Houston-based HCC Insurance has announced record earnings figures for the first nine months of 2004, even though third-quarter profits took a hammering because of the four hurricanes that swept across the southern US.
Net earnings increased 15% to $106.8m in the nine months to September; net written premiums were up 20% to $800.4m. However, the third quarter contributed just $15.8m in earnings, down from $35.7m in 2003.
HCC's net combined ratio was up from 88.8% to 92.9%, although it would have been 85.3% without the costs of the hurricanes.
In October the group expanded its UK imprint with the purchase of CNA Surety's 34% stake in the DeMontfort group.
