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.
Bermuda-based insurer and reinsurer Arch Capital Group Ltd. has appointed Jerome Halgan as chief executive of Arch Reinsurance Ltd., The Royal Gazette reported. Mr. Halgan is currently serving as chief executive of U.S.-based Arch Reinsurance Co. Meanwhile, Matt Dragonetti, head of property, will take on the additional role of president at Arch Re. Additionally, Michelle Seymour-Smith will take the role of chief operating officer while keeping her responsibilities as chief financial officer.