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News Article Details

HCC Insurance Holdings Reports Earnings for 2Q


Posted on 05 Aug 2010

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HCC Insurance Holdings, Inc. released results for its second quarter ended June 30, 2010.

Net earnings for the second quarter of 2010 were $83.4 million, compared with $91.6 million during the second quarter of 2009. Net earnings per diluted share were $0.72 for the second quarter of 2010, compared to $0.81 for the same quarter of 2009. Net earnings for the first six months of 2010 were $154.7 million, or $1.34 per diluted share, versus $174.8 million, or $1.54 per diluted share, for the first half of the previous year. The Company repurchased 50,150 shares of common stock in the second quarter of 2010 at an average price of $24.38 per share.

The GAAP combined ratio for the second quarter of 2010 was 85.6%, compared to 83.8% for the same quarter of 2009, and 88.0% in the first half of 2010, compared to 85.5% in the corresponding period of 2009.

The accident year combined ratio was 85.6% for the second quarter of 2010 and 87.5% for the first half of 2010. The accident year combined ratio for the first half of 2010 includes 2.0 percentage points for the catastrophes that occurred in the first quarter. Book value per share increased to $27.78 at June 30, 2010, compared to $26.58 at December 31, 2009. The Company's annualized return on average equity for the second quarter of 2010 was 10.6%.

"We continue to exercise underwriting discipline and strategically buy facultative reinsurance. We are very pleased with the performance of our Specialty businesses in the second quarter and year to date, as well as our double digit return on equity," John N. Molbeck, Jr., HCC President and Chief Executive Officer said.

For the second quarter of 2010, the gross written premium of HCC's insurance company subsidiaries increased 1.5% to $691.6 million, compared to $681.3 million for the same quarter of 2009. Net written premium increased to $546.8 million in 2010, compared with net written premium of $543.4 million in 2009. Net earned premium increased to $506.4 million for the second quarter of 2010, compared to $502.0 million for the same quarter of 2009.

During the first half of 2010, gross written premium was $1.3 billion, net written premium was $1.0 billion, and net earned premium was $1.0 billion, representing a slight increase in comparison to the first half of 2009.

HCC had minimal reserve development in the second quarter and the first half of 2010, compared to $16.0 million and $11.3 million of net redundant development in the second quarter and the first half of 2009, respectively.


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