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HCC Reports Increase In Q3 Revenues

Has generated revenue of $601.8m for Q3 2009, compared to $566.3m for Q3 2008

HCC Insurance Holdings has reported revenue of $601.8m for the third quarter of 2009, compared to $566.3m in the same period last year. Net earnings posted by the company for the third quarter of 2009 are $94.3m, compared with $58.4m during the third quarter of 2008.

The net earnings per diluted share are $0.83 for the third quarter of 2009, compared to $0.50 for the same quarter of 2008.

The company posted gross written premium of insurance company subsidiaries for the third quarter of 2009 increased to $620.4m, compared to $613.0m for the same quarter of 2008. Net written premium was $493.3m during the third quarter of 2009, compared to $495.6m a year ago.

HCC’s net earned premium increased to $520.1m in the third quarter of 2009, compared to $505.0m during the 2008 third quarter. Gross written premium reflects growth in the diversified financial products and London market account lines of business, and new premium from HCC’s acquisitions during 2008.

John Molbeck, president and CEO of HCC, said: “HCC has delivered another strong quarter despite a very competitive insurance market and a challenging economic environment. During the third quarter, we continued to grow shareholder value. Since December 31, 2007, our book value per share has increased 25%, reflecting growth in our net earnings driven by continued underwriting and investment execution.”

For the first nine months of 2009, HCC’s total revenue increased to $1.8b from $1.7b in the first nine months of 2008. Net earnings for the first nine months are $269.1m, versus $230.5m for the first nine months of the previous year. Net earnings per diluted share are $2.37 for the first nine months, versus $1.99 for the same period of 2008.

For the first nine months of 2009, gross written premium was $1.9b, net written premium was $1.5b and net earned premium was $1.5b, all of which were relatively flat compared to the first nine months of 2008.