HCC takes $34mn cat losses; adds to professional lines reserves
Specialty (re)insurer HCC has announced $34mn in pre-tax catastrophe losses for the third quarter and added $27.5mn to professional liability reserves as it forecast Q3 earnings of $83mn.
Most of the firm's cat losses are due to Hurricane Irene and impacted the company's international property and US P&C public risk segments.
This takes pre-tax cat losses for the year-to-date to about $107mn, representing 2.1 percent of shareholders' equity at year-end 2010.
HCC also expects to add $27.5mn pre-tax to its...
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