We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

Arch Capital Group hit with underwriting loss in Q2

Arch Capital Group hit with underwriting loss in Q2 | Insurance Business

Arch Capital Group hit with 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 £219.2 million). The figure represents a decrease from the US$458.6 million (around £348.6 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.