8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
November 4, 2008

HCC INSURANCE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 001-13790
(Commission File
Number) 76-0336636
(IRS Employer
Identification No.)

13403 Northwest Freeway
Houston, Texas
(Address of principal executive offices)
77040-6094
(Zip Code)

Registrant’s telephone number, including area code: (713) 690-7300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

     On November 4, 2008, HCC Insurance Holdings, Inc. announced its results for the Third Quarter of 2008. A press release setting forth the announcement is furnished as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

No.		Exhibit
	99.1	Earnings Press Release dated November 4, 2008

     The information contained herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HCC INSURANCE HOLDINGS, INC.
Date: November 10, 2008
	By:	/s/  Frank J. Bramanti
		Frank J. Bramanti,
		Chief Executive Officer

EXHIBIT INDEX

No.		Exhibit
	99.1	Earnings Press Release dated November 4, 2008

EX-99.1

Exhibit 99.1

HCC INSURANCE HOLDINGS REPORTS RESULTS
FOR 2008 THIRD QUARTER AND FIRST NINE
MONTHS

HOUSTON (November 4, 2008) . . .

HCC Insurance Holdings, Inc. (NYSE: HCC) today released earnings for the third quarter and first nine months of 2008, which ended September 30.

Net earnings for the third quarter of 2008 were $59.1 million, compared with $97.9 million during the third quarter of 2007. Net earnings per diluted share were $0.51 for the third quarter of 2008, compared to $0.84 for the same quarter of 2007. Net earnings for the first nine months of 2008 were $232.5 million, versus $295.8 million for the first nine months of the previous year. Net earnings per diluted share were $2.01 for the first nine months of 2008, versus $2.54 for the same period of 2007.

Gross losses incurred were $89.9 million in total for both Hurricanes Gustav and Ike. Net losses from Hurricane Gustav, primarily from offshore energy exposures, net of reinsurance and including reinsurance reinstatement costs, were $8.9 million, while Hurricane Ike’s net losses, also primarily offshore energy exposures, net of reinsurance and including reinsurance reinstatement costs, were $15.6 million. There may be some further increase in the gross losses for the two hurricanes, but HCC’s net loss is not expected to increase.

The GAAP combined ratio for the third quarter of 2008 was 88.0 percent, compared to 80.8 percent for the third quarter of 2007. The GAAP combined ratio for the first nine months of 2008 was 85.3 percent, versus 82.9 percent for the corresponding period of 2007. The effect of 2008 hurricanes added 4.9 percent to the Company’s GAAP combined ratio for the 2008 third quarter, and 1.7 percent to the Company’s GAAP combined ratio for the first nine months of the year.

“The third quarter was negatively impacted by net losses from Hurricanes Gustav and Ike totaling $24.5 million, as well as realized investment losses of $17.2 million and $14.3 million in losses from alternative investments,” HCC Chief Executive Officer Frank J. Bramanti said.

“Despite two hurricanes, the cost of share repurchases, and the stress of the financial markets and its impact on investment earnings and market values, HCC is reporting an increase of four percent in shareholders’ equity compared with December 31, 2007. Our balance sheet is stronger than ever, our liquidity is excellent and our ratings are solidly in place,” Mr. Bramanti said.

1

HCC’s Board of Directors authorized a $100.0 million share repurchase on June 20, 2008. The Company has repurchased 1.6 million shares for a total of $34.1 million at an average cost of $21.21 per share through October 31, 2008.

Book value per share was essentially flat for the third quarter of 2008 at $22.13 a share, compared to $22.19 a share on June 30, 2008. Book value per share increased four percent from December 31, 2007. The Company’s annualized return on average equity for the first nine months of 2008 was 12.4 percent.

Net earned premium of HCC’s insurance company subsidiaries increased to $505.0 million for the third quarter of 2008, compared to $492.9 million for the same quarter of 2007. During the 2008 third quarter, gross written premium increased three percent to $613.0 million, while net written premium increased six percent to $495.6 million, both compared to the third quarter of 2007.

