UPDATE: Wunderlich Securities Color On HCC Target Increase

Wunderlich Securities, which raised its PT on shares of HCC Insurance Holdings Inc. HCC, is providing some color on the stock. “We believe HCC Insurance Holdings' focus on underwriting and diversity assures solid profitability,” Wunderlich Securities writes. “In our opinion, HCC has an attractive mix of specialty risks that deliver consistent profitable returns regardless of market conditions. “In our opinion, HCC's fundamental strength was reinforced with a 94.7% combined ratio in 1Q11 despite catastrophes that deteriorated the combined ratio by almost 10 percentage points and reduced 1Q11 EPS by $0.29. We believe HCC is well positioned to deliver shareholder value even as markets remain challenged.” HCC Insurance Holdings closed Wednesday at $31.63.