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): April 23, 2015
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 April 23, 2015, HCC Insurance Holdings, Inc. (the “Company”) released certain supplemental financial data relating to the years ended December 31, 2014 and 2013, 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 2015, the Company modified its reporting structure and recast certain prior financial data to be comparable to the revised reporting structure.
Previously, the Company reported its results in five underwriting segments — U.S. Property & Casualty, Professional Liability, Accident & Health, U.S. Surety & Credit and International — and the Investing segment. Under the new structure, the new North America Property & Casualty segment includes the former U.S. Property & Casualty segment, the U.S. portion of the former Professional Liability segment, and the Surety portion of the former U.S. Surety & Credit segment. The new International segment includes the former International segment, the International portion of the former Professional Liability segment, and the Credit portion of the former U.S. Surety & Credit segment. The Accident & Health and Investing segments are unchanged from the prior reporting structure. 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.
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: April 23, 2015 |
| |
Exhibit 99.1
HCC Insurance Holdings, Inc. and Subsidiaries
Consolidated Statement of Ratios
(Unaudited, in thousands except ratios)
|
|
|
2014 |
|
2013 |
| ||||||||||||||||||||||||||
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
|
| ||||||||||
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Full Year |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Full Year |
| ||||||||||
|
Loss and loss adjustment expense, net (1) |
|
$ |
330,746 |
|
$ |
335,897 |
|
$ |
320,758 |
|
$ |
339,434 |
|
$ |
1,326,835 |
|
$ |
341,094 |
|
$ |
347,353 |
|
$ |
328,530 |
|
$ |
305,477 |
|
$ |
1,322,454 |
|
|
Net earned premium |
|
562,612 |
|
572,248 |
|
586,935 |
|
601,832 |
|
2,323,627 |
|
561,186 |
|
561,356 |
|
556,668 |
|
560,030 |
|
2,239,240 |
| ||||||||||
|
Net loss ratio (2) |
|
58.8 |
% |
58.7 |
% |
54.6 |
% |
56.4 |
% |
57.1 |
% |
60.8 |
% |
61.9 |
% |
59.0 |
% |
54.5 |
% |
59.1 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Segment underwriting expense |
|
$ |
138,586 |
|
$ |
143,527 |
|
$ |
152,350 |
|
$ |
156,057 |
|
$ |
590,520 |
|
$ |
130,026 |
|
$ |
134,586 |
|
$ |
137,287 |
|
$ |
149,956 |
|
$ |
551,855 |
|
|
Segment net earned premium |
|
562,321 |
|
571,919 |
|
587,073 |
|
601,838 |
|
2,323,151 |
|
555,754 |
|
557,022 |
|
555,462 |
|
558,071 |
|
2,226,309 |
| ||||||||||
|
Expense ratio (3) |
|
24.6 |
% |
25.1 |
% |
26.0 |
% |
25.9 |
% |
25.4 |
% |
23.4 |
% |
24.2 |
% |
24.7 |
% |
26.9 |
% |
24.8 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Combined ratio (4) |
|
83.4 |
% |
83.8 |
% |
80.6 |
% |
82.3 |
% |
82.5 |
% |
84.2 |
% |
86.1 |
% |
83.7 |
% |
81.4 |
% |
83.9 |
% | ||||||||||
(1) Includes internal claims department costs.
(2) Net loss ratio = net loss and loss adjustment expense divided by net earned premium.
(3) Expense ratio = segment underwriting expense divided by segment net earned premium.
(4) Combined ratio = net loss ratio plus expense ratio.
