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): December 17, 2012
HCC INSURANCE HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
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001-13790 |
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76-0336636 |
(State or other jurisdiction of |
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(Commission File Number) |
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(I.R.S. Employer |
incorporation) |
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Identification No.) |
13403 Northwest Freeway
Houston, Texas 77040
(Address of principal executive offices, including zip code)
(713) 690-7300
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure
On December 17, 2012, HCC Insurance Holdings, Inc. (the Company) issued a press release announcing its preliminary estimate of fourth quarter 2012 catastrophe losses. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein solely for purposes of this Item 7.01 disclosure.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
No. |
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Exhibit |
99.1 |
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Press Release dated December 17, 2012 |
In connection with the disclosure set forth in Item 7.01, the information in this Current Report, including the exhibits attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibits, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
SIGNATURE
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.
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HCC Insurance Holdings, Inc. | |
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By: |
/s/ Alexander M Ludlow |
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Alexander M Ludlow |
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Associate General Counsel and Assistant Secretary | |
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DATED: December 17, 2012 |
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Exhibit 99.1
HCC ANNOUNCES PRELIMINARY FOURTH QUARTER 2012 CATASTROPHE LOSS ESTIMATE
HOUSTON (December 17, 2012) . . .
HCC Insurance Holdings, Inc. (NYSE: HCC) announced today its preliminary estimate for fourth quarter 2012 catastrophe losses, after reinsurance and reinstatement premium, of $30 - $35 million pretax. These losses relate to Superstorm Sandy and primarily impacted the Companys property treaty, property direct and facultative, and energy lines of business in the International segment. The Companys ultimate losses from this event may differ materially from its current estimate due to the uncertainties involved at this early stage, the complexities of the nature of the event and the ongoing collection of information.
We estimate the after-tax losses from all 2012 catastrophic events, including Sandy, will be approximately 1% of our shareholders equity at December 31, 2011. Sandy will result in a re-evaluation of exposure in the northeast, and we anticipate this re-evaluation will result in meaningful price increases, commented John N. Molbeck, Jr., HCCs Chief Executive Officer.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading international specialty insurance group with offices in the United States, the United Kingdom, Spain and Ireland. As of September 30, 2012, HCC had assets of $10.1 billion and shareholders equity of $3.5 billion. HCCs major domestic and international insurance companies have financial strength ratings of AA (Very Strong) from Standard & Poors Corporation, A+ (Superior) from A.M. Best Company, Inc., AA (Very Strong) from Fitch Ratings, and A1 (Good Security) from Moodys Investors Service, Inc.
For more information about HCC, please visit http://www.hcc.com.
Contact: |
Doug Busker, Director of Investor Relations |
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HCC Insurance Holdings, Inc. |
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Telephone: (713) 996-1192 |
Forward-looking statements contained in this press release are made under safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The types of risks and uncertainties which may affect the Company are set forth in its periodic reports filed with the Securities and Exchange Commission.
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