Exhibit 99.1

HCC INSURANCE HOLDINGS REPORTS RESULTS

FOR THE FIRST QUARTER OF 2012

First Quarter 2012 Highlights:

·Annualized operating return on equity(a) of 11.1%

·Gross written premium increased 5% to $682.7 million

·Net earnings of $82.6 million and net earnings per diluted share of $0.79

·GAAP combined ratio of 85.2%, including 1.3 percentage points for catastrophes

·2.2 million shares of common stock repurchased for $66.9 million at an average cost of $30.64 per share

HOUSTON (May 1, 2012) . . .

HCC Insurance Holdings, Inc. (NYSE: HCC) today released results for its first quarter ended March 31, 2012.

Net earnings were $82.6 million for the first quarter of 2012, compared to $47.0 million for the first quarter of 2011.  Net earnings per diluted share were $0.79 for the first quarter of 2012, versus $0.41 for the same quarter of 2011.

The 2012 results include pretax net catastrophe losses of $7.6 million stemming primarily from U.S. storms, which reduced net earnings by $0.05 per share.  The 2011 results include pretax net catastrophe losses of $51.5 million from catastrophes in Japan, New Zealand and Australia, which reduced net earnings by $0.29 per share.  Catastrophe losses added 1.3 percentage points to the Company’s net loss ratio and combined ratio for the first quarter of 2012.

The Company’s combined ratio was 85.2% for the first quarter of 2012, compared to 94.7% for the first quarter of 2011.  HCC’s paid loss ratio was 57.9% for the first quarter of 2012 before 5.1 percentage points related to a commutation in its Exited Lines, or 63.0% after the commutation, compared to 58.4% for the same quarter of 2011.

Book value per share increased 2.5% for the first quarter of 2012 to $32.23 at March 31, 2012.  HCC’s annualized return on equity was 10.1% for the first quarter of 2012.  The Company’s annualized operating return on equity(a) was 11.1% for the first quarter of 2012.

“The first quarter was strong for HCC across all segments.  More importantly, pricing has continued to improve almost universally throughout our portfolio, which has enabled us to achieve the double digit operating return on equity that we forecasted at the end of last year,” HCC Chief Executive Officer John N. Molbeck, Jr. said.

The Company repurchased 2.2 million shares of its common stock during the first quarter of 2012 for $66.9 million at an average cost of $30.64 per share.

HCC had no loss development in the first quarter of 2012, compared to net adverse loss development of $9.0 million for the same period of 2011.  The Company’s current accident year net loss ratio was 60.1% and its current accident year combined ratio was 85.2% for the first quarter of 2012.

Gross written premium increased 5% to $682.7 million for the first quarter of 2012, compared to $649.2 million for the same quarter of 2011.  Net written premium increased 4% to $558.4 million for the first quarter of 2012, versus $538.9 million for the same quarter of 2011.  Net earned premium increased 8% to $547.1 million for the first quarter of 2012, compared to $508.5 million for the same quarter of 2011.

Investment income increased to $57.0 million in the first quarter of 2012, compared to $51.6 million in the same quarter of 2011.  The Company’s fixed income securities portfolio increased 9% to $6.0 billion at March 31, 2012, from $5.5 billion at March 31, 2011.  The Company’s total investments increased 9% to $6.3 billion at March 31, 2012, from $5.7 billion at March 31, 2011.

As of March 31, 2012, HCC’s fixed income securities portfolio had an average rating of AA, with a duration of 4.8 years and an average long-term tax equivalent yield of 5.0%.  In addition, HCC’s total investments had an average combined duration of 4.6 years.

In the first quarter of 2012, the Company generated operating cash flow of $102.5 million, which excludes the Company’s payment of $27.5 million to commute a large contract in Exited Lines, compared to $82.1 million of operating cash flow in the same period of 2011.  The Company’s liquidity position remains strong with $312.0 million of cash and short-term investments and $325.0 million of available capacity under its $600.0 million revolving loan facility at March 31, 2012.

As of March 31, 2012, total assets were $9.8 billion, shareholders’ equity was $3.3 billion and the Company’s debt to total capital ratio was 14.6%.

For further information about HCC’s 2012 first quarter results, see the supplemental financial schedules that are accessible on HCC’s website at http://www.hcc.com, as well as directly in the Investor Relations section of HCC’s website at http://ir.hcc.com.

