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HCC Insurance Sees Increase in First-Quarter Profits Over Prior Year

Posted on 06 May 2009

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Specialty insurance group HCC Insurance Holdings Inc. reported on Tuesday a 3.4% increase in profit for the first quarter from the prior-year period. The results for the latest quarter were helped by the commutation of the company's reinsurance contract with MGIC Investment Corp. (MTG) and a net unrealized gain on the company's available for sale fixed income securities.

For the first quarter, the Houston, Texas-based company reported a net income of $83.17 million, or $0.73 per share, up from $80.46 million, or $0.69 per share, in the year-ago quarter.

Total revenue for the quarter increased 5.9% to $600.74 million from $567.39 million in the same period previous year. Wall Street analysts had a consensus revenue estimate for the quarter of $586.93 million.

Commenting on the results, Frank Bramanti, Chief Executive Officer of HCC said, "We are extremely pleased to report solid earnings for the first quarter of 2009 and results that show an increase over 2008. Our investment income should resume its steady growth following our exit from alternative investments and as our investment assets continue to increase."