC INSURANCE HOLDINGS, INC.
2004 FLEXIBLE INCENTIVE PLAN
(Full title of the plan)
Christopher L. Martin,
Executive Vice President and General Counsel
13403 Northwest Freeway
Houston, Texas 77040
(713) 690-7300
(Name and address and telephone
number, including area code,
of agent for service)
CALCULATION OF REGISTRATION FEE
Title of Each
Proposed
Proposed
Class Of
Maximum
Maximum
Securities
Amount
Offering
Aggregate
Amount of
To Be
To Be
Price
Offering
Registration
Registered
Registered
Per Unit
Price
Fee
Common Shares
5,000,000
$32.80
$164,000,000
$19302.80
(1)
Pursuant to Rule 416 under the Securities Act of 1933, this registration statement also
covers an indeterminate number of shares as may be required to cover possible adjustments
under the Plan by reason of any stock dividend, stock split, share combination, exchange of shares, recapitalization, merger, consolidation, separate reorganization or the like of or by
the Registrant.
(2)
Estimated solely for the purposes of calculating the registration fee pursuant to Rule
457(h), based on the average of the high and low prices of the Common Stock of the Registrant
on the New York Stock Exchange on January 5, 2005.
TABLE OF CONTENTS
PART I
Item 1. Plan Information.*
Item 2. Registrant Information and Employee Plan Annual Information.*
PART II
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption from Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
Exhibit Index
2004 Flexible Incentive Plan
Opinion of Haynes & Boone, LLP
Consent of PricewaterhouseCoopers LLP
Powers of Attorney
Table of Contents
PART I
INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS
Item 1. Plan Information.
*
Item 2. Registrant Information and Employee Plan Annual Information
.*
*
Information required by Part I to be contained in the Section 10(a) prospectus is omitted
from this Registration Statement in accordance with the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents (as filed with the Securities and Exchange Commission (the
"Commission") by the Registrant) are incorporated by reference in this Registration Statement:
(a)
The registrant's latest annual report on Form 10-K for the period ended
December 31, 2003, as filed on March 15, 2004;
(b)
The registrant's quarterly report on Form 10-Q for the quarter ended March 31,
2004, as filed on May 10, 2004;
(c)
The registrant's quarterly report on Form 10-Q for the second quarter ended
June 30, 2004, as filed on August 9, 2004;
(d)
The registrant's quarterly report on Form 10-Q for the third quarter ended
September 30, 2004, as filed on November 9, 2004;
(e)
The registrant's current reports on Form 8-K, as filed on July 19, 2004;
November 2, 2004; November 30, 2004; December 1, 2004; December 22, 2004 and December
29, 2004;
(f)
The description of the Common Stock contained in the Registrant's Prospectus
filed with the Commission on September 3, 1993 as part of the Registrant's Registration
Statement on Form S-1 (Registration No. 33-67342); and
(g)
All documents subsequently filed by the Registrant pursuant to Sections 13(a),
13(c), 14, and 15(d) of the Exchange Act prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be part hereof from the date of filing
of such documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Table of Contents
Item 6. Indemnification of Directors and Officers.
The Registrant is incorporated under the laws of the State of Delaware. Section 145 of the
General Corporation Law of the State of Delaware ("Section 145") provides that a Delaware
corporation may indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, by reason of the fact that such person is or was an officer,
director, employee or agent of such corporation, or is or was serving at the request of such
corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or enterprise, including an employee benefit plan. The indemnity may include
expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with such action, suit or proceeding, provided
that such person acted in good faith and in a manner he reasonably believed to be in or not opposed
to the corporation's best interests and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that his conduct was unlawful, except that no indemnification shall be
made in connection with any action or suit by or in the right of the corporation to procure a
judgment in its favor in respect of any claim, issue, or matter as to which such person shall have
been adjudged to be liable to the corporation unless and only to the extent that the Court of
Chancery or the court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, such
person is fairly and reasonably entitled to indemnity for such expenses that such court deems
proper. The termination of any action, suit, or proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which he reasonably believed
to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was unlawful.
