US based specialty insurance group HCC Insurance Holdings (HCC) has acquired Lloyd's broker Dickson Manchester (DM).

DM's current management, led by Charles Manchester and Mike Dickson, will continue to oversee operations following the acquisition.

DM associate marketing director Andy Macpherson said: "This is a great deal for both parties. We now have the backing of a `AA' rated parent company, and while we don't need a cash injection, we now have great backing.

"HCC acquired DM for its market-leading position, and they want to maintain this. So there won't be any changes to our activity in the medium term."

He added that staff levels were due to expand, prior to the deal and will still continue to grow.

The deal enables HCC to add to its growing list of European insurance businesses, including Rattner Mackenzie.