Centris Group Buyer Expects Weak Earnings

Houston insurer HCC Insurance Holdings Inc., which earlier this month agreed to acquire Costa Mesa-based Centris Group Inc., said its earnings for the year will fall short of estimates because of weaker-than-expected results on aviation and property policies.

HCC said 1999 operating profit, excluding capital gains or losses on securities sold, will be about $1.20 a share, 27 cents below analysts’ estimates in a First Call Corp. poll.

Its $171-million purchase of insurer Centris Group will be unaffected by the slump, HCC said.