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HOUSTON - HCC Insurance Holdings Inc. said Wednesday it will realize a loss of $19.4 million in the third quarter from the sale of stock and securities in a series of financial firms that were bought, taken over by the government or went bankrupt.
HCC said it sold all of its preferred stock in Fannie Mae, Freddie Mac and Wachovia Corp. during the period. It also sold its securities holdings in American International Group Inc. and Lehman Brothers Holdings Inc.
The Houston company said it will realize an additional $12.1 million in losses from the sale of securities transacted during the quarter.
The insurer had $4.8 billion in cash and investments at the end of June.
Its shares fell $1.17, or 4.3 percent, to $25.83 Wednesday. In the past year, the stock has ranged from $19.12 to $31.64.
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