HCC Insurance Holdings, Inc. and Subsidiaries
Segment Operations - North America Property & Casualty Segment
(Unaudited, in thousands except ratios)
|
|
|
2014 |
|
2013 |
| ||||||||||||||||||||||||||
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
|
| ||||||||||
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Full Year |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Full Year |
| ||||||||||
|
Net earned premium |
|
$ |
201,334 |
|
$ |
196,521 |
|
$ |
195,115 |
|
$ |
203,072 |
|
$ |
796,042 |
|
$ |
205,843 |
|
$ |
205,566 |
|
$ |
204,109 |
|
$ |
201,936 |
|
$ |
817,454 |
|
|
Other revenue |
|
5,431 |
|
4,921 |
|
6,016 |
|
5,504 |
|
21,872 |
|
4,859 |
|
5,376 |
|
5,465 |
|
6,694 |
|
22,394 |
| ||||||||||
|
Segment revenue |
|
206,765 |
|
201,442 |
|
201,131 |
|
208,576 |
|
817,914 |
|
210,702 |
|
210,942 |
|
209,574 |
|
208,630 |
|
839,848 |
| ||||||||||
|
Loss and loss adjustment expense, net (1) |
|
103,553 |
|
104,737 |
|
69,969 |
|
90,370 |
|
368,629 |
|
113,958 |
|
113,593 |
|
58,530 |
|
98,365 |
|
384,446 |
| ||||||||||
|
Other expense |
|
57,538 |
|
58,150 |
|
56,282 |
|
61,605 |
|
233,575 |
|
57,083 |
|
58,149 |
|
60,887 |
|
64,734 |
|
240,853 |
| ||||||||||
|
Segment expense |
|
161,091 |
|
162,887 |
|
126,251 |
|
151,975 |
|
602,204 |
|
171,041 |
|
171,742 |
|
119,417 |
|
163,099 |
|
625,299 |
| ||||||||||
|
Segment pretax earnings |
|
$ |
45,674 |
|
$ |
38,555 |
|
$ |
74,880 |
|
$ |
56,601 |
|
$ |
215,710 |
|
$ |
39,661 |
|
$ |
39,200 |
|
$ |
90,157 |
|
$ |
45,531 |
|
$ |
214,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net loss ratio (2) |
|
51.4 |
% |
53.3 |
% |
35.9 |
% |
44.5 |
% |
46.3 |
% |
55.4 |
% |
55.3 |
% |
28.7 |
% |
48.7 |
% |
47.0 |
% | ||||||||||
|
Expense ratio (3) |
|
28.6 |
|
29.6 |
|
28.8 |
|
30.3 |
|
29.3 |
|
27.7 |
|
28.3 |
|
29.8 |
|
32.1 |
|
29.5 |
| ||||||||||
|
Combined ratio (4) |
|
80.0 |
% |
82.9 |
% |
64.7 |
% |
74.8 |
% |
75.6 |
% |
83.1 |
% |
83.6 |
% |
58.5 |
% |
80.8 |
% |
76.5 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Liability |
|
$ |
96,075 |
|
$ |
98,136 |
|
$ |
100,817 |
|
$ |
103,921 |
|
$ |
398,949 |
|
$ |
100,655 |
|
$ |
101,993 |
|
$ |
101,413 |
|
$ |
100,173 |
|
$ |
404,234 |
|
|
Other Specialty |
|
105,259 |
|
98,385 |
|
94,298 |
|
99,151 |
|
397,093 |
|
105,188 |
|
103,573 |
|
102,696 |
|
101,763 |
|
413,220 |
| ||||||||||
|
Total net earned premium |
|
$ |
201,334 |
|
$ |
196,521 |
|
$ |
195,115 |
|
$ |
203,072 |
|
$ |
796,042 |
|
$ |
205,843 |
|
$ |
205,566 |
|
$ |
204,109 |
|
$ |
201,936 |
|
$ |
817,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Liability |
|
63.7 |
% |
63.4 |
% |
43.8 |
% |
62.0 |
% |
58.1 |
% |
64.8 |
% |
64.9 |
% |
39.9 |
% |
64.5 |
% |
58.5 |
% | ||||||||||
|
Other Specialty |
|
40.2 |
|
43.3 |
|
27.4 |
|
26.2 |
|
34.4 |
|
46.4 |
|
45.8 |
|
17.6 |
|
33.2 |
|
35.8 |
| ||||||||||
|
