Bermuda-based Arch Capital experienced growth across most lines of business in the first quarter of 2019, and increased its profits 219.1 percent year-on-year.
Net income for the quarter was $438.1 million, up from $137.3 for the 2018 first quarter.
Arch’s combined ratio for its reinsurance segment in the first quarter of 2019 was 95.2 percent, a percentage change of 14.5 percent from 80.7 percent
Gross premiums written by the insurance segment in the 2019 first quarter were $941.9 million - 14.4 percent higher than in the 2018 first quarter. The company suggested the growth primarily reflects the acquisition of a UK commercial lines book of business on January 1, along with growth in most lines of business.
For the reinsurance segment, gross premiums written were $682.9 million, an increase of 18.2 percent year-on-year. Arch attributes much of its first quarter growth to new business opportunities in casualty and property excluding property catastrophe.
Arch Capital, Results, Bermuda