EX-99.1 2 h84393ex99-1.txt HIGHLIGHTS OF OPERATING RESULTS 1 EXHIBIT 99.1 HCC INSURANCE HOLDINGS, INC. FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE MONTHS ENDED DECEMBER 31, 2000 1999 ------------------------------- ---- ---- Gross written premium.................................. $253,975,000 $146,249,000 Net written premium.................................... 69,033,000 40,909,000 Net earned premium..................................... 66,358,000 41,786,000 Management fees........................................ 18,662,000 20,996,000 Commission income...................................... 10,743,000 9,810,000 Net investment income.................................. 11,256,000 8,067,000 Other operating income................................. 2,785,000 7,547,000 Total revenue.......................................... 108,308,000 84,308,000 Net earnings (loss).................................... 13,404,000 (4,991,000) Earnings Per Share (Diluted)........................... $ 0.26 $ (0.10) Weighted average shares outstanding.................... 51,533,000 49,193,000
DECEMBER 31, 2000 DECEMBER 31, 1999 ----------------- ----------------- Total investments...................................... $ 710,290,000 $ 581,322,000 Total assets........................................... 2,742,976,000 2,664,724,000 Shareholders' equity................................... 529,435,000 457,428,000 Book value per share................................... $ 10.46 $ 9.29
2 HCC INSURANCE HOLDINGS, INC. FINANCIAL HIGHLIGHTS (UNAUDITED)
YEAR ENDED DECEMBER 31, 2000 1999 ----------------------- ---- ---- Gross written premium ...................................... $ 967,457,000 $568,331,000 Net written premium ........................................ 283,788,000 139,924,000 Net earned premium ......................................... 267,647,000 141,362,000 Management fees ............................................ 96,058,000 90,713,000 Commission income .......................................... 42,492,000 54,552,000 Net investment income ...................................... 39,794,000 30,933,000 Other operating income ..................................... 25,497,000 28,475,000 Total revenue .............................................. 466,167,000 341,871,000 Earnings before cumulative effect of accounting change ..... 55,444,000 25,123,000 Cumulative effect of accounting change net of deferred tax effect of $1,335,000 .............................. (2,013,000) -- Net earnings ............................................... 53,431,000 25,123,000 Earnings Per Share Before Accounting Change (Diluted) ...... $ 1.10 $ 0.51 Cumulative effect of accounting change ..................... (0.04) -- Earnings Per Share (Diluted) ............................... $ 1.06 $ 0.51 Weighted average shares outstanding ........................ 50,622,000 49,649,000
3 HCC INSURANCE HOLDINGS, INC. FINANCIAL HIGHLIGHTS (UNAUDITED) INSURANCE COMPANY GROSS WRITTEN PREMIUM BY LINE OF BUSINESS
YEAR ENDED DECEMBER 31, 2000 1999 ------------------------ ---- ---- Accident & Health Reinsurance ............................. $193,714,000 $158,264,000 Aviation .................................................. 191,089,000 210,029,000 Marine & Offshore Energy .................................. 26,102,000 18,694,000 Medical Stop-Loss ......................................... 368,450,000 69,258,000 Property .................................................. 53,275,000 63,309,000 Workers' Compensation ..................................... 49,872,000 27,202,000 Other* .................................................... 84,955,000 21,575,000 ------------ ------------ Total ................................... $967,457,000 $568,331,000 ============ ============
INSURANCE COMPANY NET WRITTEN PREMIUM BY LINE OF BUSINESS
YEAR ENDED DECEMBER 31, 2000 1999 ------------------------ ---- ---- Accident & Health Reinsurance ............................. $ 61,855,000 $ 37,725,000 Aviation .................................................. 79,794,000 68,513,000 Marine & Offshore Energy .................................. 8,435,000 6,616,000 Medical Stop-Loss ......................................... 100,353,000 20,332,000 Property .................................................. 10,015,000 2,945,000 Workers' Compensation ..................................... 8,697,000 673,000 Other* .................................................... 14,639,000 3,120,000 ------------ ------------ Total ................................... $283,788,000 $139,924,000 ============ ============
* Includes the discontinued lines of provider excess, lenders' single interest, and program business. * * * * *