(Note: If clicking on the above links does not open in a new web page, please cut and paste the above URLs into your browser’s address bar.)

HCC will hold an open conference call beginning at 8:00 a.m. Central Daylight Time on Wednesday, May 2.  To participate, the number for domestic calls is (800) 374-0290 and the number for international calls is (706) 634-0161.  There will also be a live webcast available on a listen-only basis that can be accessed through the HCC website at http://www.hcc.com.  The webcast replay will be archived in the Investor Relations section of the HCC website through Friday, August 3, 2012.

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Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading international specialty insurance group with offices in the United States, the United Kingdom, Spain and Ireland.  HCC’s major domestic and international insurance companies have financial strength ratings of “AA (Very Strong)” from Standard & Poor’s Corporation, “A+ (Superior)” from A.M. Best Company, “AA (Very Strong)” from Fitch Ratings, and “A1 (Good Security)” from Moody’s Investors Service, Inc.

For more information about HCC, please visit http://www.hcc.com.

a) Non-GAAP Financial Measure

Annualized operating return on equity is a non-GAAP financial measure as defined by Regulation G and is calculated as operating earnings (or net earnings excluding after-tax net realized investment gain (loss), other-than-temporary impairment credit losses and foreign currency benefit (expense)) divided by average shareholders’ equity excluding accumulated other comprehensive income.  To annualize a quarterly rate, we multiply the result by four.  See the supplemental financial schedules for a reconciliation of this non-GAAP financial measure to corresponding GAAP amounts.  Management believes annualized operating return on equity is a useful measure for understanding the Company’s profitability relative to shareholders’ equity before consideration of investment-related gains (losses) and foreign currency benefit (expense) that the Company does not actively manage or consider in evaluating its operating results internally.

Contact:	Doug Busker, Director of Investor Relations
	HCC Insurance Holdings, Inc.
	Telephone: (713) 996-1192

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.

*     *     *     *     *

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HCC Insurance Holdings, Inc. and Subsidiaries

Financial Highlights

(Unaudited, in thousands except per share data)

	Three months ended
	March 31,
	2012			2011
Gross written premium	$	682,689		$	649,208
Net written premium	558,404			538,884
Net earned premium	547,141			508,480
Net investment income	57,010			51,595
Total revenue	609,523			563,708
Net earnings	82,584			46,990
Earnings per share (diluted)	$	0.79		$	0.41
Weighted-average shares outstanding (millions)	102.2			114.1
Net loss ratio	60.1		%	68.4		%
Combined ratio	85.2		%	94.7		%
Paid loss ratio	63.0		%	58.4		%

	March 31,			December 31,
	2012			2011
Total investments	$	6,252,485		$	6,049,750
Total assets	9,764,951			9,597,278
Shareholders’ equity	3,293,957			3,273,982
Debt to total capital ratio	14.6		%	12.8		%
Book value per share	$	32.23		$	31.45

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HCC Insurance Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited, in thousands)

	March 31,			December 31,
	2012			2011
ASSETS
Investments:
Fixed income securities - available for sale, at fair value	$	5,992,827		$	5,718,834
Fixed income securities - held to maturity, at amortized cost	—			161,102
Short-term investments	221,087			133,917
Other investments	38,571			35,897
Total investments	6,252,485			6,049,750
Cash	90,913			104,550
Restricted cash	196,451			229,821
Premium, claims and other receivables	601,507			688,732
Reinsurance recoverables	1,083,054			1,056,068
Ceded unearned premium	231,405			222,300
Ceded life and annuity benefits	60,636			61,061
Deferred policy acquisition costs	195,558			189,633
Goodwill	873,900			872,814
Other assets	179,042			122,549
Total assets	$	9,764,951		$	9,597,278
LIABILITIES
Loss and loss adjustment expense payable	$	3,721,974		$	3,658,317
Life and annuity policy benefits	60,636			61,061
Reinsurance, premium and claims payable	366,293			366,499
Unearned premium	1,042,050			1,031,034
Deferred ceding commissions	65,916			62,364
Notes payable	563,829			478,790
Accounts payable and accrued liabilities	650,296			665,231
Total liabilities	6,470,994			6,323,296
SHAREHOLDERS’ EQUITY
Common stock	123,000			122,720
Additional paid-in capital	1,004,595			1,001,308
Retained earnings	2,496,539			2,429,818
Accumulated other comprehensive income	244,295			227,659
Treasury stock	(574,472		)	(507,523		)
Total shareholders’ equity	3,293,957			3,273,982
Total liabilities and shareholders’ equity	$	9,764,951		$	9,597,278

