Exhibit 99.1

HCC INSURANCE HOLDINGS POSTS ANOTHER STRONG PERFORMANCE

HOUSTON (February 22, 2011)

HCC Insurance Holdings, Inc. (NYSE: HCC) today released earnings for the fourth quarter and full year 2010.

Net earnings for the fourth quarter of 2010 were $97.3 million, compared to $84.8 million for the fourth quarter of 2009. Net earnings per diluted share were $0.84 for the fourth quarter of 2010, versus $0.74 for the same quarter of 2009. Net earnings for the full year of 2010 were $345.1 million, compared to $353.9 million for the 2009 full year. Net earnings per diluted share were $2.99 for 2010, versus $3.11 for 2009.

“Our return on average equity was 10.9% for the year. We are very pleased with this performance in an environment which remains challenging,” HCC President and Chief Executive Officer John N. Molbeck, Jr. said.

Book value per share increased 8% during the year from $26.58 to $28.67. The 2010 book value reflects dividends of $0.56 per share. This was the 14^th consecutive year in which HCC raised its dividend. Book value per share grew at a compounded rate of 13% over the last five years. The Company repurchased 1.3 million shares of its common stock during 2010, for a total cost of $35.1 million and a weighted-average cost of $26.99 per share. Currently, $265.3 million remains under its $300 million share buyback authorization.

The Company’s GAAP combined ratio for the fourth quarter of 2010 was 82.3%, compared to 85.2% for the fourth quarter of 2009. The GAAP combined ratio for the full year of 2010 was 84.6%, versus 84.0% for 2009. HCC’s paid loss ratio for the year was 59.7%, compared to a paid loss ratio of 55.8% in 2009.

The accident year combined ratio was 87.0% for the fourth quarter of 2010 and 85.6% for the full year of 2010, compared to 88.5% and 86.6% for the same periods in 2009, respectively.

“Once again our combined ratio remained excellent for the year and our accident year combined ratio of 85.6% is a reflection of our strong underwriting culture, well managed

expense ratio and the continued value of our non-correlated portfolio of businesses,” Mr. Molbeck said.

Gross written premium of HCC’s insurance company subsidiaries decreased 5% to $624.2 million for the fourth quarter of 2010, compared to $655.7 million for the same quarter of 2009. Net written premium decreased 6% to $486.7 million during the 2010 fourth quarter, compared to net written premium of $518.4 million for the 2009 fourth quarter. Net earned premium for the fourth quarter of 2010 decreased 1% to $509.8 million, versus net earned premium of $512.8 million for the same quarter of 2009. Gross written premium was essentially flat at $2.6 billion for the full year of 2010, as were net written premium and net earned premium of $2.0 billion.

During the fourth quarter of 2010, HCC had net favorable prior year reserve development of $23.9 million, compared to net favorable prior year reserve development of $16.9 million for the same period of 2009. For the full year of 2010, the Company recorded $22.7 million of net favorable prior year reserve development, compared to $53.5 million of net favorable prior year reserve development for the full year of 2009.

Investment income increased to $53.2 million during the fourth quarter of 2010, compared to $50.2 million during the fourth quarter of 2009. On a year-to-date basis, investment income grew to $203.8 million in 2010 from $192.0 million in 2009. This resulted from growth in the Company’s fixed income securities investment portfolio, partially offset by lower interest rates. The portfolio increased 12% from $4.6 billion at December 31, 2009 to $5.2 billion at December 31, 2010.

As of December 31, 2010, HCC’s fixed income securities portfolio had a weighted-average rating of AA+, a weighted-average duration of 5.5 years and an average long-term tax equivalent yield of 5.0%. As of December 31, 2010, HCC’s total investments had a weighted-average duration of 5.1 years.

Other operating income was $9.8 million for the 2010 fourth quarter, compared to $12.9 million for the same period in 2009. Other operating income was $44.8 million for the full year of 2010, compared to $82.7 million for the 2009 full year.

The Company’s liquidity position remains strong with $585.9 million of cash and short-term investments and $556.8 million of available capacity under its $575.0 million revolving loan facility at December 31, 2010. The Company generated $100.6 million and $415.2 million of cash flow from operating activities in the fourth quarter and full year 2010, respectively, compared to $165.3 million and $582.8 million for the same periods in 2009.

As of December 31, 2010, total investments were $5.7 billion, total assets were $9.1 billion, shareholders’ equity was $3.3 billion and the Company’s debt to total capital ratio was 8.3%.

