Arch Capital Group net income slides to SG$189 million

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Arch Capital Group has released its financial results for the first quarter of 2020, and the international (re)insurer has managed to post a profit – albeit smaller than 2019’s – despite the impact of COVID-19.

In the three-month period, the Bermuda-headquartered group’s net income available to Arch common shareholders amounted to US$133.7 million (around SG$189 million), a decrease from last year’s US$438.1 million (around SG$619.5 million).

According to Arch, its pre-tax current accident year catastrophic losses – net of reinsurance and reinstatement premiums – of US$118.4 million (around SG$167.4 million) include US$86.6 million (around SG$122.4 million) of losses for exposure

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Arch Capital Group offers coronavirus donation

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Bermuda-based Arch Capital Group has pledged US$1 million in corporate donations aimed at aiding coronavirus relief efforts.

Beneficiaries include the COVID Solidarity Response Fund for World Health Organisation; Australia’s The Smith Family Children’s Charity; The Bermuda Community Foundation, Vision Bermuda, Bermuda Family Centre – Hardship Programme, Age Concern, and Eliza Doolittle Society in Bermuda; Canada’s Sunnybrook Foundation, Daily Bread Food Bank, Operation Harvest Sharing; plus the Cyprus Red Cross Society and Denmark’s Hus Forbi.

Also listed as donation recipients are the Hong Kong Red Cross, Cystic Fibrosis Ireland, the Philippine Red Cross and the Lung Centre of the Philippines, as

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