Arch Capital Announces 3rd Quarter Results
Arch Capital Group Ltd. announced its third quarter 2023 results, with net income available to Arch common shareholders of $713 million, or $1.88 per share
A spokesperson said, “The results included:
- Net income available to Arch common shareholders of $713 million, or $1.88 per share, a 20.2% annualized net income return on average common equity, compared to $7 million, or $0.02 per share, for the 2022 third quarter.
- After-tax operating income available to Arch common shareholders of $876 million, or $2.31 per share, a 24.8% annualized operating return on average common equity, compared to $106 million, or $0.28 per share, for the 2022 third quarter.
- Pre-tax current accident year catastrophic losses for the Company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, of $180 million.
- Favorable development in prior year loss reserves, net of related adjustments of $152 million.
- Combined ratio excluding catastrophic activity and prior year development of 77.0%, compared to 82.2% for the 2022 third quarter.
- Book value per common share of $38.62 at September 30, 2023, a 4.3% increase from June 30, 2023.
Marc Grandisson, Chief Executive Officer of ACGL commented: “Excellent underwriting performance from all three of our segments, along with improved investment returns, helped us achieve an impressive 24.8% operating return on equity in the third quarter.
“Growth in net premiums written across our insurance and reinsurance segments was especially strong as hard market rates and rising inflation drove client demand for many of our property and casualty products, resulting in an overall 26.0% year-over-year increase across both segments.”
