HCC Insurance Holdings, Houston, reported fourth-quarter 2005 net income of $66.5 million, compared with $56.2 million in the comparable 2004 period.
HCC chairman Stephen Way said 2005 was the company's best year since its founding 32 years ago.
For the full year the company reported net earnings of $195.9 million, compared with $163 million the previous year.
Bank of America property-casualty analyst Brian Meredith noted that gross written premiums were lower for the first time since the fourth quarter of 2001. Net written premium continued to grow due to higher retentions, he found. Mr. Meredith wrote that despite significant hurricane losses in the fourth quarter of 2005, the company's margins remained strong.
Other key factors included better than expected underwriting results and other income figures and lower than expected operating expenses, he wrote.
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