EARNINGS GUIDANCE: HCC’s management estimates the Company will achieve net earnings of $2.75 to $3.05 per diluted share for 2011. These estimated results assume the following: gross written premium of $2.7 billion; net written premium of $2.2 billion; total revenue of $2.4 billion; a combined ratio of 85%-87%; and average fully diluted shares outstanding of 112 million shares. These assumptions do not include any provision for catastrophe losses that exceed the Company’s attritional loss assumptions on property treaty business, reserve development or capital gains or losses.

For further information about HCC’s 2010 fourth quarter and full-year earnings results, see the supplemental financial schedules that are accessible on HCC’s website at http://www.hcc.com, as well as directly in the Investor Relations section of HCC’s website at http://ir.hcc.com.

(Note: If clicking on the above links does not open in a new web page, please cut and paste the above URLs into your browser’s address bar.)

HCC will hold an open conference call beginning at 8:00 a.m. Central Standard Time on Wednesday, February 23. To participate, the number for domestic calls is (800) 374-0290 and the number for international calls is (706) 634-0161. There will also be a live webcast available on a listen-only basis that can be accessed through the HCC website at http://www.hcc.com. The webcast replay will be archived in the Investor Relations section of the HCC website through Friday, May 6, 2011.

Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading international specialty insurance group with offices across the United States and in the United Kingdom, Spain and Ireland. As of December 31, 2010, HCC had assets of $9.1 billion and shareholders’ equity of $3.3 billion. HCC’s major domestic and international insurance companies have financial strength ratings of “AA (Very Strong)” from Standard & Poor’s Corporation, “A+ (Superior)” from A.M. Best Company Inc., “AA (Very Strong)” from Fitch Ratings, and “A1 (Good Security)” by Moody’s Investors Service, Inc.

For more information about HCC, please visit http://www.hcc.com.

Contact:		Doug Busker, Director of Investor Relations
		HCC Insurance Holdings, Inc.
		Telephone: (713) 996-1192

Forward-looking statements contained in this press release are made under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The types of risks and uncertainties which may affect the Company are set forth in its periodic reports filed with the Securities and Exchange Commission.

*     *     *     *     *

HCC Insurance Holdings, Inc. and Subsidiaries
Financial Highlights
(Unaudited, in thousands except per share data)

		Twelve months ended								Three months ended
		December 31,								December 31,
		2010				2009				2010				2009
Gross written premium		$	2,578,908			$	2,559,791			$	624,178			$	655,705
Net written premium			2,026,197				2,046,289				486,706				518,400
Net earned premium			2,041,924				2,037,235				509,786				512,810
Net investment income			203,819				191,965				53,216				50,225
Other operating income (a)			44,832				82,669				9,797				12,904
Total revenue (a)			2,302,254				2,318,516				576,881				583,013
Net earnings			345,096				353,868				97,299				84,792
Earnings per share (diluted)		$	2.99			$	3.11			$	0.84			$	0.74
Weighted-average shares outstanding (millions)			114.1				113.1				114.1				113.4
GAAP net loss ratio			59.4	%			59.7	%			57.0	%			59.2	%
GAAP combined ratio (a)			84.6	%			84.0	%			82.3	%			85.2	%
Paid loss ratio			59.7	%			55.8	%			67.7	%			58.4	%

		December 31,				December 31,
		2010				2009
Total investments		$	5,687,095			$	5,456,229
Total assets			9,064,082				8,834,391
Shareholders’ equity			3,296,432				3,031,183
Debt to total capital ratio			8.3	%			9.0	%
Book value per share		$	28.67			$	26.58

HCC Insurance Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited, in thousands)

		December 31,				December 31,
		2010				2009
ASSETS
Investments:
Fixed income securities — available for sale, at fair value		$	4,999,440			$	4,538,073
Fixed income securities — held to maturity, at amortized cost			193,668				102,792
Short-term investments			488,002				810,673
Other investments			5,985				4,691
Total investments			5,687,095				5,456,229
Cash			97,857				129,460
Restricted cash and cash investments			148,547				146,133
Premium, claims and other receivables			635,867				600,332
Reinsurance recoverables			1,006,855				1,016,411
Ceded unearned premium			278,663				270,436
Ceded life and annuity benefits			58,409				61,313
Deferred policy acquisition costs			212,786				208,463
Goodwill			821,648				822,006
Other assets			116,355				123,608
Total assets		$	9,064,082			$	8,834,391
LIABILITIES
Loss and loss adjustment expense payable		$	3,471,858			$	3,492,309
Life and annuity policy benefits			58,409				61,313
Reinsurance balances payable			201,235				182,661
Unearned premium			1,045,877				1,044,747
Deferred ceding commissions			72,565				71,595
Premium and claims payable			144,495				154,596
Notes payable			298,637				298,483
Accounts payable and accrued liabilities			474,574				497,504
Total liabilities			5,767,650				5,803,208
SHAREHOLDERS’ EQUITY
Common stock			120,942				118,724
Additional paid-in capital			954,332				914,339
Retained earnings			2,257,895				1,977,254
Accumulated other comprehensive income			97,186				119,665
Treasury stock			(133,923	)			(98,799	)
Total shareholders’ equity			3,296,432				3,031,183
Total liabilities and shareholders’ equity		$	9,064,082			$	8,834,391