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HCC Insurance Holdings, Inc. and Subsidiaries

Consolidated Statements of Earnings

(Unaudited, in thousands except per share data)

	Three months ended
	March 31,
	2012		2011
REVENUE
Net earned premium	$	547,141	$	508,480
Net investment income	57,010		51,595
Other operating income	5,201		7,321
Net realized investment gain (loss)	171		(559		)
Other-than-temporary impairment credit losses	—		(3,129		)
Total revenue	609,523		563,708
EXPENSE
Loss and loss adjustment expense, net	328,928		347,586
Policy acquisition costs, net	69,444		69,843
Other operating expense	87,282		77,847
Interest expense	6,909		5,553
Total expense	492,563		500,829
Earnings before income tax expense	116,960		62,879
Income tax expense	34,376		15,889
Net earnings	$	82,584	$	46,990
Basic earnings per share data:
Net earnings per share	$	0.80	$	0.41
Weighted-average shares outstanding (millions)	102.0		113.8
Diluted earnings per share data:
Net earnings per share	$	0.79	$	0.41
Weighted-average shares outstanding (millions)	102.2		114.1
Cash dividends declared, per share	$	0.155	$	0.145

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HCC Insurance Holdings, Inc. and Subsidiaries

Gross Written Premium

(Unaudited, in thousands)

	Three months ended March 31,
	2012		2011		Change
U.S. Property & Casualty
Aviation	$	37,090	$	41,448	(11	)%
E&O	16,891		19,693		(14	)
Public Risk	19,784		17,453		13
Other	79,382		50,956		56
	153,147		129,550		18
Professional Liability
U.S. D&O	74,996		77,191		(3	)
International D&O	26,249		23,929		10
	101,245		101,120		—
Accident & Health
Medical Stop-loss	193,233		174,957		10
Other	22,890		21,343		7
	216,123		196,300		10
U.S. Surety & Credit
Surety	39,926		41,705		(4	)
Credit	14,567		12,066		21
	54,493		53,771		1
International
Energy	20,595		16,303		26
Property Treaty	69,338		71,819		(3	)
Liability	19,260		24,118		(20	)
Surety & Credit	20,958		26,673		(21	)
Other	27,525		29,435		(6	)
	157,676		168,348		(6	)
Exited Lines	5		119		nm
Totals	$	682,689	$	649,208	5	%

nm - Not meaningful comparison

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HCC Insurance Holdings, Inc. and Subsidiaries

Net Written Premium

(Unaudited, in thousands)

	Three months ended March 31,
	2012		2011		Change
U.S. Property & Casualty
Aviation	$	27,507	$	27,394	—	%
E&O	16,505		19,566		(16	)
Public Risk	15,594		13,252		18
Other	32,722		26,510		23
	92,328		86,722		6
Professional Liability
U.S. D&O	55,705		59,611		(7	)
International D&O	15,208		14,180		7
	70,913		73,791		(4	)
Accident & Health
Medical Stop-loss	193,087		174,909		10
Other	22,797		21,196		8
	215,884		196,105		10
U.S. Surety & Credit
Surety	36,134		39,758		(9	)
Credit	8,570		9,949		(14	)
	44,704		49,707		(10	)
International
Energy	12,824		5,052		nm
Property Treaty	62,302		61,160		2
Liability	17,892		22,360		(20	)
Surety & Credit	19,027		24,758		(23	)
Other	22,525		19,110		18
	134,570		132,440		2
Exited Lines	5		119		nm
Totals	$	558,404	$	538,884	4	%

nm -  Not meaningful comparison

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HCC Insurance Holdings, Inc. and Subsidiaries

Net Earned Premium

(Unaudited, in thousands)

