Texas-based HCC Insurance Holdings has reported a net earnings of $69.5m or $0.61 per share, for the second quarter of 2011, compared to $83.4m or $0.72 per share for the same quarter in 2010.
For the second quarter of 2011, the total revenue was $114.85m, compared to $114.94m in the same quarter of 2010.
Net written premium for the second quarter of 2011 were $609.9m, compared to $546.8m for the same quarter of 2010.
For the second quarter of 2011, gross written premium increased 7% to $742.1m from $691.6m in the year ago period.
HCC Insurance Holdings CEO John Molbeck said they are pleased with underwriting results despite another heavy quarter of catastrophes for the entire industry which delivered another solid quarter with strong overall underwriting profitability, excluding the impact of catastrophe losses, at or ahead of its expectations.
"And although worldwide industry catastrophe losses continue to be significant, HCC’s after-tax losses for all such events in 2011 represent 1.4% of our shareholders’ equity at 31 December 2010, which is within both our expectations and our reinsurance programs," Molbeck said.