Capital management helps HCC as advisers’ PI books sour
HCC Insurance Holdings posted third quarter net income of
$60.4mn on a lowly combined ratio (CR) of 92.8 percent, but its
results were hit by previously announced heavy reserve
strengthening in its diversified financial products division.
The group's third quarter net income was down from $93.1mn on a CR of 82.8 percent in Q3 2010.
A neutral overall result in net reserve changes masked a need to strengthen by $87.4mn against the insurer's directors' and officers' (D&O) and errors and...
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