The Bermuda-based re/insurer Arch Capital has disclosed increases in gross written premiums (GWP) for its insurance and reinsurance sectors in its results for the second quarter of this year, and has almost doubled its pre-tax net income compared with the second quarter results last year.
Arch Capital’s pre-tax net income for this year’s second quarter was $205.6 million which increased by 86.4 percent from $110.3 million during the second quarter of last year.
The company’s underwriting income for the second quarter of 2016 was $111.7 million, a 6.3 percent increase from the result for the same period last year which was $105.1 million.
Arch Capital’s GWP increased by 10.9 percent to $1.3 billion over the 2016 period, compared with $1.2 billion for the same period in 2015.
Within the insurance sector, the GWP increased by 2.3 percent to $762 million, compared with $745 million for the same period last year.
Similarly, the GWP for the reinsurance segment had increased by 20.4 percent to $412 million, compared with $342.1 million for 2015.
The profitability of Arch’s underwriting declined slightly, with its combined ratio increasing by 1.7 points to 91.4 percent.
Arch Capital, Bermuda, Insurance, Reinsurance, Catastrophe, Results