Arch Capital has posted a net income of $149.3 million for the first quarter of 2016, down from $277.9 million in the same period of 2015.
The Bermuda-based re/insurance firm also reported a decrease in its income available for the quarter, down to $149.3 million, compared with $277.9 million for the first quarter of last year. This coincided with a loss of $22.2 million in net foreign exchange, compared to gains of $66.3 million in the first three months of 2015.
Despite these falls, the company’s gross written premiums increased by 6.1 percent to $1.4 billion in the first quarter of the year, compared with $1.3 billion in the first quarter of the previous year.
Arch Capital’s net written premiums also increased to $977.1 million in the quarter, however its net earned premiums and underwriting income decreased by 0.2 percent and 2.5 percent, respectively.
The firm’s combined ratio saw a slight improvement to 87.1 percent in the first quarter of 2016, down on the 87.5 percent it recorded in the first three months of 2015.
Arch Capital, Full Year 2016 Results, Insurance, Reinsurance, Bermuda