0001104659-14-034093.txt : 20140502 0001104659-14-034093.hdr.sgml : 20140502 20140502160517 ACCESSION NUMBER: 0001104659-14-034093 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140502 DATE AS OF CHANGE: 20140502 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: 1934 Act SEC FILE NUMBER: 001-13790 FILM NUMBER: 14809416 BUSINESS ADDRESS: STREET 1: 13403 NORTHWEST FRWY CITY: HOUSTON STATE: TX ZIP: 77040-6094 BUSINESS PHONE: 7136907300 MAIL ADDRESS: STREET 1: 13403 NORTHWEST FREEWAY CITY: HOUSTON STATE: TX ZIP: 77040 8-K 1 a14-11836_28k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

 

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):  May 2, 2014

 

HCC INSURANCE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-13790

 

76-0336636

(State or other jurisdiction of

 

(Commission File Number)

 

(I.R.S. Employer

incorporation)

 

 

 

Identification No.)

 

13403 Northwest Freeway

Houston, Texas 77040

(Address of principal executive offices, including zip code)

 

(713) 690-7300

(Registrant’s 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 2.02.             Results of Operations and Financial Condition

 

On May 2, 2014, HCC Insurance Holdings, Inc. (the “Company”) released certain supplemental financial data relating to the years ended December 31, 2013, 2012 and 2011, as well as each of the quarters ended March 31, June 30, September 30 and December 31 in each year. During the first quarter of 2014, the Company modified the presentation of certain categories of business disclosed within its U.S. Property & Casualty and International segments and recast certain prior financial data to be comparable to the revised presentation. No changes were made to the Company’s reportable segments.

 

Under the new presentation, the Company’s U.S. Property & Casualty segment now includes the Liability and Sports & Entertainment categories. The Liability category includes the prior E&O category, as well as EPLI, primary casualty and excess casualty, which were previously included in the Other category. The Sports & Entertainment category includes disability and contingency, which were previously included in the Other category. In the Company’s International segment, the Marine & Energy category now includes the marine business, which was previously included in the Other category. The description of the Company’s presentation of the prior financial data is qualified in its entirety by reference to the supplemental financial data that is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference thereto.

 

Item 7.01.             Regulation FD Disclosure.

 

The information included in Item 2.02 of this Current Report is incorporated by reference into this Item 7.01.

 

Item 9.01.             Financial Statements and Exhibits.

 

(d)

 

No.

 

Exhibit

99.1

 

Supplemental Financial Data

 

In connection with the disclosure set forth in Item 2.02 and 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.

 

2


 

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.

 

 

 

 

HCC Insurance Holdings, Inc.

 

 

 

 

By:

/s/ Alexander M Ludlow

 

 

Alexander M Ludlow

 

Associate General Counsel and Assistant Secretary

 

DATED:  May 2, 2014

 

3

 EX-99.1 2 a14-11836_2ex99d1.htm EX-99.1

Exhibit 99.1

 

HCC Insurance Holdings, Inc. and Subsidiaries

Gross Written Premium

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability

 

$

37,093

 

$

39,339

 

$

35,523

 

$

41,815

 

$

153,770

 

$

34,284

 

$

31,311

 

$

29,288

 

$

34,300

 

$

129,183

 

$

26,935

 

$

22,619

 

$

22,976

 

$

28,367

 

$

100,897

 

Sports & Entertainment

 

34,435

 

47,093

 

41,126

 

21,762

 

144,416

 

20,020

 

30,987

 

30,884

 

21,916

 

103,807

 

18,640

 

24,418

 

27,629

 

25,560

 

96,247

 

Other

 

45,170

 

42,971

 

39,001

 

35,098

 

162,240

 

41,969

 

33,927

 

43,988

 

31,342

 

151,226

 

25,074

 

34,471

 

34,314

 

21,362

 

115,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine & Energy

 

$

34,622

 

$

91,036

 

$

18,191

 

$

19,430

 

$

163,279

 

$

27,502

 

$

94,619

 

$

18,871

 

$

14,939

 

$

155,931

 

$

22,567

 

$

84,657

 

$

19,649

 

$

17,974

 

$

144,847

 

Other

 

21,541

 

25,593

 

16,585

 

9,481

 

73,200

 

20,618

 

24,624

 

19,298

 

12,877

 

77,417

 

23,171

 

21,811

 

16,184

 

8,401

 

69,567

 

 


 

