Arch Cap Group Ltd - ACGL STOCK NEWS

Arch Capital Group (NASDAQ: ACGL) reported its Q4 2024 results with net income of $925 million ($2.42 per share), representing a 17.9% annualized return on equity. After-tax operating income was $866 million ($2.26 per share), with a 16.7% annualized operating return.

The quarter saw pre-tax catastrophic losses of $393 million, primarily from Hurricanes Milton and Helene, and $146 million in favorable development from prior year reserves. The combined ratio excluding catastrophic activity was 79.0%. The company executed share repurchases of $24 million and paid a special dividend of $1.9 billion ($5.00 per share).

Key financial metrics include: gross premiums written up 11.9% to $4.76 billion, net premiums written increased 17.1% to $3.82 billion, and net premiums earned rose 23.9% to $4.14 billion. Book value per share decreased 6.8% to $53.11 (1.9% increase excluding special dividend impact).

Arch Capital Group (NASDAQ: ACGL) has appointed Alexander 'Alex' Moczarski to its Board of Directors, effective immediately. Moczarski brings over 45 years of global insurance experience, having previously served as Chairman of Marsh McLennan Companies, International. His extensive career includes leadership positions at Guy Carpenter & Company, various international segments of Marsh McLennan, and AIG.

Moczarski's experience includes chairing Marsh India from 2016-2025 and serving as Global Director of the US India Business Council. He previously chaired Blue Marble Micro, an impact insurance incubator for the underserved, and currently serves as a Director of Independent Diplomat, a non-profit advisory group.

Arch Capital Group has promoted Prashant Nema to Executive Vice President (EVP) and Deputy Chief Operations Officer, effective immediately. Nema, who has served as EVP and Chief Information Officer (CIO) since 2020, will maintain his CIO responsibilities while adding oversight of Arch's Global Services Organization. He will continue reporting to Chris Hovey, Chief Operations Officer.

Since joining Arch in 2015, Nema has established resilient infrastructure, implemented enterprise-wide security practices, and integrated shared service desk operations across the group. Prior to Arch, he was Chief Technology Officer and Founder of a mobile commerce start-up and held senior IT roles at Silicon Valley Bank, including CIO from 2010 to 2013.

Arch Capital Group (NASDAQ: ACGL) has announced it will release its 2024 fourth quarter results after market hours on Monday, February 10. The company will host a conference call for investors and analysts at 11 a.m. ET on Tuesday, February 11. A live webcast will be available through the Investors section of the company's website, with a recording accessible approximately two hours after the event and archived for one year.

Arch Mortgage Insurance Company (Arch MI) announced the expansion of its Arch MI Scholars Program to the University of North Carolina Greensboro (UNCG). The program, which began in 2020 with North Carolina A&T State University, provides financial support and job experience to high-achieving students with financial need. Selected students receive a $15,000 scholarship over two years, paid internships during junior and senior years, and the opportunity for a one-year paid fellowship after graduation. The program targets students majoring in fields relevant to insurance, including accounting/finance, actuarial sciences, business information systems, data analytics, risk, IT, and computer science.

Arch Capital Group (NASDAQ: ACGL) has announced a special cash dividend of $1.9 billion, equivalent to $5.00 per common share, payable on Dec. 4, 2024, to shareholders of record on Nov. 18, 2024. The company also announced key executive promotions: David Gansberg has been promoted to President with oversight of the Insurance Group, while Maamoun Rajeh has been promoted to President, overseeing both Mortgage and Reinsurance groups. CEO Nicolas Papadopoulo emphasized that the dividend reflects Arch's strong capital position and commitment to shareholder value.

Arch Capital Group (NASDAQ: ACGL) announced its 2024 third quarter results with a net income of $978 million or $2.56 per share, representing a 19.0% annualized return on average common equity. This is an increase from $713 million or $1.88 per share in the same period last year. However, after-tax operating income decreased to $762 million or $1.99 per share from $876 million or $2.31 per share in Q3 2023.

The company reported pre-tax current accident year catastrophic losses of $450 million due to Hurricane Helene and other global events. Favorable development in prior year loss reserves was $119 million. The combined ratio excluding catastrophic activity and prior year development was 78.3%, up from 77.0% in Q3 2023. Book value per common share rose 8.1% to $57.00 as of September 30, 2024.

Gross premiums written increased by 20.2% to $5.44 billion, and net premiums written rose by 20.6% to $4.05 billion. Despite these gains, underwriting income fell by 25.4% to $538 million. The loss ratio increased to 60.5% from 50.7%.

Arch Insurance North America has been awarded PropertyCasualty360's Insurance Luminaries Award for Technology Innovation, recognizing their Arch APEX℠ digital portal. This innovative platform streamlines the accident insurance quoting process, significantly reducing the time required to quote, bind, and issue policies.

The Arch APEX portal offers an intuitive online user experience, enhancing efficiency for agents and brokers, leading to increased client satisfaction and potential revenue growth. Jim Villa, Senior Vice President of Arch Accident & Health, expressed pride in the recognition, emphasizing the platform's role in modernizing the insurance industry.

The Insurance Luminaries Awards, organized by NU Property & Casualty magazine and PropertyCasualty360.com, celebrate innovation in claims, coverage, risk management, technology, and workplace culture within the P&C insurance sector.

Arch Capital Group held a private memorial event in New York City on Oct. 14 to honor the life and legacy of former CEO Dinos Iordanou. The event was attended by family, friends, and colleagues, celebrating Iordanou's significant contributions to Arch and the insurance industry.

Nicolas Papadopoulo, current CEO of Arch, praised Iordanou as an inspirational role model. In memory of Iordanou's advocacy for children's rights, Arch donated $50,000 to the Cyprus Children's Fund.

Iordanou was a founding member of Arch in 2001 and served as President and CEO from 2003-2018. During his tenure, he significantly expanded Arch's footprint and laid the groundwork for its current status as a market-leading insurer. His industry leadership was recognized in 2017 when he was named Insurance Leader of the Year by St. John's University's School of Risk Management.