UPDATE 1-HCC Insurance posts Q1 profit

* Q1 EPS $0.73 vs $0.69 last year

* Gain of $60.0 mln on fixed income securities

* Q1 net investment income fell 5 pct to $45.2 mln

* Net premium Q1 rose 1.8 pct

* Reuters Estimates Q1 EPS view $0.69

May 5 (Reuters) - HCC Insurance Holdings Inc (HCC.N) posted a marginal rise in quarterly profit, helped by income from commutation of MGIC reinsurance contract and gain on fixed income securities. For the first quarter, it earned $83.2 million, or 73 cents a share, compared with $80.5 million, or 69 cents a share, a year ago.

Net premiums earned rose 1.8 percent to $502.4 million.

The company said it has completed its exit from equity and equity-related investments in the quarter and incurred a $1.0 million loss in the period. Those funds have been reinvested in fixed income securities, it said.

The company saw a net unrealized gain of $60.0 million on its available-for-sale fixed-income securities at March 31.