Net earned premium of HCC’s insurance company subsidiaries was $1.5 billion, up one percent for the first nine months of 2008, compared with the first nine months of 2007. During the first nine months of 2008, gross written premium increased two percent to $1.9 billion, while net written premium increased four percent to $1.6 billion, both compared to the first nine months of 2007.

“We believe the many challenges the economic turmoil is presenting will provide ample opportunities for HCC to continue to expand its business. HCC is well-capitalized and positioned to take advantage of these opportunities,” Mr. Bramanti said.

During the third quarter of 2008, HCC had net positive prior year reserve development of $44.0 million compared to net positive prior year reserve development of $23.0 million for the same period in 2007. For the first nine months of 2008, the Company recorded $58.4 million of net positive prior year reserve development, compared to net positive prior year reserve development of $19.4 million for the same period in 2007.

“The positive prior year reserve development in the third quarter of 2008 is primarily related to the 2004 and 2005 underwriting years, with the largest portion of the positive development coming from our D&O business. At the same time, we decided to increase certain loss picks in the 2008 accident year due to the continued uncertainty in the financial markets, which caused us to book $35.0 million of additional reserves. The largest portion of this increase was in our D&O business. Based on what we know today, we maintain our position that our total D&O reserves are sufficient to cover all claims that will arise,” Mr. Bramanti said.

Investment income decreased during 2008, compared to 2007. This was caused by the performance of alternative investments, which had losses of $14.3 million for the third quarter of 2008, versus income of $2.0 million for the third quarter of 2007, and a loss of $16.7 million for the first nine months of 2008, compared to income of $14.5 million for the first nine months of 2007.

2

HCC’s fixed income securities generated $44.2 million in investment income in the 2008 third quarter, versus $39.0 million in the 2007 third quarter; and $129.5 million for the first nine months of 2008, compared to $109.4 million for the first nine months of 2007, as the Company’s fixed income investments increased ten percent from September 30, 2007 to $3.9 billion at September 30, 2008.

As of September 30, 2008, HCC’s fixed income securities portfolio had an average rating of AA+, an average duration of 5.1 years and an average tax equivalent yield of 5.2 percent. The Company held $11.5 million of subprime-related and Alt-A securities, which had an average rating of AAA, and owned no CDO or CLO securities. HCC has never been a counterparty to any credit default swap.

“Our investment performance was quite good in spite of the volatility in the marketplace. Nevertheless, in keeping with our conservative investment philosophy, our Board of Directors’ Investment and Finance Committee has decided to exit equity and equity-related investments, including hedge funds and alternative investments, and reinvest those funds in fixed income securities. This should eliminate the volatility we have seen over the past year in our investment income,” Mr. Bramanti said.

Other operating income was $4.8 million for the 2008 third quarter, compared to a loss of $3.1 million for the same period in 2007. Other operating income was $10.8 million for the first nine months of 2008, compared to $35.6 million for the same period in 2007.

As of September 30, 2008, total investments were $4.8 billion, total assets were $8.4 billion, shareholders’ equity was $2.5 billion and the Company’s debt to total capital ratio remained very conservative at 12.8 percent.

As a result of the effect of 2008 hurricanes, realized investment losses and losses from its alternative investments, the Company is revising the range of its previously disclosed net earnings guidance for 2008 to $2.60 per share to $2.90 per share, from $2.90 to $3.20 per share.

See attached tables for further information about HCC’s quarter and year-to-date financial results.

HCC will hold an open conference call beginning at 8:00 a.m. Central Standard Time on Wednesday, November 5. To participate, the number for domestic calls is (800) 374-0290 and the number for international calls is (706) 634-1061. In addition, there will be a live webcast available on a listen-only basis that can be accessed through the HCC website at www.hcc.com.

Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Bermuda, Ireland, Spain and the United Kingdom. HCC has assets of $8.4 billion, shareholders’ equity of $2.5 billion and is rated AA (Very Strong) by Standard & Poor’s

3

and AA (Very Strong) by Fitch Ratings. In addition, HCC’s major domestic insurance companies are rated A+ (Superior) by A.M. Best Company.