Section 145 also provides that to the extent that a director, officer, employee or agent of
the corporation has been successful on the merits or otherwise in defense of any action, suit or
proceeding referred to above, or in defense of any claim, issue or matter therein, the corporation
must indemnify him against expenses (including attorneys' fees) actually and reasonably incurred by
him in connection therewith.
Section 145 further provides that any indemnification (unless ordered by a court) must be made
only as authorized in the specific case upon a determination that indemnification of the director,
officer, employee or agent is proper in the circumstances because he has met the applicable
standard of conduct set forth above. Such determination must be made (i) by a majority vote of the
directors who were not parties to such action, suit or proceeding, even though less than a quorum,
or (ii) if there are no such directors, or if such directors so direct, by independent legal
counsel in a written opinion, or (iii) by the stockholders.
Section 145 also provides that expenses (including attorneys' fees) incurred by an officer or
director in defending or settling any civil, criminal, administrative or investigative action, suit
or proceeding may be paid by the corporation in advance of the final disposition of such action,
suit or proceeding, upon receipt of an undertaking by or on behalf of such director or officer to
repay such amount if it is ultimately determined that he is not entitled to be indemnified by the
corporation.
Section 145 further provides that the indemnification and advancement of expenses provided by,
or granted pursuant to, Section 145 shall not exclude any other rights to which a person seeking
indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in his official capacity
and as to action in another capacity while holding such office.
Article IX of the Registrant's certificate of incorporation, as amended, requires the
Registrant to indemnify the Registrant's directors and officers to the extent permitted under
Section 145.
Article VIII of the Registrant's bylaws also provides that the Registrant shall indemnify any
person who was or is a party or is threatened to be made a party to any threatened, pending, or
completed action, suit, or proceeding whether civil, criminal, administrative, or investigative, by
reason of the fact that he is or was a director or officer of the Registrant, or is or was serving
at the request of the Registrant as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, or other enterprise, in accordance with provisions corresponding
to Section 145. However, such Article requires that the determination of whether a person is
entitled to indemnification is to be made, unless ordered by a court: (i) by a majority vote of a
quorum consisting of directors who at the time of
Table of Contents
the vote are not parties to the proceeding; (ii) if such quorum cannot be obtained, or even if
obtainable a quorum of disinterested directors so directs, by independent legal counsel in a
written opinion; or (iii) by the stockholders of the Registrant. Further, the Registrant's bylaws
provide that any person, other than an officer or director, who was or is a party or is threatened
to be made a party to any threatened, pending, or completed action, suit or proceeding, whether
civil, criminal, administrative, or investigative, by reason of the fact that he is or was an
employee or agent of the Registrant, or was serving at the request of the Registrant as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust, or other
enterprise, and who desires indemnification shall make written application for such indemnification
to the Board of Directors for its determination that indemnification is appropriate, and if so, to
what extent.
Section 145 further provides that a corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise against any liability asserted
against him and incurred by him in any such capacity, or arising out of his status as such, whether
or not the corporation would have the authority to indemnify him against such liability and
expenses under the provisions described in the preceding paragraphs. The Registrant maintains
liability insurance covering its directors and officers.
Section 102(b)(7) of the General Corporation Law of the State of Delaware permits a Delaware
corporation to include a provision in its certificate of incorporation eliminating or limiting the
personal liability of a director to the corporation or its stockholders for monetary damages for
breach of fiduciary duty as a director, except (i) for any breach of the director's duty of loyalty
to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the
General Corporation Law of the State of Delaware (providing for liability of directors for unlawful
payment of dividends or unlawful stock purchases or redemptions), or (iv) for any transaction from
which the director derived an improper personal benefit. Article X of the Registrant's Certificate
of Incorporation eliminates liability of directors of the Registrant to the Registrant or its
shareholders for monetary damages for breach of fiduciary duty to the extent permitted by Section
102(b)(7) of the General Corporation Law of the State of Delaware.
