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HCC Estimates Q1 Catastrophe Pretax Losses Of $20m

IBR Staff Writer Published 14 April 2010

HCC Insurance Holdings has unveiled estimated losses from first quarter catastrophes, which include Chilean earthquake, Haitian earthquake, and European windstorm Xynthia, to be approximately $20m pretax and $13m after-tax.

According to the company, these amounts include estimated losses and loss expenses net of reinsurance recoverable and also include estimated reinsurance reinstatement premiums. The estimated loss is primarily from the Chilean earthquake. HCC estimates the total after-tax loss will reduce its first quarter earnings by approximately $0.11 per diluted share.

John Molbeck, president and CEO of HCC, said: “As we would expect in a catastrophe like the Chilean earthquake, we have potential losses in marine and energy as well as our property insurance and property treaty books. The amount of loss is within our expectations and within our reinsurance programs.”

Headquartered in Houston, Texas, HCC Insurance Holdings is an international specialty insurance group with offices across the US and in the UK, Spain and Ireland. The company provides diversified financial products; group life, accident and health; aviation; London market account; and other specialty lines of business.