For more information, visit our website at www.hcc.com.

Contact: Barney White, HCC Vice President of Investor Relations
Telephone: (713) 744-3719

Forward-looking statements contained in this press release are made under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The types of risks and uncertainties which may affect the Company are set forth in its periodic reports filed with the Securities and Exchange Commission.

* * * * *

4

HCC Insurance Holdings, Inc. and Subsidiaries
Financial Highlights
September 30, 2008
(Unaudited, in thousands except per share data)

	Three months ended September 30,
	2008			2007
Gross written premium	$	612,964		$	593,062
Net written premium		495,585			469,680
Net earned premium		504,972			492,922
Fee and commission income		37,795			42,734
Net investment income		35,962			49,889
Other operating income (loss)		4,828			(3,074	)
Total revenue		566,319			582,494
Net earnings		59,053			97,925
Earnings per share (diluted)		0.51			0.84
Cash flow from operations		170,736			214,559
Weighted average shares outstanding (diluted)		115,418			116,323
GAAP net loss ratio		64.3	%		57.2	%
GAAP combined ratio		88.0	%		80.8	%
Paid loss ratio		61.2	%		44.1	%
	September 30, 2008			December 31, 2007
Total investments	$	4,821,809		$	4,672,277
Total assets		8,449,482			8,074,645
Shareholders’ equity		2,547,457			2,440,365
Debt to total capital		12.8	%		11.7	%
Book value per share	$	22.13		$	21.21

5

HCC Insurance Holdings, Inc. and Subsidiaries
Financial Highlights
September 30, 2008
(Unaudited, in thousands except per share data)

	Nine months ended September 30,
	2008			2007
Gross written premium	$	1,887,556		$	1,857,764
Net written premium		1,556,382			1,500,465
Net earned premium		1,505,128			1,484,908
Fee and commission income		99,558			105,995
Net investment income		130,832			148,053
Other operating income		10,829			35,611
Total revenue		1,727,557			1,773,966
Net earnings		232,491			295,787
Earnings per share (diluted)		2.01			2.54
Cash flow from operations		401,175			614,859
Weighted average shares outstanding (diluted)		115,944			116,577
GAAP net loss ratio		61.2	%		59.6	%
GAAP combined ratio		85.3	%		82.9	%
Paid loss ratio		53.2	%		47.3	%
	September 30, 2008			December 31, 2007
Total investments	$	4,821,809		$	4,672,277
Total assets		8,449,482			8,074,645
Shareholders’ equity		2,547,457			2,440,365
Debt to total capital		12.8	%		11.7	%
Book value per share	$	22.13		$	21.21

6

HCC Insurance Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)

	September 30,			December 31,
	2008			2007
ASSETS
Investments:
Fixed income securities — available for sale	$	3,835,514		$	3,666,705
Fixed income securities — held to maturity		99,167			—
Short-term investments		751,611			783,650
Other investments		135,517			221,922
Total investments		4,821,809			4,672,277
Cash		20,244			39,135
Restricted cash and cash investments		198,832			193,151
Premium, claims and other receivables		815,770			763,401
Reinsurance recoverables		1,076,421			956,665
Ceded unearned premium		238,563			244,684
Ceded life and annuity benefits		64,719			66,199
Deferred policy acquisition costs		197,026			192,773
Goodwill		834,740			776,046
Other assets		181,358			170,314
Total assets	$	8,449,482		$	8,074,645
LIABILITIES
Loss and loss adjustment expense payable	$	3,505,122		$	3,227,080
Life and annuity policy benefits		64,719			66,199
Reinsurance balances payable		125,494			129,838
Unearned premium		985,062			943,946
Deferred ceding commissions		62,854			68,968
Premium and claims payable		399,834			497,974
Notes payable		374,714			324,714
Accounts payable and accrued liabilities		384,226			375,561
Total liabilities		5,902,025			5,634,280
SHAREHOLDERS’ EQUITY
Common stock		116,188			115,069
Additional paid-in capital		854,174			831,419
Retained earnings		1,638,691			1,445,995
Accumulated other comprehensive income (loss)		(39,726	)		47,882
Treasury stock		(21,870	)		—
Total shareholders’ equity		2,547,457			2,440,365
Total liabilities and shareholders’ equity	$	8,449,482		$	8,074,645

