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Arch Capital Group has announced that its 2017 second quarter pre-tax underwriting income could be hit by around $38 million relative to the quarterly run rate level of profitability associated with its property facultative reinsurance operations.
In an SEC filing the company said that the fall was related to losses incurred on a small number of contracts across multiple underwriting years and that it represents an unusually high level of activity for the property facultative reinsurance unit.
According to Arch Capital Group, the property facultative reinsurance unit has consistently produced significant underwriting profits for the company since its inception in 2007.
Arch Capital provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Arch Capital Group, Reinsurance, Profit, Property, Bermuda