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Arch Capital profits leap in second quarter


Hamilton, Bermuda-based Arch Capital Group Ltd. reported a 98.2% increase in net income for the second quarter to $249.4 million, the company said Wednesday.

Net premiums written for the quarter increased 8.5%, to $1.02 billion. The company reported a 91.4% combined ratio, vs. 89.7% for the comparable period a year ago. Revenues increased 16.8% to $1.19 billion.

For the second half, the company reported an 2.2% decline in net income, to $425.0million. Net premiums written increased 6.7%, to $2.14 billion, while the company reported a 90.2% combined ratio, vs. 89.2% combined for the comparable period. First-half revenues grew 8.4% to $2.28 billion.

CEO Constantine P. Iordanou said during Thursday’s conference call, “We had a good quarter on a relative basis, and I might say it was a very acceptable quarter also on an absolute basis.”

Mr. Ioradanou said the insurer is emphasizing, “underwriting discipline, execution and risk management in order to preserve capital and maintain balance sheet integrity. We continue to believe our strategy of diversifying revenues streams and actively managing the allocation of capital will allow us to better navigate” in this environment.