Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - HCC INSURANCE HOLDINGS INC/DE/ | Financial_Report.xls |
| 10-Q - FORM 10-Q - HCC INSURANCE HOLDINGS INC/DE/ | h81997e10vq.htm |
| EX-32.1 - EX-32.1 - HCC INSURANCE HOLDINGS INC/DE/ | h81997exv32w1.htm |
| EX-31.2 - EX-31.2 - HCC INSURANCE HOLDINGS INC/DE/ | h81997exv31w2.htm |
| EX-31.1 - EX-31.1 - HCC INSURANCE HOLDINGS INC/DE/ | h81997exv31w1.htm |
Exhibit 12
HCC Insurance Holdings, Inc. and Subsidiaries
Statement of Ratios
(unaudited, in thousands except ratios)
(unaudited, in thousands except ratios)
| Three months ended March 31, | ||||||||
| 2011 | 2010 | |||||||
Net loss ratio |
||||||||
Loss and loss adjustment expense, net |
$ | 347,586 | $ | 326,521 | ||||
Net earned premium |
508,480 | 509,587 | ||||||
Net loss ratio (1) |
68.4 | % | 64.1 | % | ||||
(Net loss ratio = incurred loss and loss adjustment expense divided by net earned premium) |
||||||||
Expense ratio |
||||||||
Segment underwriting expense (2) |
$ | 135,848 | $ | 135,157 | ||||
Segment revenue (3) |
515,705 | 526,022 | ||||||
Expense ratio |
26.3 | % | 25.7 | % | ||||
(Expense ratio = segment underwriting expense divided by segment revenue) |
||||||||
Combined ratio |
94.7 | % | 89.8 | % | ||||
(Combined ratio = net loss ratio plus expense ratio) |
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Accident year loss ratio |
||||||||
Loss and loss adjustment expense, net |
347,586 | 326,521 | ||||||
Add: Favorable (adverse) development |
(9,015 | ) | (5,010 | ) | ||||
Accident year net loss and loss adjustment expense |
$ | 338,571 | $ | 321,511 | ||||
Accident year net earned premium |
$ | 508,480 | $ | 509,587 | ||||
Accident year net loss ratio |
66.6 | % | 63.1 | % | ||||
(Accident year net loss ratio = accident year net loss and loss adjustment expense
divided by
net
earned premium) |
||||||||
| (1) | Calculated for our insurance companies using financial data reported in accordance with generally accepted accounting principles. | |
| (2) | Sum of Other Expense for each of our insurance segments. | |
| (3) | Sum of Segment Revenue for each of our insurance segments. |
Exhibit 12
HCC Insurance Holdings, Inc. and Subsidiaries
Statement of Ratios
(unaudited, in thousands except ratios)
(unaudited, in thousands except ratios)
| Three months ended March 31, | ||||||||
| 2011 | 2010 | |||||||
Ratio of earnings to fixed charges |
||||||||
Interest factor of rent expense (5) |
$ | 1,341 | $ | 1,368 | ||||
Interest expense |
5,553 | 5,390 | ||||||
Capitalized interest |
68 | — | ||||||
Total fixed charges |
$ | 6,962 | $ | 6,758 | ||||
Earnings before income tax expense |
$ | 62,879 | $ | 103,025 | ||||
Interest factor of rent expense (5) |
1,341 | 1,368 | ||||||
Interest expense |
5,553 | 5,390 | ||||||
Earnings per calculation |
$ | 69,773 | $ | 109,783 | ||||
Ratio of earnings to fixed charges (6) |
10.02 | 16.24 | ||||||
| (5) | Estimated to be 33% of total net expense. | |
| (6) | Earnings per calculation divided by total fixed charges. |