Bermuda-based Arch Capital Group has reported a fall in its profits for the fourth quarter of last year to $53.1 million, compared with $209.7 million for the fourth quarter of 2014.
Gross written premiums (GWP) also decreased by 3.6 percent in the fourth quarter of last year to $1.03 billion, compared with $1.07 billion in the fourth quarter of the previous year.
Arch’s combined ratio did slightly improve to 86.8 percent in Q4 2015, however, compared with 87.5 percent in Q4 2014.
The fall in profits for the fourth quarter of 2015 contributed to a fall in its profits for the full year of 2015. Arch’s net income for 2015 fell to $515.8 million, compared with $812.4 million in 2014.
Its GWP also fell slightly last year by 2.2 percent to $4.66 billion, compared with $4.76 billion for the previous year. Its combined ratio was also up by 1.2 percent to 88 percent in 2015, compared with 86.8 percent in 2014.
GWP in the fourth quarter of last year decreased in Arch’s insurance and reinsurance segments, but was offset by Arch’s mortgage segment which posted a 59.4 percent increase in GWP, compared with Q4 2014.
Its underwriting income increased in Q4 2015 by 22.6 percent in Arch’s insurance sector, but this gain was partially offset by a 21 percent decrease in underwriting income in its reinsurance segment, compared with Q4 2014.
Arch’s net investment income dipped slightly to $271.7 million last year, compared with $284.3 million in 2014.
Arch Capital Group, Full Year 2015 Results, Fourth Quarter 2015 Results, Bermuda