Arch Capital profits rise to $233.2m
Arch Capital Group Ltd made a profit of $233.2 million, or 56 cents per share, in the second quarter. That is up from $173.8 million year-on-year.
The Bermudian-based company’s after-tax operating income was $242.6 million, up from $168.9 million. That represented an operating income per share of 59 cents, which outperformed a Zacks census estimate by 13. 5 per cent.
Gross premiums written were up 5.4 per cent at $1.696 billion, while the combined ratio fell 1.9 per cent to 82.7 per cent. Combined ratio excluding catastrophic activity and prior year development was 84 per cent.
The company reported $14.9 million of pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums.
The book value of Arch Capital’s common shares at the end of June was $20.68, a rise of 1.3 per cent in the second quarter, and 4.1 per cent in the trailing 12 months.
The company repurchased 6.4 million shares, valued at $170.3 million in total, during the quarter. At the end of June it had $272.9 million of share repurchases remaining and available for buy back under its current authorised programme.
Roland Skinner (1940-2018)
Sip-and-shop events could be breaking law
Green light for speed cameras
Man found dead at West End home
Teenager ‘in shock’ during fatal stabbing
Electric buses to ‘save money in long run’
Betty, 96, is a class apart
Tax ‘status quo’ not an option
Richards: PLP’s hand to be forced on status
Six achieve CFA charter status
Lambe: Losing captaincy hurt
City looking to set up free wi-fi zones
Opposition warning over politics in BTA
PartnerRe marks 25 years in Bermuda
Take Our Poll