HCC Insurance has reported an increase in its net earnings for the fourth quarter and year ended December 31, 2005, to $66.5m from $56.2m for the same period in 2004.
Net earnings for 2005 increased to $195.9m from $163m in 2004.
Stephen L. Way, chairman and chief executive officer, said: “2005 was the best year in our history despite the $57.5m cumulative effect of hurricanes Katrina, Rita and Wilma.”
HCC said total revenue for 2005 increased 28% to $1.6bn compared to $1.3bn in 2004, driven by significant increases in net earned premium, investment income and despite a reduction in fee and commission income.
The company said it anticipates continued revenue growth in 2006.
HCC said net written premium increased 36% to $1.5bn and net earned premium increased 36% to $1.4bn compared to 2005.
It added that although it will maintain its disciplined underwriting standards, it expects net premium to continue to rise through at least 2006, due to increased retentions in non-catastrophe lines of business.
