The Bermuda-based Arch Capital Group Ltd. reported its results for the third quarter of 2010 on Tuesday. Net income available to common shareholders for the period was $141.6 million, or $2.77 per share, compared to $274.4 million, or $4.39 per share, for the 2009 third quarter.
The Company also reported after-tax operating income available to common shareholders of $130.7 million, or $2.55 per share, for Q3 2010, compared to $160.3 million, or $2.56 per share, for the Q3 2009 third quarter. All earnings per share amounts discussed in this release are on a diluted basis.
The Company’s book value per common share was $89.24 at September 30, 2010, an 8.7 percent increase from $82.07 per share at June 30, 2010 and a 22.2 percent increase from $73.01 per share at December 31, 2009. The Company’s after-tax operating income available to common shareholders represented a 12.3 percent annualized return on average common equity for the 2010 third quarter, compared to 16.4 percent for the 2009 third quarter.
Arch Capital’s combined ratio for the third quarter rose slightly to 90.4 percent, compared to 90 percent in Q3 2009. For the first nine months of 2010 Arch posted a combined ratio of 92.4 percent, compared to 88 percent for the first nine months of 2009.
Replays of the conference call for investors and analysts, held on Tuesday, October 26, 2010 is available on the group’s web site: http://www.archcapgroup.bm. or by telephone until Nov. 2 – for domestic: 888-286-8010 (passcode 50600078); international: 617-801-6888 (passcode 50600078).
Source: Arch Capital
Was this article valuable?
Here are more articles you may enjoy.