HCC Announces Preliminary Fourth Quarter 2011 Catastrophe Loss Estimate

Published on Tuesday, 24 January 2012 17:15 Written by TradersHuddle Staff

HOUSTON, Jan. 24, 2012 (GLOBE NEWSWIRE) -- 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