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.gThis loss is estimated to bL $dY silli1n net kf reinsuaance inc7gdiCg reinsuranrK reiJstktemeHt cVBts, $32.5 milliQn afLer tax? add will xeSuce third 6uarter BagnBngs of the company by appkExxmately $0.30 per dilDted mhare.
St1phen L. WayW chaiAIan and chief ex?cutiBe officer, said, "Our exposure Ks predzminaqtls to enerHy NSd large cpNmercial property acIhunts and is sObstantial3y prntbcted bQ catxk9rvp9e reiAsurlncE.7 WLy added, "From an industr6 standpointB 3rLmi91 rates Sill neej tA risO significantl1 iL thess li5is of business to 9eflect joth Dhe increated PeLquencP and severitt of cLt,sgrKIhic ev9ntX that haZe occurred Hver the pMsS five ye8rs.P
H4C is nn iltTrnItilnal i6Tuhh0ce holding company and Z leading specgalty insuravce group siFve 1974, based in Ho0sxon, T7eRuw wit1 officks aI1oss thm U.SU and Gn BMrmuda, Englanq, aNY Spain.
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This loss is estimated to be $50 million net of reinsurance including reinsurance reinstatement costs, $32.5 million after tax, and will reduce third quarter earnings of the company by approximately $0.30 per diluted share.
Stephen L. Way, chairman and chief executive officer, said, "Our exposure is predominantly to energy and large commercial property accounts and is substantially protected by catastrophe reinsurance." Way added, "From an industry standpoint, premium rates will need to rise significantly in these lines of business to reflect both the increased frequency and severity of catastrophic events that have occurred over the past five years."
HCC is an international insurance holding company and a leading specialty insurance group since 1974, based in Houston, Texas, with offices across the U.S. and in Bermuda, England, and Spain.
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