HCC’s Cat Losses in Q4 Mostly Related to Thailand Flooding

HCC Insurance Holdings Inc., headquartered in Houston, has reported preliminary fourth quarter 2011 catastrophe losses, after reinsurance and reinstatement premium, of $10 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 percent of shareholders’ equity at Dec. 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.

HCC Insurance Holdings, Inc. is an international specialty insurance group with offices across the United States and in the United Kingdom, Spain and Ireland.

Source: HCC

Topics Profit Loss Flood