HCC Announces Preliminary Fourth Quarter 2011 Catastrophe Loss Estimate
January 24 2012 - 5:00PM
HCC Insurance Holdings, Inc. (NYSE:HCC) announced
today its preliminary estimate for fourth quarter 2011 catastrophe
losses, after reinsurance and reinstatement premium, of $10.0
million pretax ($6.5 million after-tax). These losses relate to
flooding in Thailand and impacted the Company's property insurance
and property treaty lines of business in the International segment.
Year-to-date 2011 estimated catastrophe losses total $117.9
million pretax ($76.6 million after-tax), representing 2.3% of
shareholders' equity at December 31, 2010. The Company's
ultimate losses from catastrophic events may differ materially from
its current estimates due to the uncertainties involved in making
such estimates.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is
a leading international specialty insurance group with offices
across the United States and in the United Kingdom, Spain and
Ireland. As of September 30, 2011, HCC had assets of $9.6
billion and shareholders' equity of $3.3 billion. HCC's major
domestic and international insurance companies have financial
strength ratings of "AA (Very Strong)" from Standard & Poor's
Corporation, "A+ (Superior)" from A.M. Best Company, "AA (Very
Strong)" from Fitch Ratings, and "A1 (Good Security)" from Moody's
Investors Service, Inc.
For more information about HCC, please visit
http://www.hcc.com.
Forward-looking statements contained in this press release are
made under "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and involve a number of risks and
uncertainties. The types of risks and uncertainties which may
affect the Company are set forth in its periodic reports filed with
the Securities and Exchange Commission.
CONTACT: Doug Busker, Director of Investor Relations
HCC Insurance Holdings, Inc.
Telephone: (713) 996-1192
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