Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Penny Pamela J
 2. Date of Event Requiring Statement (Month/Day/Year)
05/10/2007		 3. Issuer Name and Ticker or Trading Symbol
HCC INSURANCE HOLDINGS INC/DE/ [HCC]
(Last)
(First)
(Middle)
13403 NORTHWEST FREEWAY		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HOUSTON, TX 77040		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Option to Purchase (1)   (2) 08/26/2010 Common Stock 30,000 (6) $ 19.73 D  
Option to Purchase (3)   (4) 07/22/2011 Common Stock 35,000 $ 27.56 D  
Option to Purchase (1)   (5) 03/02/2013 Common Stock 50,000 $ 31.11 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Penny Pamela J
13403 NORTHWEST FREEWAY
HOUSTON, TX 77040		       Senior Vice President  

Signatures

Pamela J. Penny 05/15/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Option to purchase granted pursuant to the 2001 Flexible Incentive Plan.
(2) Options vest equally annually over a 5 year period at 7,500 shares per year beginning 8/26/05.
(3) Option to purchase granted pursuant to the 2004 Flexible Incentive Plan.
(4) Options vest equally annually over a 5 year period at 7,000 shares per year beginning 07/22/06.
(5) Options vest equally annually over a 5 year period at 10,000 shares per year beginning 03/02/08.
(6) 7,500 shares have already been exercised from the original grant of 37,500 shares.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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