HCC Insurance Holdings has reported revenues of $594m for the first quarter of 2010, compared to $600m for the same period last year.
For the quarter of 2010, gross written premium of HCC’s insurance company subsidiaries increased 3% to $622.5m, compared to $602.4m for the same quarter of 2009. Net written premium increased to $498.3m in 2010, compared to net written premium of $491.3m in 2009.
Net earned premium increased to $509.6 million for the first quarter of 2010, compared to $502.4 million for the same quarter of 2009.
The company reported net earnings of $71.4m for the first quarter of 2010, compared to $83.2m in the same period last year. Net earnings per diluted share were $0.62 for the first quarter of 2010, compared to $0.73 for the same quarter of 2009.
John Molbeck, president and CEO of HCC, said: HCC has continued to produce excellent underwriting performance and control expenses despite the continued competition for premium and the quarter’s catastrophes.