Total net loss ratio |
|
51.4 |
% |
53.3 |
% |
35.9 |
% |
44.5 |
% |
46.3 |
% |
55.4 |
% |
55.3 |
% |
28.7 |
% |
48.7 |
% |
47.0 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Liability |
|
$ |
121,537 |
|
$ |
157,787 |
|
$ |
144,115 |
|
$ |
161,960 |
|
$ |
585,399 |
|
$ |
112,332 |
|
$ |
150,945 |
|
$ |
133,447 |
|
$ |
167,715 |
|
$ |
564,439 |
|
|
Other Specialty |
|
166,737 |
|
178,738 |
|
162,608 |
|
140,802 |
|
648,885 |
|
175,740 |
|
186,543 |
|
185,506 |
|
134,710 |
|
682,499 |
| ||||||||||
|
Total gross written premium |
|
$ |
288,274 |
|
$ |
336,525 |
|
$ |
306,723 |
|
$ |
302,762 |
|
$ |
1,234,284 |
|
$ |
288,072 |
|
$ |
337,488 |
|
$ |
318,953 |
|
$ |
302,425 |
|
$ |
1,246,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Liability |
|
$ |
85,403 |
|
$ |
108,283 |
|
$ |
106,575 |
|
$ |
120,973 |
|
$ |
421,234 |
|
$ |
78,943 |
|
$ |
105,890 |
|
$ |
95,296 |
|
$ |
118,660 |
|
$ |
398,789 |
|
|
Other Specialty |
|
91,729 |
|
101,258 |
|
103,056 |
|
86,069 |
|
382,112 |
|
110,328 |
|
115,432 |
|
112,202 |
|
83,512 |
|
421,474 |
| ||||||||||
|
Total net written premium |
|
$ |
177,132 |
|
$ |
209,541 |
|
$ |
209,631 |
|
$ |
207,042 |
|
$ |
803,346 |
|
$ |
189,271 |
|
$ |
221,322 |
|
$ |
207,498 |
|
$ |
202,172 |
|
$ |
820,263 |
|
(1) Includes internal claims department costs.
(2) Net loss ratio = net loss and loss adjustment expense divided by net earned premium.
(3) Expense ratio = other expense divided by net earned premium.
(4) Combined ratio = net loss ratio plus expense ratio.
HCC Insurance Holdings, Inc. and Subsidiaries
Segment Operations - Accident & Health Segment
(Unaudited, in thousands except ratios)
|
|
|
2014 |
|
2013 |
| ||||||||||||||||||||||||||
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
|
| ||||||||||
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Full Year |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Full Year |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net earned premium |
|
$ |
232,143 |
|
$ |
240,338 |
|
$ |
250,570 |
|
$ |
258,168 |
|
$ |
981,219 |
|
$ |
217,125 |
|
$ |
217,822 |
|
$ |
223,048 |
|
$ |
225,520 |
|
$ |
883,515 |
|
|
Other revenue |
|
1,640 |
|
3,862 |
|
2,363 |
|
1,798 |
|
9,663 |
|
1,190 |
|
1,140 |
|
1,406 |
|
1,196 |
|
4,932 |
| ||||||||||
|
Segment revenue |
|
233,783 |
|
244,200 |
|
252,933 |
|
259,966 |
|
990,882 |
|
218,315 |
|
218,962 |
|
224,454 |
|
226,716 |
|
888,447 |
| ||||||||||
|
Loss and loss adjustment expense, net (1) |
|
170,805 |
|
174,139 |
|
180,620 |
|
179,983 |
|
705,547 |
|
161,897 |
|
161,673 |
|
164,636 |
|
148,069 |
|
636,275 |
| ||||||||||
|
Other expense |
|
34,573 |
|
36,032 |
|
38,183 |
|
37,422 |
|
146,210 |
|
29,656 |
|
31,049 |
|
32,212 |
|
31,832 |
|
124,749 |
| ||||||||||
|
Segment expense |
|
205,378 |
|
210,171 |
|
218,803 |
|
217,405 |
|
851,757 |
|
191,553 |
|
192,722 |
|
196,848 |