HCC Insurance Holdings, Inc. and Subsidiaries
Consolidated Statements of Earnings
(Unaudited, in thousands except per share data)

		Twelve months ended								Three months ended
		December 31,								December 31,
		2010				2009				2010				2009
REVENUE
Net earned premium		$	2,041,924			$	2,037,235			$	509,786			$	512,810
Net investment income			203,819				191,965				53,216				50,225
Other operating income (a)			44,832				82,669				9,797				12,904
Net realized investment gain			12,104				12,076				4,207				7,224
Other-than-temporary impairment loss
Total loss			(378	)			(6,443	)			(62	)			(354	)
Portion recognized in equity, before tax			(47	)			1,014				(63	)			204
Net loss recognized in earnings			(425	)			(5,429	)			(125	)			(150	)
Total revenue (a)			2,302,254				2,318,516				576,881				583,013
EXPENSE
Loss and loss adjustment expense, net			1,213,029				1,215,759				290,384				303,815
Policy acquisition costs, net (a)			322,046				308,554				79,968				85,368
Other operating expense			256,004				259,488				66,051				63,979
Interest expense			21,348				16,164				5,441				4,348
Total expense			1,812,427				1,799,965				441,844				457,510
Earnings before income tax expense			489,827				518,551				135,037				125,503
Income tax expense			144,731				164,683				37,738				40,711
Net earnings		$	345,096			$	353,868			$	97,299			$	84,792
Basic earnings per share data:
Net earnings per share		$	3.00			$	3.14			$	0.84			$	0.75
Weighted-average shares outstanding (millions)			113.9				112.2				113.8				112.3
Diluted earnings per share data:
Net earnings per share		$	2.99			$	3.11			$	0.84			$	0.74
Weighted-average shares outstanding (millions)			114.1				113.1				114.1				113.4
Cash dividends declared, per share		$	0.560			$	0.520			$	0.145			$	0.135

HCC Insurance Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited, in thousands)

		Twelve months ended
		December 31,
		2010				2009
Operating activities
Net earnings		$	345,096			$	353,868
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in premium, claims and other receivables			(38,507	)			23,432
Change in reinsurance recoverables			(2,077	)			42,521
Change in ceded unearned premium			(10,713	)			(34,107	)
Change in loss and loss adjustment expense payable			6,702				22,439
Change in reinsurance balances payable			20,609				60,057
Change in unearned premium			7,106				48,366
Change in premium and claims payable, excluding restricted cash			1,243				(98,675	)
Change in accounts payable and accrued liabilities			31,032				96,040
Stock-based compensation expense			13,018				15,628
Depreciation and amortization expense			17,380				16,221
Gain on investments			(12,168	)			(3,518	)
Other, net			36,479				40,525
Cash provided by operating activities			415,200				582,797
Investing activities
Sales of available for sale fixed income securities			239,414				551,760
Maturity or call of available for sale fixed income securities			620,884				347,794
Maturity or call of held to maturity fixed income securities			25,240				86,364
Cost of available for sale fixed income securities acquired			(1,347,285	)			(1,159,796	)
Cost of held to maturity fixed income securities acquired			(120,643	)			(59,754	)
Cost of other investments acquired			(4,977	)			—
Change in short-term investments			311,983				(297,016	)
Proceeds from sales of strategic and other investments			4,638				114,940
Payments for purchase of businesses, net of cash received			(36,348	)			(38,018	)
Proceeds from sale of subsidiaries			17,068				50,557
Other, net			(9,627	)			(16,581	)
Cash used by investing activities			(299,653	)			(419,750	)
Financing activities
Issuance of notes payable			—				296,096
Advances on line of credit			50,000				130,000
Payments on line of credit			(50,000	)			(350,032	)
Payments on convertible notes			(64,472	)			(60,210	)
Sale of common stock			29,193				19,198
Purchase of common stock			(35,124	)			(35,464	)
Dividends paid			(63,245	)			(57,437	)
Other, net			(13,502	)			(3,085	)
Cash used by financing activities			(147,150	)			(60,934	)
Net increase (decrease) in cash			(31,603	)			102,113
Cash at beginning of year			129,460				27,347
Cash at end of year		$	97,857			$	129,460

