HCC Insurance Holdings, Inc. (HCC: Quote) reported second-quarter net income of $93.5 million or $0.92 per share, up from $69.5 million or $0.61 per share in the comparable quarter last year.
The results for the latest quarter include pretax net catastrophe losses of $4.7 million which reduced net earnings by $0.03, while in the second quarter of 2011 include pretax net catastrophe losses was $21.9 million which reduced net earnings by $0.13 per share.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.75 per share for the quarter. Analysts' estimates typically exclude special items.
Net written premium for the quarter rose 5 percent to $642.1 million from $609.9 million in the same quarter of 2011. Net earned premium increased 8 percent to $565.3 million for the second quarter of 2012, compared to $524.3 million in the year-ago quarter.
Analysts expected revenues of $563.92 million for the quarter.
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by RTT Staff Writer
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