Arch Capital Group unveils quarterly financials

Arch Capital Group unveils quarterly financials | Insurance Business New Zealand

Insurance News

Arch Capital Group unveils quarterly financials

CEO cites “hard and smart work”

Insurance News

By
Terry Gangcuangco

Arch Capital Group has released its financial results for the first quarter of 2024.

Metric

Q1 2024

Q1 2023

Gross written premium (GWP)

US$5.9 billion

US$4.8 billion

Underwriting income

US$736 million

US$570 million

Pre-tax net investment income

US$327 million

US$199 million

After-tax operating income available to Arch common shareholders

US$933 million

US$654 million

Net income available to Arch common shareholders

US$1.1 billion

US$705 million

Of the group’s GWP in the first quarter, US$2.1 billion came from the insurance segment while the reinsurance segment contributed US$3.5 billion. Both units posted increases in gross written premium in Q1. The mortgage segment, which saw a slight dip, brought in US$341 million.

Commenting on the figures, Arch chief executive Marc Grandisson said: “We are extremely pleased with the outstanding financial results across our operations in the first quarter.

“I am especially proud of the ongoing commitment of our Arch colleagues to delivering value-added solutions to our clients and partners in this ever-changing risk environment. This level of hard and smart work bodes well for our future success to the benefit of our shareholders.”

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