Bermudian-based Arch Capital Group Ltd has reported that net income available to common shareholders increased 100-fold year-on-year in the third quarter to $713 million.

That compares with $7 million for the 2022 third quarter.

After-tax operating income available to Arch common shareholders of $876 million compared with $106 million for the 2022 third quarter.

The combined ratio, excluding catastrophic activity and prior year development,* was 77 per cent compared with 82.2 per cent for the 2022 third quarter.

Book value per common share was $38.62 at September 30, a 4.3 per cent increase from June 30.

Marc Grandisson, chief executive officer, said: “Excellent underwriting performance from all three of our segments, along with improved investment returns, helped us achieve an impressive 24.8 per cent operating return on equity in the third quarter.

“Growth in net premiums written across our insurance and reinsurance segments was especially strong as hard market rates and rising inflation drove client demand for many of our property and casualty products, resulting in an overall 26 per cent year-over-year increase across both segments.”

Gross premiums written by the insurance segment were 9.7 per cent higher than in the 2022 third quarter, while net premiums written were 11.2 per cent higher year-over-year.

Gross premiums written by the reinsurance segment were 30.4 per cent higher than in the 2022 third quarter, while net premiums written were 44.8 per cent higher.

Gross premiums written by the mortgage segment were 4.1 per cent lower than in the 2022 third quarter, while net premiums written were 1.8 per cent lower.