HCC Insurance Holdings has reported a net income of $83.4m, or $0.72 per diluted share, for the second quarter of 2010 compared to $91.6m, or $0.81 per diluted share, for the same quarter in 2009.
For the second quarter of 2010, the gross written premium of the company’s subsidiaries increased 1.5% to $691.6m, compared to $681.3m for the same period last year.
Net written premium for the second quarter of 2010 was $546.8m compared to that of $543.4m for the same quarter in 2009, while net earned premium increased to $506.4m compared to $502m for the same period last year.
Investment income increased during the second quarter of 2010 to $50.2m, compared to $48.4m a year earlier.
John Molbeck, president and CEO of HCC Insurance Holdings, said: “We continue to exercise underwriting discipline and strategically buy facultative reinsurance. We are very pleased with the performance of our Specialty businesses in the second quarter and year to date, as well as our double digit return on equity.”