Bermuda-based Arch Capital Group Ltd. reported that net income available to common shareholders for the 2008 first quarter was $189.4 million, or $2.78 per share, compared to $198.6 million, or $2.59 per share, in Q1 2007.
The Company also reported after-tax operating income available to common shareholders of $202.0 million, or $2.97 per share, for the 2008 first quarter, compared to $204.7 million, or $2.67 per share, for the 2007 first quarter. All earnings per share amounts discussed in this release are on a diluted basis.
Arch’s book value per common share, including the net effect of share repurchases, increased to $56.92 at March 31, 2008 from $55.12 per share at December 31, 2007. After-tax operating income available to common shareholders represented a 21.9 percent annualized return on average common equity for the 2008 first quarter, compared to 24.4 percent for the 2007 first quarter.
Gross premiums written declined by around $150 million in Q1 2008 to $1.053 billion. The combined ratio increased slightly from 83.4 percent in Q1 2007 to 86.2 percent in Q1 2008.
The full report, as well as a replay/webcast of today’s earnings conference call is available on the Company’s website at http://www.archcapgroup.bm. A telephone replay of the conference call also will be available beginning on April 25 at 1:00 p.m. Eastern Time until May 2 at midnight Eastern Time. To access the replay, domestic callers should dial 888-286-8010 (passcode 76628884), and international callers should dial 617-801-6888 (passcode 76628884).
Source: Arch Capital
Topics Profit Loss
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