Arch Capital Reports 2020 First Quarter Results
Bermuda-based Arch Capital Group Ltd. announced its 2020 first quarter results.
The results included:
- Net income available to Arch common shareholders of $133.7 million, or $0.32 per share, a 5.0% annualized return on average common equity, compared to $438.1 million, or $1.07 per share, for the 2019 first quarter;
- After-tax operating income available to Arch common shareholders[1] of $189.8 million, or $0.46 per share, a 7.1% annualized return on average common equity, compared to $275.9 million, or $0.67 per share, for the 2019 first quarter;
- Pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums[1] of $118.4 million, which included $86.6 million of losses for exposure through March 31, 2020 related to the COVID-19 global pandemic for the Company’s insurance and reinsurance segments;
- Favorable development in prior year loss reserves, net of related adjustments[1] of $17.8 million;
- Combined ratio excluding catastrophic activity and prior year development[1] of 84.2%;
- Total return on investments[1] of -0.86% for the 2020 first quarter;
- Book value per common share of $26.10 at March 31, 2020, a 1.2% decrease from December 31, 2019 and a 12.9% increase from March 31, 2019.
