Arch Capital reports $157.8 million in net income for first quarter

HAMILTON, Bermuda—Arch Capital Group Ltd. generated $157.8 million in net income during the first quarter of 2012 compared with $19.0 million during the same period a year earlier.

Gross written premiums increased 10.6% to $1.07 billion while Arch’s combined ratio improved to 101.8% from 106.2% during the same period a year earlier.

In its earnings announcement, Arch said the first quarter results included losses of $23.0 million, net of reinsurance and reinstatement premiums, stemming primarily from U.S. storm activity.

“Such amounts compared to $178.7 million recorded in the 2011 first quarter which resulted from the Japanese earthquake and tsunami, New Zealand earthquake and other events,” said Arch in the announcement. “In addition, the company recorded $19.6 million of losses, net of reinsurance and reinstatement premiums, for the January 2012 Costa Concordia marine event.”