Arch Capital Group unveils Q1 financials
Arch Capital Group unveils Q1 financials | Insurance Business America
Insurance News
Arch Capital Group unveils Q1 financials
Chief executive points to “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)
$5.9 billion
$4.8 billion
Underwriting income
$736 million
$570 million
Pre-tax net investment income
$327 million
$199 million
After-tax operating income available to Arch common shareholders
$933 million
$654 million
Net income available to Arch common shareholders
$1.1 billion
$705 million
Of the group’s GWP in the first quarter, $2.1 billion came from the insurance segment while the reinsurance segment contributed $3.5 billion. Both units posted increases in gross written premium in Q1. The mortgage segment, which saw a slight dip, brought in $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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