HCC Insurance Holdings, Inc. and Subsidiaries

Net Written Premium

(Unaudited, in thousands)

 

 

 

2013

 

2012

 

2011

 

 

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability

 

$

27,244

 

$

28,011

 

$

26,422

 

$

29,721

 

$

111,398

 

$

29,126

 

$

25,142

 

$

24,314

 

$

25,941

 

$

104,523

 

$

26,808

 

$

22,319

 

$

21,815

 

$

24,316

 

$

95,258

 

Sports & Entertainment

 

5,773

 

8,390

 

9,252

 

5,103

 

28,518

 

3,888

 

5,174

 

6,365

 

5,831

 

21,258

 

3,744

 

5,485

 

4,642

 

4,696

 

18,567

 

Other

 

26,480

 

22,957

 

14,714

 

14,176

 

78,327

 

16,213

 

19,379

 

22,037

 

18,735

 

76,364

 

15,524

 

21,075

 

19,088

 

22,355

 

78,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine & Energy

 

$

21,473

 

$

61,499

 

$

3,517

 

$

8,635

 

$

95,124

 

$

18,881

 

$

71,893

 

$

6,021

 

$

8,790

 

$

105,585

 

$

10,503

 

$

61,965

 

$

7,649

 

$

9,932

 

$

90,049

 

Other

 

18,613

 

17,108

 

13,104

 

6,802

 

55,627

 

16,468

 

17,433

 

14,350

 

15,354

 

63,605

 

13,659

 

14,770

 

10,198

 

4,500

 

43,127

 

 


 

HCC Insurance Holdings, Inc. and Subsidiaries

Net Earned Premium

(Unaudited, in thousands)

 

 

 

2013

 

2012

 

2011

 

 

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability

 

$

23,950

 

$

24,977

 

$

25,633

 

$

26,396

 

$

100,956

 

$

23,820

 

$

24,062

 

$

24,483

 

$

24,867

 

$

97,232

 

$

24,796

 

$

24,089

 

$

23,539

 

$

23,609

 

$

96,033

 

Sports & Entertainment

 

6,312

 

6,168

 

7,727

 

5,876

 

26,083

 

3,389

 

5,275

 

4,809

 

5,453

 

18,926

 

3,989

 

4,084

 

4,030

 

5,047

 

17,150

 

Other

 

19,052

 

15,463

 

14,644

 

14,549

 

63,708

 

17,768

 

13,526

 

12,208

 

12,873

 

56,375

 

12,935

 

11,503

 

15,754

 

16,254

 

56,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine & Energy

 

$

25,708

 

$

26,584

 

$

22,686

 

$

22,165

 

$

97,143

 

$

18,960

 

$

28,984

 

$

24,472

 

$

28,300

 

$

100,716

 

$

15,731

 

$

19,821

 

$

22,091

 

$

23,275

 

$

80,918

 

Other

 

15,291

 

12,682

 

14,386

 

14,039

 

56,398

 

12,992

 

12,453

 

15,716

 

22,549

 

63,710

 

8,406

 

10,286

 

10,405

 

12,650

 

41,747

 

 


 

HCC Insurance Holdings, Inc. and Subsidiaries

Net Loss Ratios

(Unaudited)

 

 

 

2013

 

2012

 

2011

 

 

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Full Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability

 

63.2

%

64.3

%

28.9

%

63.6

%

54.8

%

63.3

%

63.1

%

94.9

%

64.0

%

71.4

%

61.8

%

57.0

%

122.3

%

64.7

%

76.2

%

Sports & Entertainment

 

49.3

 

74.3

 

60.2

 

51.3

 

58.9

 

49.9

 

49.2

 

2.5

 

87.2

 

48.4

 

90.3

 

(2.2

)

(50.0

)

74.2

 

30.6

 

Other

 

20.6

 

25.9

 

(120.7

)

25.6

 

(9.5

)

27.1

 

32.1

 

(76.0

)

31.8

 

7.1

 

33.2

 

45.6

 

(34.6

)

37.4

 

18.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine & Energy

 

49.6

%

46.5

%

9.9

%

51.4

%

39.9

%

42.7

%

45.9

%

47.7

%

0.3

%

32.9

%

79.2

%

47.0

%

44.2

%

8.5

%

41.4

%

Other

 

39.5

 

27.9

 

14.9

 

37.1

 

30.0

 

36.9

 

40.3

 

45.4

 

8.6

 

29.7

 

286.5

 

97.0

 

138.2

 

77.1

 

139.4