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Member, Beacon International Group, Ltd.
Arch Capital Group Ltd. recorded $554.6 million in profits through nine months in 2012, an increase of 104% over net income in the same period last year, the company announced on Thursday.
Gross written premiums improved by 11.7% for the Hamilton, Bermuda-based insurer and reinsurer through the first three quarters this year, totaling $3.05 billion in 2012 compared to $2.73 billion through nine months in 2011. Net written premiums rose as well, to $2.44 billion through the end of September from $2.16 billion in the same period last year.
The company's combined ratio through September also improved, to 89.2% in 2012 compared with 101.3% in 2011.
Arch Capital's net income in the third quarter rose to $184.1 million, compared to $162.3 million in 2011. The company's third-quarter gross written premiums increased 8.8% to $936.7 million in 2012, while third-quarter net written premiums improved by 9.2%, to $755.2 million.
In its third-quarter earnings release, Arch Capital said it was too soon to estimate the impact Hurricane Sandy would have on its earnings, “given the significant unknowns, the early stage of the damage assessment process and the unusual nature of the event.”
HAMILTON, Bermuda—Mark D. Lyons will become executive vp and CFO of Arch Capital Group Ltd. effective Sept.1, the insurer and reinsurer said Wednesday.