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Arch Capital Group Ltd. had third quarter net income of $399.2 million, up 60.4% as gross written premiums rose substantially in the period, the Bermuda-based insurer and reinsurer said in its earnings statement after markets Tuesday.
Net premiums written rose 21.0% to $1.61 billion, the earnings statement said.
Arch’s third quarter combined ratio was 84.2% compared with 82.3% in the year-ago period, the statement said.
Net investment income rose 11.0% to $126.9 million, financial data showed.
Results included a favorable development in prior year loss reserves of $51.7 million, the statement said.
In the insurance segment, net premiums written grew 22% to $703.8 million and the combined ratio was 104% compared with 104.8% in the year-ago period.
In the reinsurance segment, net premiums written jumped 40% to $436.5 million and the combined ratio worsened to 100.3% compared with 89.9% in the year-ago period.
For the nine months ended Sept. 30, net income rose 105.6% to $1.38 billion, the earnings statement said.
Nine-month net written premiums grew 23.3% to $1.46 billion and the combined ratio was 80.9% compared with 81.8% for the same period last year, the statement said.
Nine-month net investment income rose 15.1% to $371.2 million, financial data showed.
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.