Arch Capital Reports First Quarter Results
Bermuda-based Arch Capital Group Ltd. announces its 2019 first quarter results.
The results included:
- Net income available to Arch common shareholders of $438.1 million, or $1.07 per share, a 19.5% annualized return on average common equity, compared to $137.3 million, or $0.33 per share, for the 2018 first quarter;
- After-tax operating income available to Arch common shareholders, a non-GAAP measure, of $275.9 million, or $0.67 per share, a 12.3% annualized return on average common equity, compared to $235.1 million, or $0.56 per share, for the 2018 first quarter;
- Book value per common share of $23.12 at March 31, 2019, a 7.4% increase in the 2019 first quarter and a 13.3% increase for the trailing twelve months;
- Pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums[1] of $7.9 million;
- Favorable development in prior year loss reserves, net of related adjustments[1] of $36.7 million;
- Combined ratio excluding catastrophic activity and prior year development[1] of 81.4%.
