HCC to Withdraw from Comp Amid 3Q Loss

HCC Insurance Holdings Inc. (NYSE:HCC) posted a third-quarter net loss blaming claims from Sept. 11 and reserve charges for discontinued businesses. The company also said it would exit the workers' compensation insurance business written through its subsidiary, U.S. Specialty Insurance Co., with a related after-tax charge for discontinued lines of business of $29.6 million, or 50 cents a share. The majority of that amount is applicable to goodwill and adequate reserving to cover the run-off obligations, according to the company. Although rates are rising and profitability is returning to...