7

HCC Insurance Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(Unaudited, in thousands except per share data)

	Nine months ended						Three months ended
	September 30,						September 30,
	2008			2007			2008			2007
REVENUE
Net earned premium	$	1,505,128		$	1,484,908		$	504,972		$	492,922
Fee and commission income		99,558			105,995			37,795			42,734
Net investment income		130,832			148,053			35,962			49,889
Net realized investment gain (loss)		(18,790	)		(601	)		(17,238	)		23
Other operating income (loss)		10,829			35,611			4,828			(3,074	)
Total revenue		1,727,557			1,773,966			566,319			582,494
EXPENSE
Loss and loss adjustment expense, net		920,433			885,547			324,506			281,784
Policy acquisition costs, net		284,695			267,778			96,582			93,251
Other operating expense		174,420			169,226			57,702			58,118
Interest expense		11,517			7,166			3,750			2,767
Total expense		1,391,065			1,329,717			482,540			435,920
Earnings before income tax expense		336,492			444,249			83,779			146,574
Income tax expense		104,001			148,462			24,726			48,649
Net earnings	$	232,491		$	295,787		$	59,053		$	97,925
Basic earnings per share data:
Net earnings per share	$	2.02		$	2.63		$	0.51		$	0.87
Weighted average shares outstanding		115,164			112,295			114,812			112,652
Diluted earnings per share data:
Net earnings per share	$	2.01		$	2.54		$	0.51		$	0.84
Weighted average shares outstanding		115,944			116,577			115,418			116,323
Cash dividends declared, per share	$	0.345		$	0.310		$	0.125		$	0.110

8

HCC Insurance Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

	Nine months ended						Three months ended
	September 30,						September 30,
	2008			2007			2008			2007
Cash flows from operating activities:
Net earnings	$	232,491		$	295,787		$	59,053		$	97,925
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in premium, claims and other receivables		22,705			63,737			66,329			33,696
Change in reinsurance recoverables		(119,825	)		122,472			(46,013	)		27,851
Change in ceded unearned premium		6,121			(27,925	)		(2,931	)		(6,676	)
Change in loss and loss adjustment expense payable		278,156			169,541			58,298			63,604
Change in reinsurance balances payable		(4,344	)		(10,512	)		5,601			(9,639	)
Change in unearned premium		41,162			46,813			(13,860	)		(16,069	)
Change in premium and claims payable, net of restricted cash		(105,135	)		(73,679	)		(31,267	)		(31,579	)
Change in current income taxes payable		(10,104	)		21,754			(2,794	)		36,444
Change in trading portfolio		49,091			14,126			6,517			9,261
Stock-based compensation expense		9,990			9,191			3,193			2,802
Depreciation and amortization expense		10,436			11,625			3,612			3,764
(Gain) loss on investments		26,367			(35,557	)		31,559			(1,994	)
Other, net		(35,936	)		7,486			33,439			5,169
Cash provided by operating activities		401,175			614,859			170,736			214,559
Cash flows from investing activities:
Sales of fixed income securities		421,677			221,822			184,799			47,104
Maturity or call of fixed income securities		255,439			234,435			73,029			76,314
Cost of securities acquired		(1,124,969	)		(1,011,747	)		(199,276	)		(274,874	)
Change in short-term investments		33,665			(10,189	)		(222,899	)		15,825
Proceeds from sales of other investments		31,537			—			543			—
Proceeds from sales of strategic investments		22,818			42,997			—			3,181
Payments for purchase of subsidiaries, net of cash received		(73,996	)		(53,687	)		(1,627	)		(2,006	)
Other, net		(3,203	)		(7,079	)		1,482			(1,723	)
Cash used by investing activities		(437,032	)		(583,448	)		(163,949	)		(136,179	)
Cash flows from financing activities:
Advances on line of credit		106,000			62,000			31,000			—
Payments on line of credit and notes payable		(56,000	)		(56,363	)		(26,000	)		(43,476	)
Sale of common stock		13,884			19,337			4,016			2,915
Purchase of treasury shares		(21,870	)		—			(21,870	)		—
Dividends paid		(38,061	)		(33,630	)		(12,721	)		(11,249	)
Other, net		13,013			(4,514	)		11,903			(1,970	)
Cash provided (used) by financing activities		16,966			(13,170	)		(13,672	)		(53,780	)
Net increase (decrease) in cash		(18,891	)		18,241			(6,885	)		24,600
Cash at beginning of period		39,135			48,290			27,129			41,931
Cash at end of period	$	20,244		$	66,531		$	20,244		$	66,531

