The Bermuda-based Arch Capital Group reported that net income available to common shareholders for the 2009 first quarter was $139.9 million, or $2.24 per share, compared to $189.4 million, or $2.78 per share, in Q1 2008 first quarter.
The Company also reported after-tax operating income available to common shareholders of $169.0 million, or $2.70 per share, for the 2009 first quarter, compared to $202.0 million, or $2.97 per share, for the same period in 2008. All earnings per share amounts in the report are on a diluted basis.
Arch said its “book value per common share increased by 6.3 percent to $54.61 at March 31, 2009, from $51.36 per share at December 31, 2008. The Company’s after-tax operating income [which excludes capital gains/losses] available to common shareholders represented a 21.1 percent annualized return on average common equity for the 2009 first quarter, compared to 21.9 percent for the 2008 first quarter.”
Gross premiums written in the first quarter were down slightly to $1.025 billion, compared to $1,053 billion in the first quarter of 2008. The Group’s combined ratio rose to 86.7 percent from 86.2 percent.
The complete report and additional information, including acccess details to the earnings conference call, held April 29, may be obtained on the Group’s web site at: http://www.archcapgroup.bm.
Source: Arch Capital Group
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