Arch Capital 1st Quarter: 50% Above 2009
Bermuda based Arch Capital Group Ltd net income available to shareholders for the first quarter of 2010 rose 50% compared to 2009.
Arch reports that net income available to common shareholders for the 2010 first quarter was $210.5 million [$3.79 per share] compared to $139.9 million [$2.24 per share] for the 2009 first quarter.
Arch also reported after-tax operating income available to common shareholders of $98.7 million, or $1.78 per share, for the 2010 first quarter, compared to $169.0 million, or $2.70 per share, for the 2009 first quarter. All earnings per share amounts discussed in this release are on a diluted basis.
Arch Capital’s book value per common share was $76.91 at March 31, 2010, a 5.3% increase from $73.01 per share at December 31, 2009. The growth in book value per common share was generated by operating income and investment returns.
The Company’s after-tax operating income available to common shareholders represented a 9.8% annualized return on average common equity for the 2010 first quarter, compared to 21.1% for the 2009 first quarter.
This year’s first-quarter results were affected by the Chilean earthquake, European Windstorm Xynthia and the Australian hailstorms and floods, the company said. Arch had estimated losses of $35 – $55 million from these catastrophes.
Arch is among the first to report-first quarter results in the Bermuda reinsurer group. The company has approximately $4.78 billion in capital as of March 31, 2010.
Other 2010 first quarter results of Bermuda based companies here.
