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HCC full-year 2010

HCC Insurance Holdings, Inc consolidated results year ended 31 December ● $m Category 2006 2007 2008 2009 2010 Gross written premium 2,235.65 2,451.18 2,498.76 2,559.79 2,578.91 Net written premium 1,812.55 1,985.61 2,060.62 2,046.29 2,026.20 Increased NWP % 20.7 9.5 3.8 (0.7) (1.0) Retention % 81.1 81.0 82.5 79.9 78.6 Net earned premium 1,709.19 1,985.09 2,007.77 2,037.24 2,041.92 Claims incurred 1,011.86 1,183.95 1,211.87 1,215.76 1,213.03 Claims incurred % NEP 59.2 59.6 60.4 59.7 59.4 Operating expenses 542.21 608.25 614.95 623.45 578.05 Operating expenses % NWP 29.9 30.6 29.8 30.5 28.5 Underwriting result 155.12 192.89 180.95 198.03 250.84 Underwriting result % NWP 8.6 9.7 8.8 9.7 12.4 Combined ratio % 82.9 83.5 85.1 84.0 84.6 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 152.80 206.46 164.75 191.97 203.82 Net realised gains/(losses) (0.84) 13.19 (27.94) 6.65 11.68 Pre-tax result 509.83 579.90 432.24 518.55 489.83 Pre-tax % NWP 28.1 29.2 21.0 25.3 24.2 Net result 342.29 391.55 302.12 353.87 345.10 Shareholders' funds 2,042.80 2,443.70 2,640.02 3,031.18 3,296.43 Solvency margin % 112.7 123.1 128.1 148.1 162.7 Unearned premium reserve 694.23 699.26 743.05 774.31 767.21 Outstanding claims reserve 2,108.96 2,342.80 2,416.27 2,555.84 2,537.77 Total technical provisions 2,803.19 3,042.06 3,159.32 3,330.15 3,304.98 Technical reserves as % NWP 154.7 153.2 153.3 162.7 163.1 Overall coverage as % NWP 267.4 276.3 281.4 310.9 325.8

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