Keefe, Bruyette & Woods Downgrades HCC Insurance (HCC) to Market Perform; Reduced Confidence in Reserve Strength

Keefe, Bruyette & Woods downgraded HCC Insurance (NYSE: HCC) from Outperform to Market Perform with a price target of $30.00.

KBW analyst says, "HCC pre-announced 3Q11 results including catastrophe losses and the company's third consecutive quarter with reserve additions. Although the financial impact is relatively limited, we now have reduced confidence in HCC's reserve strength and expect reserving questions to remain an overhang on shares. We are reducing 3Q11/2011/2012 EPS estimates, lowering our PT to $30, and reducing HCC shares."

For more ratings news on HCC Insurance click here and for the rating history of HCC Insurance click here.

Shares of HCC Insurance closed at $28.43 yesterday, with a 52 week range of $24.66-$33.12.

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