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19 May 2012

HCC expects $20mn Q1 cat cost

16 April 2010

HCC Insurance Holdings has estimated it will take a pre-tax hit of $20mn from first quarter catastrophe activity. The company said the after-tax impact of catastrophes, including the earthquakes in Chile and Haiti and European windstorm Xynthia, will be $13mn. HCC added the loss would primarily result from the Chilean earthquake. Estimates are net of reinsurance recoverables and include estimated reinsurance reinstatement premiums. HCC believes the total after-tax loss will reduce first quarter earnings by approximately $0.11 per diluted share...

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