HCC boss praises its record Q1 results

Insurer HCC has posted the best first quarter results in the company’s history, according to HCC’s chief executive officer, Christopher Williams.

Profits rose minimally to $107.9 million compared with $105.9 million in the same quarter of 2013.

Its combined ratio was 83 percent, representing a small improvement on the 83.8 percent in the same quarter of 2013.

Its gross written premiums increased by 4 percent to $746.7 million in the first quarter of 2014, compared with $720.2 million in the same quarter of 2013.

Its net written premiums increased 2 percent to $590.2 million versus $579.2 million in the respective quarter last year. Its net earned premiums were $562.6 million in the first quarter of 2014, compared with $561.2 million in the same quarter of 2013.

HCC generated cash flow from operations of $95.5 million in the first quarter of 2014, compared with $2.1 million in the same quarter of 2013. The company's cash flow was decreased by US Surety collateral repayments of $6.1 million in 2014 and $67.1 million in 2013.

Williams said: “We are pleased to begin 2014 with the best first quarter financial performance in HCC’s history. Our businesses continue to deliver consistent, profitable results highlighted by a combined ratio of 83 percent.”