Results season continues, and this time Insurance Business brings you the latest numbers from Bermuda-headquartered Arch Capital Group.
In the second quarter, net income available to Arch common shareholders amounted to US$288.4 million (around CA$387.2 million). The figure represents a decrease from the US$458.6 million (around CA$615.8 million) posted in the same period last year.
According to the company’s financial results report, Arch suffered a US$22.5 million underwriting loss in Q2 – a massive plunge from 2019’s US$293.1 million underwriting income. Both the insurance and reinsurance segments were hit by underwriting losses.
Arch noted pre-tax current accident year catastrophic losses of US$207.2 million for the two segments. Of that total, which is net of reinsurance and reinstatement premiums, US$173.1 million relates to COVID-19.
The insurance group’s gross written premium, on the other hand, grew to US$2.3 billion.
