Bermuda-headquartered insurers Arch Capital Group and Everest Re Group have announced their third quarter results – one of them reporting a loss while the other sees a dip in earnings.
First off, Arch’s net income available to common shareholders fell from US$408.6 million in Q3 last year to US$388.8 million this time around. Available after-tax operating income (or excluding the results of Watford Holdings), meanwhile, grew from 2020’s US$120.3 million to US$294.7 million in the quarter ended September 30.
In terms of operating segments, both the insurance and reinsurance operations suffered underwriting losses. The group’s consolidated (including the mortgage segment)