Hamilton, Bermuda-based Arch Capital Group Ltd. posted second quarter net income of $202.5 million, up 18.1% from the same period last year on solid premium and investment income growth.
Second quarter revenues increased 21.6% to $1.04 billion as net written premiums rose 19.9% to $971.9 million and net investment income grew 6.3% to $72.9 million.
Arch Capital’s second quarter combined ratio improved to 86.2% from 87.4% in the year-ago period.
Growth in net written premiums in the company’s insurance segment primarily resulted from increases in alternative markets; excess and surplus casualty; travel, accident and health; and construction and national accounts, Arch said in its earnings statement. In its reinsurance segment, the company said net written premium growth came from specialty and casualty lines.
For the six months ended June 30, net income decreased 10.2% to $379.5 million, hampered by a 21.7% increase in expenses.
Six-month revenues increased 13.8% to $1.98 billion as net written premiums rose 15.5% to $2.04 billion and net investment income grew 4.4% to $139.9 million.
The company’s six-month combined ratio improved to 85.4% from 86.0% in the year-ago period.
Arch Capital Group Ltd.'s net income for the third quarter of 2013 dropped 40.7% from that of the same period a year earlier to $109.3 million, the insurer and reinsurer reported.