Bermuda-headquartered (re)insurer Arch Capital Group has released its financial results for the quarter ended March 31, 2021, and the numbers are mostly positive.
According to the global insurance group, its insurance segment posted an underwriting income of US$18.4 million – a massive turnaround from the US$28.2 million underwriting loss suffered by the unit in the same period in 2020.
The insurance segment’s gross written premium (GWP) improved as well, from US$1.2 billion previously to US$1.4 billion this time around.
Higher GWP was also seen in the reinsurance business, at US$1.5 billion. The segment, however, was dealt with a US$19.7 million underwriting loss.
Overall, the company’s GWP grew 19.9% to US$3.4 billion. Meanwhile net income available to Arch common shareholders rose from US$133.7 million in Q1 2020 to US$427.8 million in the corresponding period this year.
Arch, which also has a mortgage segment, saw the group’s after-tax operating income available to common shareholders increase to US$239.8 million. The figure from a year ago was US$189.8 million.