Schedule 1 Summary of Investments

12 Months Ended

Dec. 31, 2011

Summary of Investments, Other than Investments in Related Parties

							SCHEDULE 1

		HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

		SUMMARY OF INVESTMENTS
		OTHER THAN INVESTMENTS IN RELATED PARTIES
		(in thousands)

			December 31, 2011
Column A			Column B		Column C			Column D
								Amount
								shown in
Type of Investment			Cost		Value			Balance Sheet

	Available for sale fixed maturities
		Bonds — United States government and government agencies and authorities	$	285,166	$	295,679		$	295,679
		Bonds — states, municipalities and political subdivisions		999,940		1,085,341			1,085,341
		Bonds — special revenue		1,741,297		1,863,888			1,863,888
		Bonds — corporate		817,886		846,333			846,333
		Residential mortgage-backed securities		1,036,436		1,100,086			1,100,086
		Commercial mortgage backed securities		244,535		256,124			256,124
		Asset-backed securities		34,655		34,746			34,746
		Bonds — foreign		225,517		236,637			236,637
		Total available for sale fixed maturities		5,385,432		5,718,834			5,718,834

	Held to maturity fixed maturities
		Bonds — United States government and government agencies and authorities		6,998		7,067			6,998
		Bonds — corporate		110,284		111,643			110,284
		Bonds — foreign		43,820		44,426			43,820
		Total held to maturity fixed maturities		161,102		163,136			161,102
		Total fixed maturities		5,546,534	$	5,881,970			5,879,936

	Equity securities
		Common stocks — banks, trust and insurance companies		38,037		35,703			35,703
		Common stocks — industrial and miscellaneous		16		17			17
		Total equity securities		38,053	$	35,720			35,720

	Short-term investments			133,917					133,917
	Other investments			35,880					35,880
		Total investments	$	5,716,347				$	6,049,750

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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