Bermuda-based Arch Capital Group issued a statement concerning its Q1 earnings report reflecting the changes in capitalization and strategy that it has undertaken during the past year.
Arch indicated that comparisons of 2002 and 2001 results of operations are not meaningful due to the changes in the Company’s business during 2001, resulting from its new underwriting initiative and the related capital infusion of $763 million. Q1 2002 reflects the first full quarter of results from the Company’s new actions.
A look at the figures confirms this. Gross premiums written rose to $323.582 million from $9.18 million last year, while total revenues reached $79.6 million compared to $16.89 million. After-tax operating income rose to $8.368 million in comparison to $1,6, while net income declined to $3.966 million compared to $7.993 million in Q1 2001.
Commenting on Arch’s recent activity, Peter Appel, President and CEO, stated, “We are very pleased with the results of our new underwriting initiative during the first four months of 2002. Our reinsurance operations are off to a very strong start and our insurance group is now positioned to participate more actively in an attractive insurance marketplace.”
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