Bermuda-based Arch Capital Group reported net income available to common shareholders for the 2010 second quarter of $237.0 million, or $4.45 per share, compared to $152.1 million, or $2.43 per share, for the 2009 second quarter.
The Company also reported after-tax operating income available to common shareholders of $132.2 million, or $2.48 per share, for the 2010 second quarter, compared to $163.0 million, or $2.60 per share, for the 2009 second quarter. All earnings per share amounts discussed in this release are on a diluted basis.
Arch Capital’s book value per common share was $82.07 at June 30, 2010, a 6.7 percent increase from $76.91 per share at March 31, 2010 and a 12.4 percent increase from $73.01 per share at December 31, 2009.
The Company’s after-tax operating income available to common shareholders represented a 13.0 percent annualized return on average common equity for the 2010 second quarter, compared to 18.6 percent for the 2009 second quarter.
Gross premiums written during the first six months of 2010 declined to$817 million from $911 million in the same period last year. Net premiums also decreased to $624 million from $693 million.
Arch Capital’s combined ratio for the period was 90 percent, compared to 87.2 percent in the first half of 2009.
The full report and details on accessing today’s conference call may be obtained on the Company’s website at: http://www.archcapgroup.bm.
Source: Arch Capital Group
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