HCC Insurance Holdings Reports Record Earnings Per Share For 2012

Highlights:
  • Record net earnings of $108.1 million, or $1.06 per diluted share, for the fourth quarter
  • Annualized return on equity of 12.3% and annualized operating return on equity (a) of 11.7% for the fourth quarter
  • Record earnings per diluted share of $3.83 for the full year
  • GAAP combined ratio of 84.5% for the fourth quarter and 83.6% for the full year
  • Net earned premium increased 3% to $566.5 million for the fourth quarter and 5% to $2.2 billion for the full year
  • Book value per share increased 11.6% for the full year to $35.10

HOUSTON, Feb. 12, 2013 (GLOBE NEWSWIRE) -- HCC Insurance Holdings, Inc. (NYSE:HCC) today released results for the fourth quarter and full year of 2012.

Net earnings were $108.1 million for the fourth quarter of 2012, compared to $78.3 million for the fourth quarter of 2011. Net earnings per diluted share were $1.06 for the fourth quarter of 2012, versus $0.74 for the same quarter of 2011. Net earnings were $391.2 million for 2012, or $3.83 per diluted share, compared to $255.2 million, or $2.30 per diluted share, for 2011.

The 2012 results include accident year pretax net catastrophe losses of $32.5 million and $52.8 million for the fourth quarter and full year, respectively. The 2011 results include accident year pretax net catastrophe losses of $10.0 million and $117.9 million for the fourth quarter and full year, respectively.

The Company's combined ratio was 84.5% for the fourth quarter of 2012, compared to 87.0% for the fourth quarter of 2011. The combined ratio was 83.6% for the full year of 2012, versus 91.1% for the same period of 2011. HCC's paid loss ratio was 56.7% for 2012, compared to 58.9% for 2011.

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