|
179,901 |
|
761,024 |
| ||||||||||
|
Segment pretax earnings |
|
$ |
28,405 |
|
$ |
34,029 |
|
$ |
34,130 |
|
$ |
42,561 |
|
$ |
139,125 |
|
$ |
26,762 |
|
$ |
26,240 |
|
$ |
27,606 |
|
$ |
46,815 |
|
$ |
127,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net loss ratio (2) |
|
73.6 |
% |
72.5 |
% |
72.1 |
% |
69.7 |
% |
71.9 |
% |
74.6 |
% |
74.2 |
% |
73.8 |
% |
65.7 |
% |
72.0 |
% | ||||||||||
|
Expense ratio (3) |
|
14.9 |
|
15.0 |
|
15.2 |
|
14.5 |
|
14.9 |
|
13.7 |
|
14.3 |
|
14.4 |
|
14.1 |
|
14.1 |
| ||||||||||
|
Combined ratio (4) |
|
88.5 |
% |
87.5 |
% |
87.3 |
% |
84.2 |
% |
86.8 |
% |
88.3 |
% |
88.5 |
% |
88.2 |
% |
79.8 |
% |
86.1 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total gross written premium |
|
$ |
235,917 |
|
$ |
250,559 |
|
$ |
259,870 |
|
$ |
252,041 |
|
$ |
998,387 |
|
$ |
215,561 |
|
$ |
214,909 |
|
$ |
222,312 |
|
$ |
230,273 |
|
$ |
883,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total net written premium |
|
$ |
234,751 |
|
$ |
249,010 |
|
$ |
257,991 |
|
$ |
250,282 |
|
$ |
992,034 |
|
$ |
215,268 |
|
$ |
214,600 |
|
$ |
221,992 |
|
$ |
229,508 |
|
$ |
881,368 |
|
(1) Includes internal claims department costs.
(2) Net loss ratio = net loss and loss adjustment expense divided by net earned premium.
(3) Expense ratio = other expense divided by net earned premium.
(4) Combined ratio = net loss ratio plus expense ratio.
HCC Insurance Holdings, Inc. and Subsidiaries
Segment Operations - International Segment
(Unaudited, in thousands except ratios)
|
|
|
2014 |
|
2013 |
| ||||||||||||||||||||||||||
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
|
| ||||||||||
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Full Year |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Full Year |
| ||||||||||
|
Net earned premium |
|
$ |
128,844 |
|
$ |
135,060 |
|
$ |
141,388 |
|
$ |
140,598 |
|
$ |
545,890 |
|
$ |
132,786 |
|
$ |
133,634 |
|
$ |
128,305 |
|
$ |
130,615 |
|
$ |
525,340 |
|
|
Other revenue |
|
976 |
|
855 |
|
855 |
|
976 |
|
3,662 |
|
600 |
|
1,117 |
|
577 |
|
985 |
|
3,279 |
| ||||||||||
|
Segment revenue |
|
129,820 |
|
135,915 |
|
142,243 |
|
141,574 |
|
549,552 |
|
133,386 |
|
134,751 |
|
128,882 |
|
131,600 |
|
528,619 |
| ||||||||||
|
Loss and loss adjustment expense, net (1) |
|
56,314 |
|
56,518 |
|
72,369 |
|
68,926 |
|
254,127 |
|
60,269 |
|
68,151 |
|
103,849 |
|
52,110 |
|
284,379 |
| ||||||||||
|
Other expense |
|
46,475 |
|
49,345 |
|
57,885 |
|
57,030 |
|
210,735 |
|
43,287 |
|
45,388 |
|
44,188 |
|
53,390 |
|
186,253 |
| ||||||||||
|
Segment expense |
|
102,789 |
|
105,863 |
|
130,254 |
|
125,956 |
|
464,862 |
|
103,556 |
|
113,539 |
|
148,037 |
|
105,500 |
|
470,632 |
| ||||||||||
|
Segment pretax earnings (loss) |
|
$ |
27,031 |
|
$ |
30,052 |
|
$ |
11,989 |
|
$ |
15,618 |
|
$ |
84,690 |
|
$ |
29,830 |
|
$ |
21,212 |
