Arch Capital's Quarterly Profit Sharply Higher
NU Online News Service, May 13, 2:53 p.m. EDT?Arch Capital Group Ltd. first-quarter income rose $48.5 million to $52.5 million, or 78 cents per share, based on stronger underwriting performance, both in insurance and reinsurance segments, the company reported.
In the comparable period in 2002, the Bermuda-based company reported $4 million, or eight cents on a per-share basis.
Arch Capital said its net premiums written for the first quarter were $776.9 million, more than a twofold increase from one year ago when the company reported $280.7 million in net premiums. Its combined ratio also improved--on the statutory basis, it dropped to 87.7 percent from 90 percent one year ago.
The company noted that the stronger underwriting results for the quarter reflect the significant growth in its reinsurance segment over the past fifteen months, as well as the expansion of its insurance segment into additional lines of business.
In the reinsurance segment, Arch Capital had net premiums written of $547,436 for the quarter, compared to $264,861 one year ago. In the insurance segment, the company posted net premiums written of $229,427, sharply higher than $15,849 posted in the 2002 first quarter.
Arch Capital Group, with insurance and reinsurance subsidiaries in Bermuda and the United States, offers a full range of property-casualty insurance and reinsurance products with a focus on specialty lines of business.
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