-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ALl3xFhs04YplE37kvwwI/S2MY0CNu2J7pPN+B9BuypaJltNRwMJNTNxWB4PYlJj fJfBWCUQDxDn/RmkQaNwbA== 0000950129-01-001064.txt : 20010226 0000950129-01-001064.hdr.sgml : 20010226 ACCESSION NUMBER: 0000950129-01-001064 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010222 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCC INSURANCE HOLDINGS INC/DE/ CENTRAL INDEX KEY: 0000888919 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 760336636 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13790 FILM NUMBER: 1552833 BUSINESS ADDRESS: STREET 1: 13403 NORTHWEST FRWY CITY: HOUSTON STATE: TX ZIP: 77040-6094 BUSINESS PHONE: 7136907300 8-K 1 h84393e8-k.txt HCC INSURANCE HOLDINGS INC - DATED 2/22/2001 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) FEBRUARY 22, 2001 HCC INSURANCE HOLDINGS, INC. (EXACT NAME OR REGISTRANT SPECIFIED IN ITS CHARTER) STATE OR OTHER COMMISSION IRS EMPLOYER JURISDICTION FILE NUMBER: IDENTIFICATION OF INCORPORATION: NUMBER: DELAWARE 0-20766 76-0336636 13403 NORTHWEST FREEWAY HOUSTON, TEXAS 77040-6094 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE - (713) 690-7300 --------------------------------------------- 2 ITEM 5. OTHER EVENTS On February 22, 2001, HCC Insurance Holdings, Inc. ("HCC") announced its operating results for the fourth quarter and full year ended December 31, 2000. Net earnings for the fourth quarter of 2000 were $13.4 million or $0.26 per share, compared to a net loss of $5.0 million or ($0.10) per share, for the same period in 1999. For the full year ended December 31, 2000, earnings before cumulative effect of the SEC's Staff Accounting Bulletin No. 101 accounting change made in the first quarter, which was $2.0 million and $0.04 per share, were $55.4 million or $1.10 per share, compared to $25.1 million or $0.51 per share for the previous year. All of the quarter and full year 2000 amounts are unaudited and all per share amounts are on a diluted basis. Attached as Exhibit 99.1 are certain financial highlights of HCC's fourth quarter and full year 2000 results. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (b) Exhibits. 99.1 Highlights of HCC's results for the fourth quarter and full year ended December 31, 2000. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: February 23, 2001 HCC INSURANCE HOLDINGS, INC. By: /s/ Frank J. Bramanti --------------------------------- Frank J. Bramanti Executive Vice President EX-99.1 2 h84393ex99-1.txt HIGHLIGHTS OF OPERATING RESULTS 1 EXHIBIT 99.1 HCC INSURANCE HOLDINGS, INC. FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE MONTHS ENDED DECEMBER 31, 2000 1999 - ------------------------------- ---- ---- Gross written premium.................................. $253,975,000 $146,249,000 Net written premium.................................... 69,033,000 40,909,000 Net earned premium..................................... 66,358,000 41,786,000 Management fees........................................ 18,662,000 20,996,000 Commission income...................................... 10,743,000 9,810,000 Net investment income.................................. 11,256,000 8,067,000 Other operating income................................. 2,785,000 7,547,000 Total revenue.......................................... 108,308,000 84,308,000 Net earnings (loss).................................... 13,404,000 (4,991,000) Earnings Per Share (Diluted)........................... $ 0.26 $ (0.10) Weighted average shares outstanding.................... 51,533,000 49,193,000
DECEMBER 31, 2000 DECEMBER 31, 1999 ----------------- ----------------- Total investments...................................... $ 710,290,000 $ 581,322,000 Total assets........................................... 2,742,976,000 2,664,724,000 Shareholders' equity................................... 529,435,000 457,428,000 Book value per share................................... $ 10.46 $ 9.29
2 HCC INSURANCE HOLDINGS, INC. FINANCIAL HIGHLIGHTS (UNAUDITED)
YEAR ENDED DECEMBER 31, 2000 1999 - ----------------------- ---- ---- Gross written premium ...................................... $ 967,457,000 $568,331,000 Net written premium ........................................ 283,788,000 139,924,000 Net earned premium ......................................... 267,647,000 141,362,000 Management fees ............................................ 96,058,000 90,713,000 Commission income .......................................... 42,492,000 54,552,000 Net investment income ...................................... 39,794,000 30,933,000 Other operating income ..................................... 25,497,000 28,475,000 Total revenue .............................................. 466,167,000 341,871,000 Earnings before cumulative effect of accounting change ..... 55,444,000 25,123,000 Cumulative effect of accounting change net of deferred tax effect of $1,335,000 .............................. (2,013,000) -- Net earnings ............................................... 53,431,000 25,123,000 Earnings Per Share Before Accounting Change (Diluted) ...... $ 1.10 $ 0.51 Cumulative effect of accounting change ..................... (0.04) -- Earnings Per Share (Diluted) ............................... $ 1.06 $ 0.51 Weighted average shares outstanding ........................ 50,622,000 49,649,000
3 HCC INSURANCE HOLDINGS, INC. FINANCIAL HIGHLIGHTS (UNAUDITED) INSURANCE COMPANY GROSS WRITTEN PREMIUM BY LINE OF BUSINESS
YEAR ENDED DECEMBER 31, 2000 1999 - ------------------------ ---- ---- Accident & Health Reinsurance ............................. $193,714,000 $158,264,000 Aviation .................................................. 191,089,000 210,029,000 Marine & Offshore Energy .................................. 26,102,000 18,694,000 Medical Stop-Loss ......................................... 368,450,000 69,258,000 Property .................................................. 53,275,000 63,309,000 Workers' Compensation ..................................... 49,872,000 27,202,000 Other* .................................................... 84,955,000 21,575,000 ------------ ------------ Total ................................... $967,457,000 $568,331,000 ============ ============
INSURANCE COMPANY NET WRITTEN PREMIUM BY LINE OF BUSINESS
YEAR ENDED DECEMBER 31, 2000 1999 - ------------------------ ---- ---- Accident & Health Reinsurance ............................. $ 61,855,000 $ 37,725,000 Aviation .................................................. 79,794,000 68,513,000 Marine & Offshore Energy .................................. 8,435,000 6,616,000 Medical Stop-Loss ......................................... 100,353,000 20,332,000 Property .................................................. 10,015,000 2,945,000 Workers' Compensation ..................................... 8,697,000 673,000 Other* .................................................... 14,639,000 3,120,000 ------------ ------------ Total ................................... $283,788,000 $139,924,000 ============ ============
* Includes the discontinued lines of provider excess, lenders' single interest, and program business. * * * * * -----END PRIVACY-ENHANCED MESSAGE-----