HCC reports fall in profits
HCC Insurance Holdings has reported a fall in net earnings in 2011 to $255m (2010: £162.3m) with a deterioration in its combined operating ratio to 90.8% from 84.6% the previous year.
The US-based group revealed that net earnings fell to $78.3m in the final quarter of the year from $97.3m in the same three months of 2010.
In the year to 31 December 2011 the insurer also reported an increase in gross written premiums (GWP) to $2.65bn (2010: $2.58bn). For the last quarter of the year GWP was broadly flat at $629m as opposed to $624m in 2010.
International division
The provider did not detail results for the UK however the international division of which it is a part saw GWP
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