Arch reports strong income gain
Arch Capital has reported second-quarter net income of $US205.6 million ($274.68 million), up from $US110.3 million ($147.36 million) in the corresponding period last year.
The Bermuda-based insurer’s gross written premium was up 10.9% to $US1.33 billion ($1.78 billion), but the combined operating ratio deteriorated to 91.4% from 89.7%.
Second-quarter catastrophe losses totalled $US36.3 million ($48.5 million), with $US20.6 million ($27.52 million) from the insurance segment and $US15.7 million ($20.98 million) from the reinsurance segment.
Investment income totalled $US70.4 million ($94.05 million), up from $US67.17 million ($89.74 million).