Arch Capital Group Ltd. (NASDAQ: ACGL) announces its 2019 third quarter results. The results included:
- Net income available to Arch common shareholders of $382.1 million, or $0.92 per share, a 15.0% annualized return on average common equity, compared to $217.0 million, or $0.53 per share, for the 2018 third quarter;
- After-tax operating income available to Arch common shareholders, a non-GAAP measure, of $261.0 million, or $0.63 per share, a 10.3% annualized return on average common equity, compared to $242.3 million, or $0.59 per share, for the 2018 third quarter;
- Pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums(1) of $68.0 million, primarily related to Hurricane Dorian and Typhoon Faxai;
- Favorable development in prior year loss reserves, net of related adjustments(1) of $51.7 million;
- Combined ratio excluding catastrophic activity and prior year development(1) of 80.9%.
- Book value per common share of $25.61 at September 30, 2019, a 3.9% increase in the 2019 third quarter and a 21.1% increase for the trailing twelve months;