Profit slides at Arch Capital amid nat cat hit
Bermuda re/insurer Arch Capital Group saw its quarterly profit decline due to the impact of Hurricane Ida, European floods and other global events.
The company reported a net profit of $388.8 million in the third quarter of 2021, down from $408.6 million reported in the same period last year.
The result was impacted by cat losses of $335.9m from Ida, European floods and other global events.
Its gross written premiums were up almost 20 percent to $3.2 billion, from $2.7 billion seen in the same period last year.
Despite the cat losses, Arch’s combined ratio of 91.4 percent was an improvement on 94.9 percent in Q3, 2020.
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