Arch Capital Reports 2022 Third Quarter Results
Arch Capital Group Ltd. announces its 2022 third quarter results. The results included:
- Net income available to Arch common shareholders of $6.9 million, or $0.02 per share, a 0.2% annualized net income return on average common equity, compared to $388.8 million, or $0.98 per share, for the 2021 third quarter;
- After-tax operating income available to Arch common shareholders [1] of $106.0 million, or $0.28 per share, a 3.8% annualized operating return on average common equity, compared to $294.7 million, or $0.74 per share, for the 2021 third quarter;
- Pre-tax current accident year catastrophic losses for the Company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums [1], of $550.8 million, primarily related to Hurricane Ian, as well as from a series of other global events that occurred this year, including U.S. convective storms, Typhoon Nanmadol and the June French hailstorms;
- Combined ratio excluding catastrophic activity and prior year development [1] of 82.2%, compared to 80.1% for the 2021 third quarter;
- Favorable development in prior year loss reserves, net of related adjustments [1] of $178.0 million;
- Book value per common share of $29.69 at September 30, 2022, a 5.4% decrease from June 30, 2022.
