HCC Insurance Holdings has reported that its net earnings increased 23% during the fourth quarter of 2007 to $99.6 million, compared with $80.7 million during the same quarter of 2006.
Revenues for the fourth quarter of 2007 totaled $614.4 million compared to $599.1 million in the corresponding period of 2006. Other operating income was $7.9 million for the quarter as against $17.9 million for the same period in 2006, where the sale of two strategic investments generated $14.2 million.
For the full year of 2007, net earnings increased 16% to $395.4 million from $342.3 million in 2006. Diluted earnings per share increased 15% to $3.38 per share from $2.93 per share in 2006.
Total revenue for the full year increased 15% to $2.4 billion from $2.1 billion in 2006. This increase was primarily due to an increase in net earned premium and higher investment income.
Frank Bramanti, CEO of HCC Insurance, said: The results achieved during 2007 reflect the true talent of our underwriting focused organization. What should stand out about HCC is that we have good businesses run by great people executing a consistently conservative business plan.