Second Quarter 2013 Highlights:
- Net earnings of $88.2 million, or $0.87 per diluted share
- GAAP combined ratio of 85.3%
- Catastrophe losses of $21.4 million
- Annualized return on equity of 9.9%
- Annualized operating return on equity (a) of 10.3%
- Net investment income increased 4% to $55.7 million
HOUSTON, July 30, 2013 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today released results for its second quarter ended June 30, 2013.
Net earnings were $88.2 million, or $0.87 per diluted share, for the second quarter of 2013, compared to $93.5 million, or $0.92 per diluted share, for the second quarter of 2012. Net earnings were $194.0 million for the first six months of 2013, or $1.92 per diluted share, compared to $176.1 million, or $1.71 per diluted share, for the same period of 2012.The 2013 results included accident year pretax net catastrophe losses of $21.4 million and $26.6 million for the second quarter and first six months of 2013, respectively, which reduced net earnings by $0.14 and $0.17 per share for the respective periods. The 2012 results included catastrophe losses of $4.7 million and $12.3 million for the second quarter and first six months of 2012, respectively, which reduced net earnings by $0.03 and $0.08 per share for the respective periods. The Company's combined ratio was 85.3% for the second quarter of 2013, compared to 85.2% for the second quarter of 2012. The combined ratio was 84.5% for the first six months of 2013, versus 85.3% for the same period of 2012. HCC's net paid loss ratio was 52.2% for the first half of 2013, compared to 54.9% for the same period of 2012. "We are very pleased to report record earnings per share for the first half of the year, driven by a combined ratio that was once again below 85%. Our businesses continue to generate strong, consistent returns, and we are finding good opportunities to grow our existing businesses, as well as to add teams focused on new lines," said Christopher J.B. Williams, HCC's Chief Executive Officer.
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