HCC Second-Quarter Profit Up 29%
NU Online News Service, Aug. 8, 1:55 p.m. EDT?HCC Insurance Holdings Inc., a Houston-based specialty insurer, posted $34.7 million for its second-quarter profit, a 29 percent jump from $26.8 million in income reported one year ago.
"This earnings growth is at the high end of the previously announced range of 20 to 30 percent and, barring any major catastrophe, we anticipate achieving a similar result for the full year 2003," commented Stephen Way, HCC's chief executive officer.
The overall revenue for the quarter was $241.3 million, an increase of 55 percent from $155.9 million recorded in 2002. The company's net earned premium was approximately $183.5 million, an improvement from the $114.6 million recorded last year.
The company's profit for the first six months of 2003 was $64.9 million, up from $50.1 million posted in 2002. Overall revenue for the first half of the year was $452 million, a 47 percent boost from $307.6 million recorded for the first six months of 2002.
The company's improved financial performance, Mr. Way said, was a result of higher rates and strong growth in new business, including contributions from underwriting agencies that HCC acquired last year. He also added that his company expects continued growth through 2004.
HCC offers specialized property-casualty insurance and underwrites for other unaffiliated insurers. It also provides related services for commercial and individual clients.
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