Arch Capital's first-quarter net income drops 29.5%

Arch Capital Group Ltd. reported first-quarter net income of $177.0 million, a decline of 29.5% from the first quarter of last year, the company said.

The Hamilton, Bermuda-based insurer and reinsurer said Thursday that it had first-quarter revenue of $946.2 million, an increase of 6.3% from the year-ago period.

First-quarter net premiums written totaled $1.06 billion, up 11.8% from the same period last year. Net investment income grew 2.0% to $67.0 million.

The company's combined ratio was 84.7%, virtually the same as 84.6% in the year-earlier period.

Total expenses increased 21.4% to $763.3 million for the quarter, with increases in both losses and loss adjustment expenses as well as acquisition expenses.