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HCC INSURANCE HOLDINGS, INC. REPORTS 1993 THIRD QUARTER EARNINGS

 HOUSTON, Nov. 8 /PRNewswire/ -- HCC Insurance Holdings, Inc. (NASDAQ-NMS: HCCH) today released net earnings for the third quarter and nine months ended Sept. 30, 1993.
 Stephen L. Way, chairman, announced that net earnings for the third quarter of 1993 increased 421 percent to $2.1 million from $403,000 in the same quarter of 1992. Earnings per share were $0.45 for the third quarter of 1993, compared to $0.15 for the same period in 1992, a 200 percent increase, after overcoming the entire dilutive effect of the company's two public stock offerings in October 1992 and September 1993.
 Net earnings for the nine months ended Sept. 30, 1993, which exceeded all of 1992's earnings, were $5.3 million, up 152 percent from $2.1 million for the same period of 1992. Earnings per share were $1.20 for the first nine months of 1993, up 56 percent from $0.77 for the same period of 1992, overcoming the entire dilutive effect of the company's two public stock offerings in October 1992 and September 1993.
 Gross written premium increased 84 percent to $28.3 million for the third quarter of 1993, from $15.4 million for the same period in 1992. Net written premium increased 102 percent to $9.3 million during the third quarter of 1993, from $4.6 million in 1992, while net earned premium increased 57 percent to $9.9 million, compared to $6.3 million in 1992.
 For the first nine months of 1993, gross written premium increased 59 percent to $91.6 million from $57.6 million for the same period of 1992, while net written premium increased 60 percent to $32.9 million from $20.6 million. Net earned premium increased 39 percent for the first nine months of 1993, to $26.5 million from $19.0 million for the corresponding period of 1992.
 Net investment income increased 167 percent during the third quarter of 1993, to $1.3 million from $487,000 for the same period of 1992. During the third quarter of 1993, total revenue increased 63 percent to $11.9 million from $7.3 million in the corresponding period of 1992. The company's insurance company subsidiaries' statutory combined ratio was 78.5 percent for the third quarter of 1993, compared to 103.6 percent for the third quarter of 1992, which remains substantially better than the industry average.
 Net investment income increased 113 percent during the first nine months of 1993, to $3.2 million from $1.5 million for the same period of 1992. Total revenue increased 46 percent to $32.6 million from $22.3 million in 1992. The statutory combined ratio was 82.6 percent for the first nine months of 1993 compared to 88.9 percent for the same period of 1992, which is also substantially better than the industry average.
 Total investments were $153.6 million as of Sept. 30, 1993, up 117 percent from $70.9 million as of Dec. 31, 1992. Total assets increased 71 percent to $274.7 million from year end 1992. Book value per share was $14.94 at Sept. 30, 1993, compared to $9.77 at Dec. 31, 1992. Also, see following table.
 Headquartered in Houston, HCC Insurance Holdings, Inc. is a property and casualty insurance group specializing in marine, aviation, offshore energy, and property insurance worldwide.
 HCC INSURANCE HOLDINGS, INC.
 FINANCIAL HIGHLIGHTS
 Three months ended Sept. 30 1993 1992
 Gross written premium $28,343,000 $15,368,000
 Net written premium 9,322,000 4,575,000
 Total revenue 11,933,000 7,261,000
 Net earned premium 9,936,000 6,323,000
 Net investment income 1,337,000 487,000
 Fee and commission income 560,000 352,000
 Net realized investment gain 109,000 20,000
 Net earnings 2,121,000 403,000
 Earnings per share $0.45 $0.15
 Weighted avg. shares outstdg. 4,721,064 2,687,560
 Statutory combined ratio - percent 78.5 103.6
 Nine Months Ended Sept. 30 1993 1992
 Gross written premium $91,589,000 $57,644,000
 Net written premium 32,877,000 20,647,000
 Total revenue 32,559,000 22,324,000
 Net earned premium 26,508,000 18,962,000
 Net investment income 3,250,000 1,491,000
 Fee and commission income 2,066,000 1,460,000
 Net realized investment gain 743,000 21,000
 Net earnings 5,319,000 2,056,000
 Earnings per share $1.20 $0.77
 Weighted avg. shares outstdg. 4,424,163 2,674,575
 Statutory combined ratio - percent 82.6 88.9
 -0- 11/8/93
 /CONTACT: Frank J. Bramanti, chief financial officer of HCC Insurance Holdings, 713-690-7300/
 (HCCH)


CO: HCC Insurance Holdings, Inc. ST: Texas IN: INS SU: ERN

CK-JS -- NY095 -- 1956 11/08/93 18:05 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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