Net income up for Arch Capital Group in third quarter

Arch Capital Group Ltd. has reported a net income (available to common shareholders) of $223.2 million for the third quarter ended Sept. 30, up from $109.3 million in the same period of 2013.

The company also reported after-tax operating income available to common shareholders of $142.1 million for the quarter, compared with $149.2 million for the comparable quarter last year.

Gross written premiums in the quarter reached $1.14 billion, compared with $1.04 billion  in Q3 last year.

Net premiums written for the quarter were $860 million, up from $839 million in 2013. Net premiums earned totaled $869 million for the quarter, up from $795 million in the third quarter of 2013.

Net investment income for the third quarter was $72.2 million, down slightly compared to $72.5 million in Q2, but up from $66.1 million for the third quarter of 2013.

At $726.7 million, gross premiums written in the insurance segment in the third quarter were 6.4% higher than in the same period of 2013.

In the reinsurance segment, gross premiums written, at $345.7 million, were 4.6% higher than in the prior year quarter.

Net premiums written for the insurance segment rose from $502 million in Q3 last year to $539 million in the third quarter of this year. In the reinsurance segment, net premiums written were down to $262.2 million, from $312.5 million in the same quarter last year.

“The lower level of net premiums written reflected decreases in other specialty, property catastrophe and marine and aviation lines, partially offset by growth in casualty business,” the group noted.

For its insurance segment, the combined ratio was 96.8%, virtually unchanged from the same period last year, when it was 96.9%. The reinsurance segment reported a combine ratio of 74.3%, compared with 70.0% in in Q3 last year.

The combined ratio for the group in the third quarter was 88.5%, compared with 86.1% in the third quarter last year.