EX-99.2 4 h94438ex99-2.txt SUPPLEMENTARY FINANCIAL DATA EXHIBIT 99.2 HCC Insurance Holdings, Inc. and Subsidiaries --------- Consolidated Statements of Cash Flows (In thousands) --------
For the years ended December 31, 2001 2000 ------------- ------------- (unaudited) Cash flows from operating activities: Net earnings $ 30,197 $ 55,468 Adjustments to reconcile net earnings to net cash provided by operating activities: Change in premium, claims and other receivables (33,976) 30,501 Change in reinsurance recoverables (191,552) (52,007) Change in ceded unearned premium 28,254 19,188 Change in loss and loss adjustment expense payable 262,056 72,311 Change in reinsurance balances payable (29,837) 17,052 Change in unearned premium (1,676) 2,689 Change in premium and claims payable, net of restricted cash 22,530 (20,727) Gains on sales of other operating investments (8,171) (5,739) Depreciation, amortization and impairments 34,926 19,908 Other, net (7,011) (820) ------------ ------------ Cash provided by operating activities 105,740 137,824 Cash flows from investing activities: Sales of fixed income securities 140,763 137,175 Maturity or call of fixed income securities 45,754 34,341 Sales of equity securities 22,859 7,969 Dispositions of other operating investments 19,965 27,803 Change in short-term investments (43,986) (69,400) Cash paid for companies acquired, net of cash received (95,952) (8,909) Cost of investments acquired (310,377) (244,586) Purchase of property and equipment and other (12,283) (9,535) ------------ ------------ Cash used by investing activities (233,257) (125,142) Cash flows from financing activities: Proceeds from notes payable, net of costs 174,058 26,700 Sale of common stock, net of costs 192,831 17,235 Payments on notes payable (222,116) (57,042) Dividends paid (14,356) (12,409) ------------ ------------ Cash provided (used) by financing activities 130,417 (25,516) ------------ ------------ Net change in cash 2,900 (12,834) Cash as of beginning of year 13,991 26,825 ------------ ------------ CASH AS OF END OF YEAR $ 16,891 $ 13,991 ============ ============
HCC INSURANCE HOLDINGS, INC. INSURANCE COMPANY PREMIUM DECEMBER 31, 2001 ($ IN THOUSANDS)
4TH QTR 4TH QTR CHANGE 2001 2000 % ------------ ------------ ------------ GROSS WRITTEN Life, Accident & Health $ 154,533 $ 148,309 4 Aviation 60,892 47,810 27 Marine, Energy & Property 17,243 10,035 72 Miscellaneous 4,317 15,038 (71) ------------ ------------ ------------ 236,985 221,192 7% Discontinued 6,483 32,783 ------------ ------------ $ 243,468 $ 253,975 ============ ============ NET WRITTEN Life, Accident & Health $ 49,201 $ 35,206 40 Aviation 30,789 23,480 31 Marine, Energy & Property 11,844 2,920 306 Miscellaneous 4,315 810 433 ------------ ------------ ------------ 96,149 62,416 54% Discontinued 5,545 6,618 ------------ ------------ $ 101,694 $ 69,034 ============ ============ NET EARNED PREMIUM Life, Accident & Health $ 48,819 $ 37,156 31 Aviation 25,702 19,284 33 Marine, Energy & Property 8,108 2,455 230 Miscellaneous 4,293 810 430 ------------ ------------ ------------ 86,922 59,705 46% Discontinued 6,785 6,653 ------------ ------------ $ 93,707 $ 66,358 ============ ============
HCC INSURANCE HOLDINGS, INC. INSURANCE COMPANY PREMIUM DECEMBER 31, 2001 ($ IN THOUSANDS)