	Three months ended March 31,
	2012		2011		Change
U.S. Property & Casualty
Aviation	$	28,823	$	27,282	6	%
E&O	16,377		19,557		(16	)
Public Risk	15,218		11,252		35
Other	28,600		22,163		29
	89,018		80,254		11
Professional Liability
U.S. D&O	86,254		89,975		(4	)
International D&O	15,184		10,775		41
	101,438		100,750		1
Accident & Health
Medical Stop-loss	193,087		174,909		10
Other	24,580		23,631		4
	217,667		198,540		10
U.S. Surety & Credit
Surety	39,920		40,661		(2	)
Credit	7,809		10,703		(27	)
	47,729		51,364		(7	)
International
Energy	15,094		12,049		25
Property Treaty	22,089		16,004		38
Liability	19,482		19,932		(2	)
Surety & Credit	17,761		17,374		2
Other	16,858		12,088		39
	91,284		77,447		18
Exited Lines	5		125		nm
Totals	$	547,141	$	508,480	8	%

nm - Not meaningful comparison

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HCC Insurance Holdings, Inc. and Subsidiaries

Net Investment Income and Unrealized Gain

(Unaudited, in thousands)

	Three months ended
	March 31,
	2012			2011
Sources of net investment income:
Fixed income securities
Taxable	$	31,115		$	27,095
Exempt from U.S. income taxes	26,612			24,911
Total fixed income securities	57,727			52,006
Short-term investments	62			156
Other	467			642
Total investment income	58,256			52,804
Investment expense	(1,246		)	(1,209		)
Net investment income	$	57,010		$	51,595
Unrealized gain on available for sale fixed income securities:
Increase in unrealized gain for period, before tax	$	18,795		$	(18,214	)
Unrealized gain at:
March 31, 2012	$	352,197
December 31, 2011	$	333,402

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HCC Insurance Holdings, Inc. and Subsidiaries

Net Loss Ratios

(Unaudited, in thousands)

	Three months ended				Three months ended
	March 31, 2012				March 31, 2011
	Net earned		Loss		Net earned		Loss
	premium		ratio		premium		ratio
U.S. Property & Casualty
Aviation	$	28,823	46.9	%	$	27,282	58.5	%
E&O	16,377		61.0		19,557		59.5
Public Risk	15,218		93.0		11,252		73.7
Other	28,600		40.5		22,163		52.3
	89,018		55.3		80,254		59.2
Professional Liability
U.S. D&O	86,254		71.0		89,975		66.4
International D&O	15,184		51.9		10,775		60.6
	101,438		68.2		100,750		65.8
Accident & Health
Medical Stop-loss	193,087		75.3		174,909		73.9
Other	24,580		66.5		23,631		66.3
	217,667		74.3		198,540		73.0
U.S. Surety & Credit
Surety	39,920		24.8		40,661		25.4
Credit	7,809		14.6		10,703		44.2
	47,729		23.1		51,364		29.3
International
Energy	15,094		37.1		12,049		80.9
Property Treaty	22,089		12.8		16,004		126.7
Liability	19,482		51.2		19,932		51.8
Surety & Credit	17,761		67.9		17,374		40.5
Other	16,858		43.3		12,088		221.7
	91,284		41.4		77,447		95.8
Exited Lines	5		nm		125		nm
Totals	$	547,141	60.1	%	$	508,480	68.4	%

nm - Not meaningful comparison

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HCC Insurance Holdings, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measure to GAAP

(Unaudited, in thousands)

	Three months ended
	March 31,
	2012			2011
Numerator:
GAAP net earnings	$	82,584		$	46,990
Exclude:
Net realized investment gain (loss), net of tax*	111			(363		)
OTTI credit losses, net of tax*	—			(2,034		)
Foreign currency benefit (expense), net of tax*	(1,797		)	796
Total items excluded from operating earnings	(1,686		)	(1,601		)
Operating earnings	$	84,270		$	48,591
Denominator:
GAAP equity - beginning of period	$	3,273,982		$	3,278,400
Exclude - Accumulated other comprehensive income	227,659			97,186
Beginning equity, as adjusted	$	3,046,323		$	3,181,214
GAAP equity - end of period	$	3,293,957		$	3,290,128
Exclude - Accumulated other comprehensive income	244,295			95,477
Ending equity, as adjusted	$	3,049,662		$	3,194,651
Average equity, as adjusted	$	3,047,993		$	3,187,933
Annualized operating return on equity	11.1		%	6.1		%

* Tax adjustment calculated using 35% statutory tax rate.

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