1 August 2018News

Arch Capital sees Q2 2018 profits rise

Arch Capital Group saw profits rise in the second quarter of 2018, announcing that net income for the period came to $233.2 million, up 26 percent from the $173.8 million it posted in the same period of 2017.

However, the company posted a half-year 2018 profit of $370.2 million, down on the $415.7 million it reported for the first six months of 2017.

Gross written premiums for the second quarter of 2018 came to $1.7 billion, a rise of 5.4 percent from the $1.6 billion it wrote for the same period of 2017.

The company said that the results included favourable development in prior year loss reserves, net of related adjustments, of $60.3 million. The primary insurance segment saw a lower level of large attritional losses and changes in mix of business. The reinsurance segment benefitted from better than expected claims emergence in short-tail business from more recent underwriting years and, in longer-tail business across earlier underwriting years as well as changes in the business mix.

Overall, Arch grew underwriting income by 20.5 percent year on year to $235.5 million in the second quarter of 2018 after $195.4 million in the same period a year ago. The combined ratio improved to 82.7 percent from 84.6 percent over the period.




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More on this story

News
2 May 2018   Arch Capital Group has announced that its net income for the 2018 first quarter was $137.3 million, compared to $241.9 million for the 2017 first quarter.
News
22 October 2018   Arch Insurance has revealed that Matt Shulman will assume the newly created role of chief executive officer (CEO), Arch Insurance North America, effective January 1, 2019.
News
2 January 2019   Arch Capital subsidiary Arch Insurance Europe has completed its acquisition of the UK Commercial Lines business owned by The Ardonagh Group and part of its Geo Underwriting operating segment.