FULL YEAR FULL YEAR CHANGE 2001 2000 % ------------ ------------ ------------ GROSS WRITTEN Life, Accident & Health $ 629,228 $ 546,702 15 Aviation 198,015 191,089 4 Marine, Energy, & Property 83,068 64,352 29 Miscellaneous 15,602 29,281 (47) ------------ ------------ ------------ 925,913 831,424 11% Discontinued 84,162 136,033 ------------ ------------ $ 1,010,075 $ 967,457 ============ ============ NET WRITTEN Life, Accident & Health $ 188,580 $ 148,100 27 Aviation 98,249 79,794 23 Marine, Energy, & Property 34,750 16,256 114 Miscellaneous 14,390 14,552 (1) ------------ ------------ ------------ 335,969 258,702 30% Discontinued 36,989 25,086 ------------ ------------ $ 372,958 $ 283,788 ============ ============ NET EARNED PREMIUM Life, Accident & Health $ 186,188 148,039 26 Aviation 91,377 73,695 24 Marine, Energy, & Property 23,748 10,163 134 Miscellaneous 15,124 14,552 4 ------------ ------------ ------------ 316,437 246,449 28% Discontinued 26,350 21,198 ------------ ------------ $ 342,787 $ 267,647 ============ ============
HCC INSURANCE HOLDINGS, INC. INSURANCE COMPANY PREMIUM DECEMBER 31, 2001 ($ IN THOUSANDS)
FULL YEAR FULL YEAR FULL YEAR 2001 2000 1999 ------------ ------------ ------------ GROSS WRITTEN Life, Accident & Health $ 629,228 $ 546,702 $ 217,659 Aviation 198,015 191,089 210,029 Marine, Energy & Property 83,068 64,352 82,003 Miscellaneous 15,602 29,281 17,962 ------------ ------------ ------------ 925,913 831,424 527,653 Discontinued 84,162 136,033 40,678 ------------ ------------ ------------ $ 1,010,075 $ 967,457 $ 568,331 ============ ============ ============ NET WRITTEN Life, Accident & Health $ 188,580 $ 148,100 $ 48,899 Aviation 98,249 79,794 68,513 Marine, Energy & Property 34,750 16,256 9,561 Miscellaneous 14,390 14,552 8,730 ------------ ------------ ------------ 335,969 258,702 135,703 Discontinued 36,989 25,086 4,221 ------------ ------------ ------------ $ 372,958 $ 283,788 $ 139,924 ============ ============ ============ NET EARNED PREMIUM Life, Accident & Health $ 186,188 148,039 50,919 Aviation 91,377 73,695 62,784 Marine, Energy & Property 23,748 10,163 12,779 Miscellaneous 15,124 14,552 9,072 ------------ ------------ ------------ 316,437 246,449 135,554 Discontinued 26,350 21,198 5,808 ------------ ------------ ------------ $ 342,787 $ 267,647 $ 141,362 ============ ============ ============
HCC INSURANCE HOLDINGS, INC. CONSOLIDATED INSURANCE COMPANIES NET LOSS RATIOS DECEMBER 31, 2001 ($ IN THOUSANDS)
Full Year 2001 Full Year 2000 Full Year 1999 ----------------------------- ----------------------------- ----------------------------- Net Earned Loss Net Earned Loss Net Earned Loss Line of Business Premium Ratio Premium Ratio Premium Ratio ------------------------- ------------ ------------ ------------ ------------ ------------ ------------ Life, Accident & Health $ 186,188 79% $ 148,039 76% $ 50,919 74% Aviation 91,377 63 73,695 70 62,784 76 Marine, Energy & Property 23,748 53 10,163 81 12,779 131 Miscellaneous 15,124 73 14,552 41 9,072 70 ------------ ------------ ------------ ------------ ------------ ------------ 316,437 72 246,449 73 135,554 80 Discontinued 26,350 150 21,198 91 5,808 17 ------------ ------------ ------------ ------------ ------------ ------------ Total $ 342,787 78% $ 267,647 74% $ 141,362 78% ============ ============ ============ ============ ============ ============