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Arch Capital Group Ltd. Reports 2024 Second Quarter Results
PEMBROKE, Bermuda--(BUSINESS WIRE)-- Arch Capital Group Ltd. (NASDAQ: ACGL; “Arch,” “our” or “the Company”) announces its 2024 second quarter results. The
About this update from Arch Capital Group Ltd.
[{"type":"text","content":" PEMBROKE, Bermuda--(BUSINESS WIRE)--\nArch Capital Group Ltd. (NASDAQ: ACGL; “Arch,” “our” or “the Company”) announces its 2024 second quarter results. The results included:\n\n\n\nNet income available to Arch common shareholders of $1.3 billion, or $3.30 per share, representing a 26.3% annualized net income return on average common equity, compared to net income available to Arch common shareholders of $661 million, or $1.75 per share, for the 2023 second quarter.\n\n\n\nAfter-tax operating income available to Arch common shareholders(1) of $981 million, or $2.57 per share, representing a 20.5% annualized operating return on average common equity(1), compared to $726 million, or $1.92 per share, for the 2023 second quarter.\n\n\n\nPre-tax current accident year catastrophic losses for the Company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, of $196 million.\n\n\n\nFavorable development in prior year loss reserves, net of related adjustments, of $124 million.\n\n\n\nCombined ratio excluding catastrophic activity and prior year development(1) of 76.7%, compared to 79.7% for the 2023 second quarter.\n\n\n\nBook value per common share of $52.75 at June 30, 2024, a 6.9% increase from March 31, 2024.\n\n\n\nMarc Grandisson, Chief Executive Officer of ACGL commented: “Our excellent results this quarter highlight the value of our ongoing commitment to bottom-line returns combined with disciplined execution throughout the underwriting cycle. We are pleased with the contributions made by our underwriting and investment teams, which are key to us being able to consistently generate returns above our target.”\n\n\nAll earnings per share amounts discussed in this release are on a diluted basis. The following table summarizes the Company’s underwriting results:\n\n\n\n\n(U.S. Dollars in millions)\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\nGross premiums written\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n5,382\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n4,845\n\n\n\n\n\n\n \n\n\n\n\n\n\n11.1\n\n\n\n\n\n\n\n\nNet premiums written\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n3,781\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n3,428\n\n\n\n\n\n\n \n\n\n\n\n\n\n10...