9

HCC Insurance Holdings, Inc. and Subsidiaries
Insurance Company Premium
September 30, 2008
(Unaudited, in thousands)

	3rd Qtr		3rd Qtr		Change
	2008		2007		%
GROSS WRITTEN
Diversified financial products	$	261,614	$	228,618		14	%
Group life, accident & health		210,930		197,051		7
Aviation		50,639		48,652		4
London market account		31,230		40,773		(23	)
Other specialty lines		58,425		77,966		(25	)
Discontinued lines		126		2		nm
	$	612,964	$	593,062		3	%
NET WRITTEN
Diversified financial products	$	215,556	$	185,117		16	%
Group life, accident & health		195,283		185,799		5
Aviation		37,116		36,071		3
London market account		17,046		13,983		22
Other specialty lines		30,506		48,705		(37	)
Discontinued lines		78		5		nm
	$	495,585	$	469,680		6	%
NET EARNED PREMIUM
Diversified financial products	$	203,295	$	195,132		4	%
Group life, accident & health		194,393		187,209		4
Aviation		35,413		38,400		(8	)
London market account		27,429		28,264		(3	)
Other specialty lines		44,420		43,913		1
Discontinued lines		22		4		nm
	$	504,972	$	492,922		2	%

nm — Not meaningful comparison

10

HCC Insurance Holdings, Inc. and Subsidiaries
Insurance Company Premium
September 30, 2008
(Unaudited, in thousands)

	Year to Date		Year to Date			Change
	2008		2007			%
GROSS WRITTEN
Diversified financial products	$	744,920	$	701,020			6	%
Group life, accident & health		629,214		602,225			4
Aviation		147,268		154,745			(5	)
London market account		154,028		189,995			(19	)
Other specialty lines		207,361		210,242			(1	)
Discontinued lines		4,765		(463	)		nm
	$	1,887,556	$	1,857,764			2	%
NET WRITTEN
Diversified financial products	$	622,702	$	564,832			10	%
Group life, accident & health		595,112		569,747			4
Aviation		106,996		113,914			(6	)
London market account		97,142		107,952			(10	)
Other specialty lines		129,667		144,446			(10	)
Discontinued lines		4,763		(426	)		nm
	$	1,556,382	$	1,500,465			4	%
NET EARNED PREMIUM
Diversified financial products	$	593,378	$	580,983			2	%
Group life, accident & health		582,193		571,849			2
Aviation		105,125		115,491			(9	)
London market account		80,824		92,763			(13	)
Other specialty lines		138,846		124,248			12
Discontinued lines		4,762		(426	)		nm
	$	1,505,128	$	1,484,908			1	%

nm — Not meaningful comparison

11

HCC Insurance Holdings, Inc. and Subsidiaries
Investments — Selected Disclosures
September 30, 2008
(Unaudited, in thousands)

