Arch Capital Group takes underwriting loss in Q2

Arch Capital Group takes underwriting loss in Q2 | Insurance Business

Arch Capital Group takes underwriting loss in Q2

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 SG$395.4 million). The figure represents a decrease from the US$458.6 million (around SG$628.8 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.