The Bermuda-based Arch Capital Group Ltd. reported net income available to common shareholders for the 2009 second quarter at $152.1 million, or $2.43 per share, compared to $192.3 million, or $2.92 per share, for the 2008 second quarter. For the first six months of 2009 Arch reported $292.0 million, or $4.67 per share, compared to $381.7 million, or $5.71 per share, for the 2008 period.
The Company also reported after-tax operating income available to common shareholders of $163.0 million, or $2.60 per share, for the 2009 second quarter, compared to $185.4 million, or $2.82 per share, for the 2008 second quarter, and $332.0 million, or $5.31 per share, for the six months ended June 30, 2009, compared to $387.4 million, or $5.79 per share, for the 2008 period. All earnings per share amounts are calculated on a “diluted basis”, said the bulletin.
The report noted that the “Company’s book value per common share increased to $60.76 at June 30, 2009, an 11.3 percent increase from $54.61 per share at March 31, 2009 and 18.3 percent from $51.36 at December 31, 2008, due to growth in retained earnings and an after-tax increase in the market value of the Company’s investment portfolio.”
The combined ratio for the second quarter rose slightly to 87.2 percent from 87.1 percent. Gross premiums written during the period rose to near $912 million, from $887 million in Q2, 2008. However, Arch posted a net $20.786 million capital loss for the period.
The full report and details on accessing today’s earnings conference call – scheduled for 11:00 a.m. EDT – may be obtained on the Company’s website at: http://www.archcapgroup.bm.
A replay of the earnings conference call will be available via the Investor Relations section of the web site- Events & Presentations section of. A telephone replay of the conference call also will be available until July 31, 2009 at midnight Eastern Time. To access the replay, domestic callers should dial 888-286-8010 (passcode 89322220), and international callers should dial 617-801-6888 (passcode 89322220).
Source: Arch Capital Group
Topics Profit Loss
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