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

Posted on 14 Apr 2010

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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.