The company’s combined ratio was 84.5% for the fourth quarter of 2012, compared to 87.0% for the fourth quarter of 2011.
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Book value per share increased 1.4% and 11.6% for the fourth quarter and full year of 2012, respectively, to $35.10 at 31 December 2012. Book value per share grew at a compounded rate of 10.7% over the last five years.
Gross written premium increased 2% to $644.1m for the fourth quarter of 2012, compared to $629m for the same quarter of 2011. Net written premium increased slightly to $522.6m for the fourth quarter of 2012, versus $521.1m for the same quarter of 2011. Net earned premium increased 3% to $566.5m for the fourth quarter of 2012, compared to $550.2m for the same quarter of 2011.
Net earnings for 2012 were $391.2m, or $3.83 per diluted share, compared to $255.2m, or $2.30 per diluted share, for 2011.
For the full year of 2012, the combined ratio was 83.6%, versus 91.1% for the same period of 2011. HCC’s paid loss ratio was 56.7% for 2012, compared to 58.9% for 2011.
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By GlobalDataCommenting on the results, HCC CEO, Christopher Williams, said: "The fourth quarter represented our second consecutive quarter with record earnings and capped a record full year performance for our shareholders."