HCC Insurance Holdings, Inc. and Subsidiaries

Gross Written Premium

(Unaudited, in thousands)

		Twelve months ended December 31,												Three months ended December 31,
		2010				2009				Change				2010				2009				Change
U.S. Property & Casualty
Aviation		$	162,539			$	176,073				(8)	%		$	40,939			$	42,160				(3)	%
E&O			81,567				109,163				(25	)			18,251				25,045				(27	)
Public Risk			64,802				66,176				(2	)			14,405				14,105				2
Other			229,567				251,996				(9	)			49,741				46,753				6
			538,475				603,408				(11	)			123,336				128,063				(4	)
Professional Liability
U.S. D&O			388,369				426,027				(9	)			121,067				136,801				(12	)
International D&O			97,960				97,977				—				28,034				30,365				(8	)
Other			109,962				115,465				(5	)			32,754				36,482				(10	)
			596,291				639,469				(7	)			181,855				203,648				(11	)
Accident & Health
Medical Stop-loss			654,335				633,573				3				166,079				160,300				4
Other			107,394				111,462				(4	)			27,865				33,810				(18	)
			761,729				745,035				2				193,944				194,110				—
U.S. Surety & Credit
Surety			171,595				159,287				8				39,458				44,619				(12	)
Credit			55,271				44,235				25				14,266				10,459				36
			226,866				203,522				11				53,724				55,078				(2	)
International
Energy			106,902				98,935				8				9,849				6,658				48
Property Treaty			74,514				284			nm					3,110				284			nm
Liability			86,681				87,142				(1	)			18,180				20,676				(12	)
Surety & Credit			75,106				75,775				(1	)			18,087				20,626				(12	)
Other			110,275				75,426				46				22,277				19,394				15
			453,478				337,562				34				71,503				67,638				6
Exited Lines			2,069				30,795			nm					(184	)			7,168			nm
Totals		$	2,578,908			$	2,559,791				1	%		$	624,178			$	655,705				(5)	%

HCC Insurance Holdings, Inc. and Subsidiaries

Net Written Premium

(Unaudited, in thousands)

		Twelve months ended December 31,												Three months ended December 31,
		2010				2009				Change				2010				2009				Change
U.S. Property & Casualty
Aviation		$	110,539			$	124,336				(11)	%		$	26,442			$	28,681				(8)	%
E&O			81,443				109,026				(25	)			18,187				24,971				(27	)
Public Risk			46,844				48,524				(3	)			10,209				8,877				15
Other			89,995				100,921				(11	)			26,266				20,343				29
			328,821				382,807				(14	)			81,104				82,872				(2	)
Professional Liability
U.S. D&O			288,306				316,468				(9	)			90,263				97,091				(7	)
International D&O			39,307				53,952				(27	)			11,233				16,765				(33	)
Other			73,949				76,660				(4	)			22,110				23,261				(5	)
			401,562				447,080				(10	)			123,606				137,117				(10	)
Accident & Health
Medical Stop-loss			654,335				633,571				3				166,079				160,300				4
Other			107,038				110,983				(4	)			27,774				33,691				(18	)
			761,373				744,554				2				193,853				193,991				—
U.S. Surety & Credit
Surety			164,764				153,479				7				37,416				42,977				(13	)
Credit			44,609				35,729				25				12,331				6,516				89
			209,373				189,208				11				49,747				49,493				1
International
Energy			53,063				49,435				7				1,347				(833	)			nm
Property Treaty			59,878				284			nm					(2,116	)			284			nm
Liability			79,959				78,472				2				16,549				18,831				(12	)
Surety & Credit			64,847				68,887				(6	)			13,569				18,934				(28	)
Other			66,597				55,982				19				9,232				10,794				(14	)
			324,344				253,060				28				38,581				48,010				(20	)
Exited Lines			724				29,580			nm					(185	)			6,917			nm
Totals		$	2,026,197			$	2,046,289				(1)	%		$	486,706			$	518,400				(6)	%

HCC Insurance Holdings, Inc. and Subsidiaries

Net Earned Premium

(Unaudited, in thousands)

