Attached files
file | filename |
---|---|
10-K - FORM 10-K - HCC INSURANCE HOLDINGS INC/DE/ | h69817e10vk.htm |
EX-24 - EX-24 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv24.htm |
EX-21 - EX-21 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv21.htm |
EX-23 - EX-23 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv23.htm |
EX-31.2 - EX-31.2 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv31w2.htm |
EX-31.1 - EX-31.1 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv31w1.htm |
EX-32.1 - EX-32.1 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv32w1.htm |
EX-10.28 - EX-10.28 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv10w28.htm |
EX-10.31 - EX-10.31 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv10w31.htm |
EX-10.29 - EX-10.29 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv10w29.htm |
EX-10.30 - EX-10.30 - HCC INSURANCE HOLDINGS INC/DE/ | h69817exv10w30.htm |
EXHIBIT 12
HCC
INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
STATEMENT
OF RATIOS
(in
thousands)
Years Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Gross premium to surplus ratio
|
||||||||||||||||||||
Gross written premium
|
$ | 2,568,609 | $ | 2,510,612 | $ | 2,460,498 | $ | 2,243,843 | $ | 2,049,116 | ||||||||||
Policyholders surplus
|
2,103,892 | 1,852,684 | 1,744,889 | 1,342,054 | 1,110,268 | |||||||||||||||
Premium to surplus ratio(1)
|
122.1 | % | 135.5 | % | 141.0 | % | 167.2 | % | 184.6 | % | ||||||||||
(Gross premium to surplus ratio = gross written premium divided
by policyholders surplus)
|
||||||||||||||||||||
Net premium to surplus ratio
|
||||||||||||||||||||
Net written premium
|
$ | 2,052,309 | $ | 2,064,091 | $ | 1,985,641 | $ | 1,812,896 | $ | 1,495,931 | ||||||||||
Policyholders surplus
|
2,103,892 | 1,852,684 | 1,744,889 | 1,342,054 | 1,110,268 | |||||||||||||||
Premium to surplus ratio(1)
|
97.5 | % | 111.4 | % | 113.8 | % | 135.1 | % | 134.7 | % | ||||||||||
(Net premium to surplus ratio = net written premium divided by
policyholders surplus)
|
||||||||||||||||||||
Loss ratio
|
||||||||||||||||||||
Incurred loss and loss adjustment expense
|
$ | 1,232,510 | $ | 1,216,746 | $ | 1,194,925 | $ | 1,020,221 | $ | 925,130 | ||||||||||
Net earned premium
|
2,029,748 | 2,000,289 | 1,971,951 | 1,700,373 | 1,378,100 | |||||||||||||||
Loss ratio(1)
|
60.7 | % | 60.8 | % | 60.6 | % | 60.0 | % | 67.1 | % | ||||||||||
(Loss ratio = incurred loss and loss adjustment expense divided
by net earned premium)
|
||||||||||||||||||||
Expense ratio
|
||||||||||||||||||||
Underwriting expense
|
$ | 528,077 | $ | 501,948 | $ | 473,597 | $ | 435,371 | $ | 381,680 | ||||||||||
Net written premium
|
2,052,309 | 2,064,091 | 1,985,641 | 1,812,896 | 1,495,931 | |||||||||||||||
Expense ratio(1)
|
25.7 | % | 24.3 | % | 23.9 | % | 24.0 | % | 25.5 | % | ||||||||||
(Expense ratio = underwriting expense divided by net written
premium)
|
||||||||||||||||||||
Combined ratio(1)
|
86.4 | % | 85.1 | % | 84.5 | % | 84.0 | % | 92.6 | % | ||||||||||
(Combined ratio = loss ratio plus expense ratio)
|
(1) | Calculated for our insurance companies using financial data reported in accordance with statutory accounting principles. |
EXHIBIT 12
HCC
INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
STATEMENT
OF RATIOS
(in
thousands)
Years Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Loss ratio
|
||||||||||||||||||||
Incurred loss and loss adjustment expense
|
$ | 1,215,759 | $ | 1,211,873 | $ | 1,183,947 | $ | 1,011,856 | $ | 919,697 | ||||||||||
Net earned premium
|
2,037,235 | 2,007,774 | 1,985,086 | 1,709,189 | 1,369,988 | |||||||||||||||
Loss ratio(2)
|
59.7 | % | 60.4 | % | 59.6 | % | 59.2 | % | 67.1 | % | ||||||||||
(Loss ratio = incurred loss and loss adjustment expense divided
by net earned premium)
|
||||||||||||||||||||
Expense ratio
|
||||||||||||||||||||
Underwriting expense
|
$ | 513,942 | $ | 501,537 | $ | 472,168 | $ | 427,456 | $ | 357,727 | ||||||||||
Net earned premium
|
2,037,235 | 2,007,774 | 1,985,086 | 1,709,189 | 1,369,988 | |||||||||||||||
Expense ratio(2)
|
25.2 | % | 25.0 | % | 23.8 | % | 25.0 | % | 26.1 | % | ||||||||||
(Expense ratio = underwriting expense divided by net earned
premium)
|
||||||||||||||||||||
Combined ratio(2)
|
84.9 | % | 85.4 | % | 83.4 | % | 84.2 | % | 93.2 | % | ||||||||||
(Combined ratio = loss ratio plus expense ratio)
|
||||||||||||||||||||
Ratio of earnings to fixed charges
|
||||||||||||||||||||
Interest factor of rent expense(3)
|
$ | 5,277 | $ | 4,581 | $ | 4,067 | $ | 3,944 | $ | 3,373 | ||||||||||
Interest expense
|
16,164 | 20,362 | 16,270 | 18,128 | 14,126 | |||||||||||||||
Capitalized interest
|
51 | 104 | | | | |||||||||||||||
Total fixed charges
|
$ | 21,492 | $ | 25,047 | $ | 20,337 | $ | 22,072 | $ | 17,499 | ||||||||||
Earnings from continuing operations before income tax expense
|
$ | 518,551 | $ | 432,238 | $ | 579,904 | $ | 503,102 | $ | 266,167 | ||||||||||
Interest factor of rent expense(3)
|
5,277 | 4,581 | 4,067 | 3,944 | 3,373 | |||||||||||||||
Interest expense
|
16,164 | 20,362 | 16,270 | 18,128 | 14,126 | |||||||||||||||
Earnings per calculation
|
$ | 539,992 | $ | 457,181 | $ | 600,241 | $ | 525,174 | $ | 283,666 | ||||||||||
Ratio of earnings to fixed charges(4)
|
25.13 | 18.25 | 29.51 | 23.79 | 16.21 | |||||||||||||||
(2) | Calculated for our insurance companies using financial data reported in accordance with generally accepted accounting principles. | |
(3) | Estimated to be 33% of total rent expense. | |
(4) | Earnings per calculation divided by total fixed charges. |