Advertise
Resources
Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—Arch Capital Group Ltd. said catastrophe losses limited its first-quarter net income to $19.3 million compared with $210.5 million for the first quarter of 2010.
The Hamilton, Bermuda-based insurer and reinsurer said it had $178.7 million in catastrophe losses during the first three months of the year.
That figure includes an estimated $63.1 million loss from the earthquake and tsunami in Japan, $64.9 million from the February earthquake in Christchurch, New Zealand, and about $32.9 million from Cyclone Yasi and flooding in Australia.
Those losses, which are net of reinsurance and reinstatement premiums, compare with a $58.1 million bill for catastrophe claims in the first quarter of 2010, Arch said Monday in a statement.
Premiums rise 1.1%
Arch said its gross written premiums were $964.6 million in the first quarter compared with $953.7 million for the same period last year. Net written premiums were $764.3 million for the first quarter of 2011 compared with $767.8 million in the first quarter of 2010, Arch said.
The company’s combined ratio for the first quarter was 110% compared with 96.4% in the first quarter last year.
Arch posted investment income of $88.3 million for the first three months of 2011, down from $93 million in the comparable period last year.
HAMILTON, Bermuda—Arch Capital Group Ltd. said full-year net income for 2010 was $816.7 million, compared with $851.1 million in 2009, as profits for the fourth quarter took a hit from Australian flood losses.