SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

WAY STEPHEN L

(Last)

(First)

(Middle)

(Street)

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
HCC INSURANCE HOLDINGS INC/DE/ [ HCC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman & CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/21/2003		G	V	9,491	D	26.34	3,334,126	D
Common Stock	03/21/2003		G	V	19,200	D	26.34	3,314,926	D
Common Stock	06/26/2003		M		128,800	A	12.0625	3,443,726	D
Common Stock	06/26/2003		S		128,800	D	29.8724	3,314,926	D
Common Stock	06/27/2003		M		42,200	A	12.0625	3,357,126	D
Common Stock	06/27/2003		S		42,200	D	29.8653	3,314,926	D
Common Stock	06/30/2003		M		2,300	A	12.0625	3,317,226	D
Common Stock	06/30/2003		S		2,300	D	29.9	3,314,926	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option to Purchase.⁽¹⁾	12.0625	06/26/2003		M			128,800	01/01/2001⁽²⁾	01/05/2007	Common Stock	600,000	$12.0625	114,900	D
Option to Purchase.⁽¹⁾	12.0625	06/27/2003		M			42,200	01/01/2001⁽²⁾	01/05/2007	Common Stock	600,000	$12.0625	72,700	D
Option to Purchase.⁽¹⁾	12.0625	06/30/2003		M			2,300	01/01/2001⁽²⁾	01/05/2007	Common Stock	600,000	$12.0625	70,400	D
Option to Purchase.⁽³⁾	20.39	07/22/2002		A		500,000		12/31/2002⁽⁴⁾	07/22/2008	Common Stock	500,000	$20.39	500,000	D

Explanation of Responses:

1. Option to Purchase granted pursuant to 1997 Flexible Incentive Plan. Total grant pursuant to reported Option to Purchase of 600,000 shares. Disposition transactions reported relate to single 01/05/2000, 600,000 share grant.

2. The options vest over a 3 year period. The aggregate number of shares purchasable as follows: 01/01/01 - 200,000; 01/01/02 - 400,000; 01/01/03 - 600,000.

3. Option to Purchase granted pursuant to 2001 Flexible Incentive Plan.

4. The options vest as follows: 12/31/02 - 200,000; 07/01/03 - 200,000; 07/01/04 - 100,000.

	Christopher L. Martin as Attorney-in-Fact for Stephen L. Way	06/30/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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