HCC PROVIDES 2006 EARNINGS
GUIDANCE
HOUSTON (January 11, 2006) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC)
today provided earnings
guidance for the period ending December 31, 2006.
Management is very confident that they will achieve or beat consensus
earnings of $2.55 per fully diluted share for the full year 2006, despite
the approximate combined 7% dilution from the Company’s recent equity
offering and the requirement to expense stock options under the newly
implemented FASB rule SFAS 123(R).
Estimated results for the full year 2006 assume the following approximate
amounts: net written premium of $1.9 billion; total revenues of $1.9
billion; a combined ratio of approximately 85%; and average fully diluted
shares outstanding of 115 million.
Stephen L. Way, Chairman and Chief Executive Officer of HCC, commenting on
the guidance said, “The outlook for our Company continues to be very
positive and we are confident of executing our business plan that would
produce these projected results.” Mr. Way added, “Our goal is to continue to
grow earnings and shareholders equity at an above average rate, while
maintaining the integrity of our balance sheet for the longer term.”
HCC is an international insurance holding company and a leading specialty
insurance group since 1974, based in Houston, Texas with offices across the
USA and in Bermuda, England and Spain. HCC has assets exceeding $6.6 billion
and is rated AA (Very Strong) by Standard & Poor’s and A+ (Superior) by A.
M. Best Company.
For more information, visit our website at
www.hcch.com.
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Contact:
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L. Byron Way, Vice
President
HCC Insurance Holdings, Inc.
Telephone: (713) 690-7300
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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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