|
$ |
(19,155 |
) |
$ |
26,100 |
|
$ |
57,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net loss ratio (2) |
|
43.7 |
% |
41.8 |
% |
51.2 |
% |
49.0 |
% |
46.6 |
% |
45.4 |
% |
51.0 |
% |
80.9 |
% |
39.9 |
% |
54.1 |
% | ||||||||||
|
Expense ratio (3) |
|
36.1 |
|
36.5 |
|
40.9 |
|
40.6 |
|
38.6 |
|
32.6 |
|
34.0 |
|
34.4 |
|
40.9 |
|
35.5 |
| ||||||||||
|
Combined ratio (4) |
|
79.8 |
% |
78.3 |
% |
92.1 |
% |
89.6 |
% |
85.2 |
% |
78.0 |
% |
85.0 |
% |
115.3 |
% |
80.8 |
% |
89.6 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
London Market |
|
$ |
61,661 |
|
$ |
63,295 |
|
$ |
70,760 |
|
$ |
61,967 |
|
$ |
257,683 |
|
$ |
69,754 |
|
$ |
69,009 |
|
$ |
63,641 |
|
$ |
63,178 |
|
$ |
265,582 |
|
|
Specialty |
|
67,183 |
|
71,765 |
|
70,628 |
|
78,631 |
|
288,207 |
|
63,032 |
|
64,625 |
|
64,664 |
|
67,437 |
|
259,758 |
| ||||||||||
|
Total net earned premium |
|
$ |
128,844 |
|
$ |
135,060 |
|
$ |
141,388 |
|
$ |
140,598 |
|
$ |
545,890 |
|
$ |
132,786 |
|
$ |
133,634 |
|
$ |
128,305 |
|
$ |
130,615 |
|
$ |
525,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
London Market |
|
36.5 |
% |
35.5 |
% |
14.4 |
% |
53.7 |
% |
34.3 |
% |
37.3 |
% |
56.0 |
% |
32.8 |
% |
36.4 |
% |
40.9 |
% | ||||||||||
|
Specialty |
|
50.3 |
|
47.4 |
|
88.0 |
|
45.4 |
|
57.5 |
|
54.3 |
|
45.6 |
|
128.3 |
|
43.2 |
|
67.7 |
| ||||||||||
|
Total net loss ratio |
|
43.7 |
% |
41.8 |
% |
51.2 |
% |
49.0 |
% |
46.6 |
% |
45.4 |
% |
51.0 |
% |
80.9 |
% |
39.9 |
% |
54.1 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
London Market |
|
$ |
131,979 |
|
$ |
139,133 |
|
$ |
69,058 |
|
$ |
33,466 |
|
$ |
373,636 |
|
$ |
128,508 |
|
$ |
158,279 |
|
$ |
54,359 |
|
$ |
34,388 |
|
$ |
375,534 |
|
|
Specialty |
|
90,261 |
|
106,183 |
|
95,403 |
|
103,090 |
|
394,937 |
|
82,632 |
|
94,433 |
|
82,098 |
|
102,643 |
|
361,806 |
| ||||||||||
|
Total gross written premium |
|
$ |
222,240 |
|
$ |
245,316 |
|
$ |
164,461 |
|
$ |
136,556 |
|
$ |
768,573 |
|
$ |
211,140 |
|
$ |
252,712 |
|
$ |
136,457 |
|
$ |
137,031 |
|
$ |
737,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
London Market |
|
$ |
107,259 |
|
$ |
102,897 |
|
$ |
46,985 |
|
$ |
11,057 |
|
$ |
268,198 |
|
$ |
106,253 |
|
$ |
113,706 |
|
$ |
28,524 |
|
$ |
13,601 |
|
$ |
262,084 |
|
|
Specialty |
|
70,749 |
|
85,237 |
|
70,725 |
|
82,480 |
|
309,191 |
|
62,960 |
|
75,072 |
|
62,514 |
|
78,131 |
|
278,677 |
| ||||||||||
|
Total net written premium |
|
$ |
178,008 |
|
$ |
188,134 |
|
$ |
117,710 |
|
$ |
93,537 |
|
$ |
577,389 |
|
$ |
169,213 |
|
$ |
188,778 |
|
$ |
91,038 |
|
$ |
91,732 |
|
$ |
540,761 |
|
(1) Includes internal claims department costs.
(2) Net loss ratio = net loss and loss adjustment expense divided by net earned premium.
(3) Expense ratio = other expense divided by net earned premium.
(4) Combined ratio = net loss ratio plus expense ratio.