HCC Insurance Holdings Inc. provided earnings guidance for the period ending Dec. 31, 2006.
In a news release, HCC said management is confident they will achieve or beat consensus earnings of $2.55 per fully diluted share for the full year 2006, despite the approximate combined 7 percent dilution from the company’s recent equity offering and the requirement to expense stock options under the newly implemented FASB rule SFAS 123(R).
Estimated results for the full year 2006 assume the following approximate amounts: net written premium of $1.9 billion; total revenues of $1.9 billion; a combined ratio of approximately 85 percent; and average fully diluted shares outstanding of 115 million.
Stephen L. Way, chairman and chief executive officer of HCC, commenting on the guidance said, “The outlook for our Company continues to be very positive and we are confident of executing our business plan that would produce these projected results.” Way added, “Our goal is to continue to grow earnings and shareholders equity at an above average rate, while maintaining the integrity of our balance sheet for the longer term.”
HCC is an international insurance holding company and a leading specialty insurance group since 1974, based in Houston, Texas, with offices across the USA and in Bermuda, England and Spain.
Source: HCC Insurance Holdings Inc.
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