Arch Capital Group net income slides to SG$189 million


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 through March 31 related to the global coronavirus crisis for the company’s insurance and reinsurance segments.

The group – which writes insurance, reinsurance, and mortgage insurance on a worldwide basis – saw underwriting losses in both its insurance and reinsurance operations. Thanks to the mortgage segment’s underwriting income, Arch came out of the first quarter with a positive underwriting result.

Aside from Bermuda, Arch has offices in Australia, Canada, Ireland, the UK, and the US.

Source Article

Next Post

BMW cuts margin outlook for cars division, citing coronavirus woes

FILE PHOTO: A person wipes a BMW car on display at the LA Auto Show in Los Angeles, California, U.S., November 20, 2019. REUTERS/Lucy Nicholson FRANKFURT (Reuters) – BMW (BMWG.DE) lowered the outlook for the profitability of its automotive division, citing worse-than-expected demand which has been impacted by global measures […]