Arch stays ahead of analyst estimates
Bermudian (re)insurer Arch Capital Group Ltd has seen second quarter net income fall slightly to $192.3mn or $2.92 per share, compared to $199.4mn or $2.65 per share, in the prior-year period.
However, the result was still ahead of the $2.64 per share profit consensus analysts had predicted.
After-tax operating income fell more markedly to $185.4mn or $2.82 per share, for the 2008-second quarter, compared to $205.6mn or $2.73 per share, for the same quarter last year.
Total revenues for the quarter were $835.9mn, down from $867.1mn a year ago.
Gross premiums written decreased to $887mn while net premiums fell to $686mn and underwriting income fell to $91mn from $120mn in the prior-year period.
Arch added 3 percentage points to its combined ratio of 87.1 percent.
The company’s net investment income increased to $117mn for the second quarter of 2008, compared to $114mn last year, as its assets increased and it managed to avoid the worst of the credit crunch.