		Twelve months ended December 31,												Three months ended December 31,
		2010				2009				Change				2010				2009				Change
U.S. Property & Casualty
Aviation		$	115,952			$	129,626				(11)	%		$	28,704			$	31,112				(8)	%
E&O			95,275				118,834				(20	)			21,196				28,366				(25	)
Public Risk			46,409				39,986				16				11,883				11,133				7
Other			81,877				90,993				(10	)			19,303				19,633				(2	)
			339,513				379,439				(11	)			81,086				90,244				(10	)
Professional Liability
U.S. D&O			303,028				306,621				(1	)			73,994				81,209				(9	)
International D&O			47,358				59,082				(20	)			10,609				14,283				(26	)
Other			74,840				78,831				(5	)			18,774				18,428				2
			425,226				444,534				(4	)			103,377				113,920				(9	)
Accident & Health
Medical Stop-loss			654,335				633,572				3				166,079				160,301				4
Other			105,699				107,967				(2	)			26,216				27,271				(4	)
			760,034				741,539				2				192,295				187,572				3
U.S. Surety & Credit
Surety			160,373				147,803				9				41,048				39,808				3
Credit			39,535				34,824				14				10,433				7,383				41
			199,908				182,627				9				51,481				47,191				9
International
Energy			52,671				49,099				7				13,105				14,131				(7	)
Property Treaty			47,594				51			nm					15,061				51			nm
Liability			81,887				82,137				—				21,409				20,774				3
Surety & Credit			69,264				68,162				2				15,464				17,733				(13	)
Other			64,770				56,673				14				16,676				14,285				17
			316,186				256,122				23				81,715				66,974				22
Exited Lines			1,057				32,974			nm					(168	)			6,909			nm
Totals		$	2,041,924			$	2,037,235				—	%		$	509,786			$	512,810				(1)	%

HCC Insurance Holdings, Inc. and Subsidiaries

Net Investment Income and Unrealized Gain

(Unaudited, in thousands)

		Twelve months ended								Three months ended
		December 31,								December 31,
		2010				2009				2010				2009
Sources of net investment income:
Fixed income securities
Taxable		$	110,517			$	106,690			$	28,101			$	27,796
Exempt from U.S. income taxes			92,297				82,760				24,712				21,171
Total fixed income securities			202,814				189,450				52,813				48,967
Short-term investments			900				1,978				269				187
Other			4,344				4,338				1,291				2,144
Total investment income			208,058				195,766				54,373				51,298
Investment expense			(4,239	)			(3,801	)			(1,157	)			(1,073	)
Net investment income		$	203,819			$	191,965			$	53,216			$	50,225
Unrealized gain on available for sale fixed income securities:
Increase (decrease) in unrealized gain for period, before tax		$	(21,677	)		$	141,685			$	(166,630	)		$	(52,185	)
Unrealized gain at:
December 31, 2010		$	134,634
September 30, 2010		$	301,264
June 30, 2010		$	224,943
March 31, 2010		$	163,883
December 31, 2009		$	156,311

HCC Insurance Holdings, Inc. and Subsidiaries

Net Loss Ratios

(Unaudited, in thousands)

		Twelve months ended								Twelve months ended
		December 31, 2010								December 31, 2009
		Net earned				Loss				Net earned				Loss
		premium				ratio				premium				ratio
U.S. Property & Casualty
Aviation		$	115,952				55.0	%		$	129,626				56.6	%
E&O			95,275				79.2				118,834				61.5
Public Risk			46,409				61.8				39,986				66.3
Other			81,877				28.4				90,993				31.2
			339,513				56.3				379,439				53.1
Professional Liability
U.S. D&O			303,028				60.8				306,621				62.2
International D&O			47,358				60.8				59,082				53.3
Other			74,840				70.0				78,831				68.9
			425,226				62.4				444,534				62.2
Accident & Health
Medical Stop-loss			654,335				73.6				633,572				71.7
Other			105,699				71.0				107,967				80.5
			760,034				73.3				741,539				72.9
U.S. Surety & Credit
Surety			160,373				22.8				147,803				22.8
Credit			39,535				41.5				34,824				59.9
			199,908				26.5				182,627				29.9
International
Energy			52,671				22.2				49,099				25.7
Property Treaty			47,594				58.2				51			nm
Liability			81,887				43.3				82,137				25.7
Surety & Credit			69,264				41.7				68,162				50.9
Other			64,770				61.3				56,673				46.1
			316,186				45.4				256,122				36.9
Exited Lines			1,057			nm					32,974			nm
Totals		$	2,041,924				59.4	%		$	2,037,235				59.7	%