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                                                                      EXHIBIT 14

                          HCC INSURANCE HOLDINGS, INC.


                           CODE OF ETHICS STATEMENT BY
              CHIEF EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS

In my role as an officer of HCC Insurance Holdings, Inc. (the "Company"), I
recognize and acknowledge my obligations to the Company, the Company's
shareholders and the public investor community to maintain the highest standard
of ethical conduct in the performance of my duties for and on behalf of the
Company. This Code of Ethics for the Chief Executive Officer and Senior
Financial Officers (the "Code") provides principles and standards to which I am
expected to adhere and promote.

I certify to that I will adhere to and promote the following principles and
standards that govern my professional and ethical conduct. Specifically, I will:

          1.   Conduct myself with the highest principles of honesty,
               professionalism, integrity, truthfulness and honor.

          2.   Avoid not only impropriety, but also the appearance of
               impropriety.

          3.   Conduct my outside associations and personal business, financial
               and other relationships in such a manner that will avoid any
               likelihood of a conflict of interest or appearance of a conflict
               of interest between such outside association and my personal
               interests and those of the Company.

          4.   Comply with all applicable federal, state and local governmental
               laws, rules and regulations and not make, recommend or cause to
               be taken any action known or believed to be in violation of any
               applicable governmental law, rule or regulation.

          5.   Refrain from engaging in or supporting any activity that would
               discredit the Company.

          6.   Communicate any professional or personal limitations or
               constraints that would preclude the exercise of ethical,
               responsible and principled judgment and/or conduct.

          7.   Refrain from any misuse of the Company's assets or confidential
               information, or committing any act or omission that would
               undermine or subvert the Company's legitimate business and
               ethical objectives.

          8.   Provide full, fair, accurate, timely and understandable
               disclosure in all documents filed with the Securities and
               Exchange Commission, and all other documents, reports, statements
               and recommendations that are publicly communicated.

          9.   Refrain from seeking personal advantage or gain from corporate
               opportunities that are discovered through the use of corporate
               property, information or position, or otherwise.

          10.  Pursue and maintain the highest levels of competency in my given
               field or specialty through ongoing development and training.

          11.  Promptly report any violations of this Code to my supervisor,
               Chief Financial Officer, internal auditor or the Audit Committee
               of the Board of Directors, as appropriate.

I also acknowledge that I may be subject to disciplinary action, including
possible termination, if I commit a violation of this Code.

          Name (in print):                        Title:
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          Signature:                              Date:
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