Arch Capital Reports Second Quarter Results
Bermuda-based Arch Capital Group Ltd. announced its 2019 second quarter results.
The results included:
- Net income available to Arch common shareholders of $458.6 million, or $1.12 per share, a 19.0% annualized return on average common equity, compared to $233.2 million, or $0.56 per share, for the 2018 second quarter;
- After-tax operating income available to Arch common shareholders, a non-GAAP measure, of $317.4 million, or $0.77 per share, a 13.1% annualized return on average common equity, compared to $242.6 million, or $0.59 per share, for the 2018 second quarter;
- Book value per common share of $24.64 at June 30, 2019, a 6.6% increase in the 2019 second quarter and an 19.2% increase for the trailing twelve months;
- Pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums[1] of $7.2 million;
- Favorable development in prior year loss reserves, net of related adjustments[1] of $35.5 million;
- Combined ratio excluding catastrophic activity and prior year development[1] of 80.0%.
