Arch Capital remains profitable in Q1

Arch Capital Group saw its Q1 profitability slide compared to the previous year, but still managed to post a profit for the quarter.

Arch reported a net profit of $133.7 million for Q1 2020, compared to $438.1 million for the same period last year.

Gross written premiums were $2.83 billion in Q1, up from $2.08 billion in Q1 2019. Its combined ratio increased to 91.5 percent for the quarter, from 81.7 percent in Q1 2019.

Pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums, were $118.4 million, including $86.6 million of losses for exposure through March 31 related to the COVID-19 global pandemic.