Arch Capital's 2013 fourth-quarter profit rebounds to $156MReprints
Arch Capital Group Ltd.'s net income for the fourth quarter of 2013 rose to $156.0 million from $13.7 million during the same period in 2012, the insurer and reinsurer reported Tuesday.
The increase reflected in large part a relatively calm catastrophe quarter in contrast to the fourth quarter of 2012, when Hamilton, Bermuda-based Arch's results were battered by Superstorm Sandy.
Net written premiums for the quarter grew 22.1% over those of the fourth quarter of 2012 to $748.9 million, but net investment income dropped 9.1% to $67.1 million. The combined ratio improved to 85.3% from 112.4% the same period a year earlier, once again reflecting the impact of Sandy on Arch's performance in the final quarter of 2012.
For 2013 as a whole, net income increased 23.3% over 2012 to $687.8 million, while net written premiums grew 9.8% over 2012 to $3.36 billion.
Investment income dropped 9.4% from that of 2012 to $267.2 million for the year as a whole. The combined ratio improved to 85.9% from 95.4%.