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Related Companies HCC Insurance Holdings Inc. (HCC)

Related Documents Earnings Release (ER) HCC Insurance Holdings Inc. 9/30/2009, filed on 11/3/2009

Related Articles 10/5/2009 Guy Carpenter to acquire London-based reinsurance broker Rattner Mackenzie 9/2/2009 SureTec Financial to repurchase HCC Insurance's stake

HCC Insurance Holdings Inc. on Nov. 3 reported third-quarter net earnings of $94.3 million, or 83 cents per share, up from $58.4 million, or 50 cents per share, in the year-ago quarter.

The Thomson First Call mean third-quarter earnings estimate was 74 cents per share, according to SNL Financial.

Net written premiums were $493.3 million during the most recent quarter, down slightly from $495.6 million in the same quarter of 2008. Net earned premiums rose to $520.1 million from $505.0 million in the year-ago period.

Total revenue for the quarter climbed to $601.8 million, compared to $566.3 million in the prior-year period. Investment income rose to $48.1 million from $36.0 million a year ago, primarily due to the effect of losses on alternative investments in 2008 and higher income from fixed-income securities in 2009.

The company posted a GAAP combined ratio for the quarter of 82.7%, compared to 88.0% in the same quarter of the prior year. Book value climbed to $26.54 per share as of Sept. 30, compared to $25.01 per share as of June 30 and $23.27 as of Dec. 31, 2008.

Recapping some of the events of the quarter, HCC highlighted the sales of its investment in SureTec Financial Corp. and its London reinsurance broker, Rattner Mackenzie Ltd., and the opening of its Texas surety office.