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Hcc Insurance Holdings Inc (888919) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Hcc Insurance Holdings Inc

CIK: 888919

Exhibit 99.1

 

GRAPHIC

 

HCC INSURANCE HOLDINGS REPORTS

RECORD EARNINGS FOR 2013

 

Highlights:

 

·                  Record net earnings of $115.0 million, or $1.14 per diluted share, for the fourth quarter

·                  Record net earnings of $407.2 million, or $4.04 per diluted share, for the full year

·                  Return on equity and operating return on equity(a) of 11.3% for the full year

·                  GAAP combined ratio of 81.2% for the fourth quarter and 83.4% for the full year

·                  Gross written premium increased 4% to $671.7 million for the fourth quarter and 3% to $2.9 billion for the full year

·                  Book value per share increased 4% for the full year to $36.62

 

HOUSTON (February 11, 2014) . . .

HCC Insurance Holdings, Inc. (NYSE: HCC) today released results for the fourth quarter and full year of 2013.

 

Net earnings were $115.0 million, or $1.14 per diluted share, for the fourth quarter of 2013, compared to $108.1 million, or $1.06 per diluted share, for the same quarter of 2012.  Net earnings were $407.2 million, or $4.04 per diluted share, for 2013, versus $391.2 million, or $3.83 per diluted share, for 2012.

 

The 2013 results included accident year pretax net catastrophe losses of $7.5 million and $52.0 million for the fourth quarter and full year, respectively, which reduced net earnings by $0.05 and $0.34 per share for the respective periods.  The 2012 results included catastrophe losses of $32.5 million and $52.8 million for the fourth quarter and full year, respectively, which reduced net earnings by $0.21 and $0.34 per share for the respective periods.

 

The Company’s combined ratio was 81.2% for the fourth quarter of 2013, compared to 84.5% for the same quarter of 2012.  The combined ratio was 83.4% for 2013, versus 83.6% for 2012.  HCC’s net paid loss ratio was 56.5% for 2013, compared to 56.7% for 2012.

 

“The fourth quarter was the best quarter in our history and capped a second consecutive year of record earnings for our shareholders.  These results produced an operating return on equity well in excess of our stated goal and were driven, once again, by another outstanding underwriting performance.  We believe HCC is well-positioned to continue to generate favorable and consistent results in 2014,” said Christopher J.B. Williams, HCC’s Chief Executive Officer.

 


The following information was filed by Hcc Insurance Holdings Inc on Tuesday, February 11, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Changes In Shareholders' Equity
Consolidated Statement Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Earnings
Consolidated Statements Of Cash Flows
Quarterly Information (tables)
Accumulated Other Comprehensive Income (details 2)
Accumulated Other Comprehensive Income (details)
Accumulated Other Comprehensive Income (tables)
Acquisitions, Dispositions And Goodwill
Acquisitions, Dispositions And Goodwill (details Textuals)
Acquisitions, Dispositions And Goodwill (details)
Acquisitions, Dispositions And Goodwill (tables)
Commitments And Contingencies
Commitments And Contingencies (details Textuals)
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Derivatives (detail Textuals)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Measurements
Fair Value Measurements (details 1)
Fair Value Measurements (details Textuals)
Fair Value Measurements (details)
General Information
General Information (details Textuals)
General Information (policies)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details Textuals)
Income Taxes (details)
Income Taxes (parentheticals)
Income Taxes (tables)
Investments
Investments (details 1)
Investments (details 2)
Investments (details 3)
Investments (details 4)
Investments (details 5)
Investments (details Change In Unrealized)
Investments (details Textuals)
Investments (details)
Investments (tables)
Liability For Unpaid Loss And Loss Adjustment Expense
Liability For Unpaid Loss And Loss Adjustment Expense (details 2)
Liability For Unpaid Loss And Loss Adjustment Expense (details Textuals1)
Liability For Unpaid Loss And Loss Adjustment Expense (details)
Liability For Unpaid Loss And Loss Adjustment Expense (tables)
Notes Payable
Notes Payable (detail Textuals)
Notes Payable (details)
Notes Payable (tables)
Quarterly Information
Quarterly Information (details)
Reinsurance
Reinsurance (detail Textuals)
Reinsurance (details 1)
Reinsurance (details 2)
Reinsurance (details 3)
Reinsurance (details 4)
Reinsurance (details 5)
Reinsurance (details)
Reinsurance (tables)
Related Parties (detail Textuals)
Related Party Transactions
Schedule 1 Summary Of Investments
Schedule 1 Summary Of Investments (details)
Schedule 2 Hccih Financial Statements
Schedule 2 Hccih Financial Statements (details 1)
Schedule 2 Hccih Financial Statements (details 2)
Schedule 2 Hccih Financial Statements (details Textuals)
Schedule 2 Hccih Financial Statements (details)
Schedule 2 Hccih Financial Statements (parenthetical)
Schedule 3 Supplementary Insurance Information
Schedule 3 Supplementary Insurance Information (details)
Schedule 4 Reinsurance
Schedule 4 Reinsurance (details)
Schedule 5 Valuation And Qualifying Accounts
Schedule 5 Valuation And Qualifying Accounts (details)
Segments
Segments (details 1)
Segments (details 2)
Segments (details 3)
Segments (details 4)
Segments (details)
Segments (tables)
Shareholder's Equity
Shareholders' Equity (detail Textuals)
Statutory Information
Statutory Information (details)
Statutory Information (table)
Stock Based Compensation
Stock Based Compensation (details 1)
Stock Based Compensation (details 2)
Stock Based Compensation (details 3)
Stock Based Compensation (details Textuals)
Stock Based Compensation (details)
Stock Based Compensation (tables)
Supplemental Information
Supplemental Information (details)
Supplemental Information (tables)
CIK: 888919
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-076442
Submitted to the SEC: Fri Feb 28 2014 2:09:22 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Fire Marine And Casualty Insurance

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