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UPDATE 1-HCC Insurance Q2 profit beats estimates

Tue Aug 5, 2008 4:39pm EDT

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Aug 5 (Reuters) - HCC Insurance Holdings Inc (HCC.N) reported quarterly earnings that topped analysts' expectations, helped by a marginal growth in earned premiums.

The second-quarter profit, however, fell to $92.3 million, or 80 cents a share, from $101.2 million, or 86 cents a share, last year.

Analysts on average had expected the company to earn 75 cents a share, before special items, according to Reuters Estimates.

Net premiums earned rose about 2 percent to $506.6 million.

The company attributed lower earnings to losses from its trading securities, lower alternative investment returns and lower gains from the sales of strategic investments in 2008.

Shares of the Houston, Texas-based company closed up 69 cents at $23.69 Tuesday on the New York Stock Exchange. (Reporting by Supantha Mukherjee in Bangalore; Editing by Anil D'Silva)

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