Underwriting profitability boosts Arch Q4 results
Bermuda-based Arch has improved its financial performance in the fourth quarter of 2017 as underwriting profitability improved.
Net income available to Arch common shareholders grew to $203.5 million in the fourth quarter of 2017 from $62.4 million in the same period a year ago.
Underwriting income climbed 59.6 percent year on year to $182.1 million over the period. The combined ratio improved to 86.3 percent in the fourth quarter of 2017 from 90.2 percent.
Pre-tax catastrophic losses, net of reinsurance and reinstatement premiums were $0.8 million, reflecting $68.4 million from the California wildfires, $1.5 million from other events and $69.1 million of reductions on the 2017 third quarter hurricane events. Favourable development in prior year loss reserves, net of related adjustments, were at $50.9 million.
Gross premiums written grew 25.7 percent year on year in the fourth quarter of 2017 to $1.45 billion.
For the full year of 2017, Arch reported net income of $566.5 million, down from $664.7 million in 2016.
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