The foregoing discussion is qualified in its entirety by reference to the General Corporation
Law of the State of Delaware and the Registrant's Certificate of Incorporation and Bylaws.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit
Number
Description
4.1
HCC Insurance Holdings, Inc. 2004 Flexible Incentive Plan.
5.1
Opinion of Haynes & Boone, LLP as to the legality of the
securities being registered — filed herewith.
23.1
Consent of PricewaterhouseCoopers LLP, independent
certified public accountants — filed herewith.
23.2
Consent of Haynes & Boone, LLP (included in the opinion
filed as Exhibit 5 to this Registration Statement).
24.1
Powers of Attorney — filed herewith.
Table of Contents
Item 9. Undertakings.
The undersigned Registrant hereby undertakes:
(a)
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i)
to include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii)
to reflect in the prospectus any facts or events arising after
the effective date of this Registration Statement (or the most recent
post-effective amendment thereof), which, individually or in the aggregate,
represent a fundamental change in the information set forth in this
Registration Statement; and
(iii)
to include any information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in the Registration Statement;
provided, however
, that paragraphs (a)(1)(i) and (ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in this
Registration Statement.
(2)
That, for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
(b)
That, for purposes of determining any liability under the Securities Act of
1933, each filing of the Registrant's annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(h)
Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions described in Item 6 above, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities
Act of 1933, and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer of controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of such issue.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on January 7, 2005.
HCC INSURANCE HOLDINGS, INC.
(Registrant)
By:
/s/  Stephen L. Way
By:
Stephen L. Way
Chairman of the Board of Directors and
Chief Executive Officer
Pursuant to the Securities Act of 1933, this Registration Statement has been signed below by
the following persons and in the capacities and on the dates indicated.
SIGNATURE
TITLE
DATE
/s/ STEPHEN L. WAY
Stephen L. Way
Chairman of the Board of Directors
and Chief Executive Officer
(Principal Executive Officer)
January 7, 2005
/s/ FRANK J. BRAMANTI*
Frank J. Bramanti
Director
January 7, 2005
/s/ PATRICK B. COLLINS*
Patrick B. Collins
Director
January 7, 2005
/s/ JAMES R. CRANE*
James R. Crane
Director
January 7, 2005
/s/ J. ROBERT DICKERSON*
J. Robert Dickerson
Director
January 7, 2005
/s/ WALTER M. DUER*
Walter M. Duer
Director
January 7, 2005
/s/ EDWARD H. ELLIS, JR.
Edward H. Ellis, Jr.
Director, Executive Vice President and
Chief Financial Officer
(Principle Accounting Officer)
January 7, 2005
/s/ JAMES C. FLAGG, PH.D.*
Dr. James C. Flagg
Director
January 7, 2005
/s/ALLAN W. FULKERSON*
Allan W. Fulkerson
Director
January 7, 2005
/s/ WALTER J. LACK*
Walter J. Lack
Director
January 7, 2005
/s/ MICHAEL A. F. ROBERTS*
Michael A. F. Roberts
Director
January 7, 2005
*By:
/s/
STEPHEN L. WAY
Stephen L. Way,
Attorney-in-Fact
Table of Contents
Exhibit Index
Exhibit
Number
Description
4.1
HCC Insurance Holdings, Inc. 2004 Flexible Incentive Plan.
5.1
Opinion of Haynes & Boone, LLP as to the legality of the
securities being registered — filed herewith.
23.1
Consent of PricewaterhouseCoopers LLP, independent
certified public accountants — filed herewith.
23.2
Consent of Haynes & Boone, LLP (included in the opinion
filed as Exhibit 5 to this Registration Statement).
24.1
Powers of Attorney — filed herewith.