BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Arch Capital Group Ltd. late Wednesday reported second-quarter net income of $718.7 million, up 54.1% from the same quarter in 2020, as premiums soared.
Net premiums written rose 42.3% to $2.22 billion in the second quarter of 2020.
In the insurance segment, net premiums written rose 43.3% to $963.6 million.
In the reinsurance segment, net premiums written rose 63.6% to $924.7 million.
In the mortgage segment, net premiums written rose 3.3% to $335.8 million.
Speaking to analysts on the company’s earnings call Thursday morning, CEO Marc Grandisson, said second-quarter rate increases averaged 10% and represented the sixth consecutive quarter of rate increases.
He noted, however, that “rate improvements have tapered off from previous highs in some lines,” but that Arch is still getting “rate on rate.”
Mr. Grandisson told analysts that Arch estimates 30% of its premium growth is from rate increases, some 15% from higher net retentions, and the balance from new business and exposure growth among existing customers.
Second-quarter net investment income totaled $111.6 million, down from $131.5 million in second-quarter 2020.
Catastrophic losses for insurance and reinsurance segments, net of reinsurance and reinstatement premiums, totaled $46.5 million, including $0.9 million of COVID-19 related losses.
The combined ratio for the second quarter improved to 79.8% from 101.2% in the second quarter of 2020.
Net income for the six months ended June 30 totaled $1.091 billion, up from $422.13 million last year.
Bermudian insurer Arch Capital Group Ltd. has distanced itself from providing any insurance coverage to Adani Group's planned Carmichael coal mine in Queensland, Australia, The Royal Gazette reported. With this, Arch Capital has joined the list of insurers and reinsurers, including Hiscox Ltd. and Axis Capital Holdings Ltd., who have opted to stay away from the coal project.