US specialty p/c group HCC Insurance Holdings...
... saw Q1 net income rise 3.4% to $83.2m, largely owing to a $25m gain from the commutation of a reinsurance agreement with mortgage insurer MGIC. The Texas-based group’s combined ratio rose to 87.3% from 83.7%, as net earned premiums rose 1.8% to $502.4m and claim losses increased 7.7% to $315.6m. While investment income fell 5% to $45.2m, it “should resume its steady growth following our exit from alternative investments”, said chief executive Frank Bramanti.