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Net earnings of $105.9 million, or $1.05 per diluted share
GAAP combined ratio of 83.8%
Net written premium increased 4% to $579.2 million
Annualized return on equity of 11.9%
Annualized operating return on equity (a) of 11.4%
HOUSTON, April 30, 2013 (GLOBE NEWSWIRE) --
HCC Insurance Holdings, Inc. (NYSE:HCC) today released results for its first quarter ended March 31, 2013.
Net earnings were $105.9 million, or $1.05 per diluted share, for the first quarter of 2013, compared to $82.6 million, or $0.79 per diluted share, for the first quarter of 2012.
The Company's combined ratio was 83.8% for the first quarter of 2013, compared to 85.5% for the first quarter of 2012. HCC's paid loss ratio was 53.4% for the first quarter of 2013, compared to 63.0% for the same quarter of 2012. The 2012 paid loss ratio included 5.1 percentage points related to a commutation in Exited Lines. HCC had no loss development in either the first quarter of 2013 or 2012. The 2013 results included accident year pretax net catastrophe losses of $5.2 million, which reduced net earnings by $0.03 per share. The 2012 results included accident year pretax net catastrophe losses of $7.6 million, which reduced net earnings by $0.05 per share.
"Building on momentum from our record performance for full-year 2012, HCC began 2013 with its best-ever first quarter earnings. We produced a combined ratio of 83.8% and an operating return on equity well in excess of our stated goal. We believe HCC will continue to benefit from price improvements currently being experienced throughout many of our businesses," HCC Chief Executive Officer Christopher J.B. Williams said.
Book value per share increased 1.7% and 10.7% for the first quarter of 2013 and the last twelve months, respectively, to $35.68 at March 31, 2013. The Company purchased 0.7 million shares of its common stock during the first quarter of 2013 for $28.8 million at an average cost of $39.18 per share.