Fitch Ratings said Tuesday that it has affirmed the ratings of HCC Insurance Holdings, Inc. (HCC), including the senior debt rating at 'A', as well as the Insurer Financial Strength ratings of its operating subsidiaries at 'AA'.
The Rating Outlook is Stable.
Fitch said its ratings reflect HCC's favorable niche in the specialty insurance markets, conservative capitalization, consistent and disciplined underwriting practices, and moderate financial leverage. The ratings also reflect potentially increased earnings volatility from catastrophe losses, growth in longer-tail product lines, and greater exposure to equities. Additionally, HCC's scale remains modest relative to similarly rated peers.
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