Loading LiveCycle Banners.
  1. News Articles
  2. Related News Articles
News Article Details

HCC Insurance: Catastrophes to Cut 1Q Earnings 11 Cents/Share

Back | A- | A+
 Email This     Print     Subscribe

Posted on 14 Apr 2010

HCC Insurance Holdings Inc. (HCC) said it estimates losses from catastrophes, including earthquakes in Chile and Haiti and the European windstorm Xynthia, will reduce its first-quarter earnings by about 11 cents a share.

The specialty insurer said it expects the total cost of losses to be about $13 million after taxes.

President and Chief Executive John Molbeck Jr. said the losses are "within our expectations and within our reinsurance programs."

The company, which sells property and casualty insurance to commercial customers, will report results on May 4.

In February, HCC reported fourth-quarter profit climbed 18% on surprisingly strong revenue. Though the environment for insurers has been challenging, the company has benefited from a lighter claims load and improving investment markets.


Post a Comment
If you are a Storefront / Tradingfloor user, click here to login.
Note: As a guest user, please fill out the form below to post a comment.
Post your comments here.
Name :
Email Address :
Captcha :
Comments :
Character left : 2000