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Arch profit falls in first quarter

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Arch profit falls in first quarter

Arch Capital Group Ltd. posted a profit of $137.3 million in the first quarter of 2018 compared with $241.9 million for the same period in 2017, the company said late Tuesday.

The Hamilton, Bermuda-based insurer and reinsurer reported net written premiums of $1.41 billion, up 10.7% from year-ago period.

“Overall, our first-quarter results were excellent and demonstrate the value of our diversified specialty insurance platforms,” Marc Grandisson, president and chief operating officer of Arch Capital, said during the company’s earnings conference call Wednesday.

Mr. Grandisson said "strong operating results were partially upset by volatility in the financial markets.”

The combined ratio was 81.3%, a slight improvement over the year-ago figure of 81.4%.

Net premiums written in its insurance segment rose 5.1% to $576.2 million in the first quarter compared with the same period last year. The increase in net premiums written reflected growth in travel insurance, through both new business and growth in existing accounts, in property, primarily due to improved rates and new business, and in professional lines, reflecting increases in small- and medium-sized accounts, Arch Capital said.

The segment’s combined ratio deteriorated to 98.7% compared with 97.8% in the year-ago quarter.

Net premiums written in the 2018 first quarter in the reinsurance segment totaled $381.7 million, up 23.3% from a year ago. The increase in net premiums written reflected growth in international motor contracts. The 2018 first quarter loss ratio included 0.4 points of current year catastrophic activity, compared with 4.0 points of catastrophic activity in the 2017 first quarter.

 

 

 

 

 

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