								Average Ratings
	Amortized		Fair		% of									BBB &
	Cost		Value		Portfolio			AAA		AA		A		below		Other		Average
Fixed Income Securities	$	4,032,743	$	3,935,643		100.0	%	$	2,322,029	$	1,011,606	$	537,478	$	64,530	$	—		AA	+
Residential Mortgage Backed Securities & Collateralized Mortgage Obligations
Agency	$	706,758	$	712,263		18.1	%		712,263		—		—		—		—		AAA
Non-Agency
Prime		100,054		89,585		2.3	%		89,585		—		—		—		—		AAA
Alt A		10,012		8,900		0.2	%		8,584		158		158		—		—		AAA
Subprime		2,817		2,586		0.1	%		1,931		—		—		655		—		AA	+
Total Residential MBS/CMO	$	819,641	$	813,334		20.7	%
Agency Securities
Senior Agency Debt — FNMA/FHLMC	$	14,498	$	14,848		0.4	%		14,848		—		—		—		—		AAA
Corporate Bonds	$	562,917	$	541,588		13.8	%		29,137		127,273		333,997		51,181		—		A+
Commercial Mortgaged Backed Securities	$	179,562	$	165,672		4.2	%		165,672		—		—		—		—		AAA
Municipal Bond Portfolio	$	1,820,675	$	1,763,425		44.8	%		702,019		865,842		186,923		8,641		—		AA	+
Insurance Enhanced	$	1,142,944	$	1,103,354		28.0	%		451,713		475,325		167,710		8,606		—		AA	+
Insured — Underlying Ratings	$	1,142,944	$	1,103,354					147,849		689,265		243,730		994		21,516		AA
Non-Insured	$	677,731	$	660,071		16.8	%		256,650		385,178		18,243		—		—		AA	+
Short-Term
Bank Sweep Accounts — US	$	50,438	$	50,438
Bank Sweep Accounts — Non-US		48,434		48,434
Taxable Money Market Funds		652,739		652,739
Total Short-Term	$	751,611	$	751,611

Notes:

There are no CDOs/CLOs in the portfolio.

Other Ratings are bonds with at least one enhanced rating; each issuer has an equivalent investment grade rating. Received paydown of $1.1 million on subprime and Alt A securities in third quarter 2008.

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HCC Insurance Holdings, Inc. and Subsidiaries
Subprime Liability Exposure
September 30, 2008

• As of September 30, the Company had 50 “non-Side A only” D&O, E&O and Fiduciary Liability claims and 12 “Side A only” D&O claims relating to subprime issues.

• Of the D&O claims reported, two are on primary policies with gross policy limits totaling $9 million. The remaining D&O claims are on excess policies.

• The average policy limit on the “non-Side A only” claims is $13.0 million gross and $8.6 million net, with an average attachment point of $87 million.

• The average policy limit for “Side A only” claims is $13.3 million gross and $10.9 million net, with an average attachment point of $176 million.

• Based upon the Company’s present knowledge, HCC believes the ultimate subprime related losses will be contained within the current overall reserves for D&O, E&O and Fiduciary Liability business.

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HCC Insurance Holdings, Inc. and Subsidiaries
Consolidated Insurance Companies
Net Loss Ratios
September 30, 2008
(Unaudited, in thousands)

	Year to Date 2008							Full Year 2007
	Net Earned		Incurred		Loss			Net Earned			Incurred		Loss
Line of Business	Premium		Losses		Ratio			Premium			Losses		Ratio
Diversified financial products	$	593,378	$	274,321		46.2	%	$	777,414		$	315,409		40.6	%
Group life, accident & health		582,193		428,826		73.7			758,516			579,780		76.4
Aviation		105,125		68,036		64.7			153,121			89,683		58.6
London market account		80,824		43,933		54.4			124,609			68,798		55.2
Other specialty lines		138,846		102,363		73.7			171,824			115,804		67.4
Discontinued lines		4,762		2,954		nm			(398	)		14,473		nm
Total	$	1,505,128	$	920,433		61.2	%	$	1,985,086		$	1,183,947		59.6	%

nm — Not meaningful comparison

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