HCC’s Centris Acquisition Completed for $171 Million

Houston-based HCC Insurance Inc. said Monday it completed its acquisition of Costa Mesa insurer Centris Group Inc. for $12.50 a share, or about $171 million in cash.

Centris becomes a wholly owned subsidiary of the insurance holding company, making HCC one of the top providers of medical stop-loss insurance, which covers unexpected medical claims against employers that self-insure their employees’ health care.

HCC said 11.3 million shares, or about 97.4% of Centris’ stock, were tendered. HCC said Centris shares not tendered and purchased will be acquired in a second-step merger for the same price.

Centris shares last traded Friday at $12.44, unchanged. HCC’s stock closed Monday at $11.31, down 6 cents a share, on the New York Stock Exchange.