Wunderslich Revises Estimates On HCC Insurance

According to Wunderlich Securities, HCC Insurance Holdings HCC estimates are revised for 1Q11 catastrophes. Wunderlich Securities said that HCC Insurance Holdings is expected to report 1Q11 operating earnings on Tuesday, May 3, 2011, after the market close. “The conference call will be held on May 4 at 9am. The dial-in number is 800-374-0290. We are revising our 1Q11 operating EPS estimate to $0.40 from $0.71 to reflect $51.5 million, or $0.31 in losses from HCC's exposure to the New Zealand (NZ) earthquake, Australia floods, and Japan's earthquake and tsunami. We believe the company's exposure is manageable. The total catastrophes in 1Q11 represent approximately 1% of shareholders' equity due to HCC's facultative reinsurance programs.” HCC Insurance Holdings closed yesterday at $32.18.