Welcome to our dedicated page for Arch Capital Group news (Ticker: ACGL), a resource for investors and traders seeking the latest updates and insights on Arch Capital Group stock.
Arch Capital Group Ltd. (NASDAQ: ACGL) is a publicly listed Bermuda exempted company, providing insurance, reinsurance, and mortgage insurance products worldwide. With approximately $22.1 billion in capital as of March 31, 2024, Arch operates through its wholly owned subsidiaries across various regions, including Bermuda, the United States, Canada, Europe, Australia, and the United Kingdom. The company is part of the S&P 500 Index.
Arch Capital Group Ltd. has three primary underwriting segments: Insurance, Reinsurance, and Mortgage Insurance. The Insurance segment offers specialty risk solutions, including primary and excess casualty coverages, medical professional liability, and commercial automobile products. This segment also provides property, energy, marine, and aviation insurance, marketed through a network of licensed independent brokers.
The Reinsurance segment covers property catastrophe, liability, marine, aviation, agriculture, and political risk through treaty and facultative reinsurance. The Mortgage Insurance segment offers risk management and risk financing products to mortgage insurance sectors in the U.S., Europe, and Bermuda.
Recent Achievements: Arch launched the Arch APEX digital platform, streamlining the quote-bind-issue process, significantly enhancing efficiency and client satisfaction. The platform supports various insurance products, including non-profit accident insurance, travel insurance, and medical coverage. Furthermore, Arch Insurance North America announced the acquisition of U.S. MidCorp and Entertainment insurance businesses from Allianz Global Corporate & Specialty SE for $450 million, aimed at expanding Arch's presence in the U.S. middle market.
Latest Financial Highlights: For the first quarter of 2024, Arch Capital Group Ltd. reported a net income of $1.1 billion, an annualized net income return on average common equity of 24.6%, and a 5.2% increase in book value per common share. This success underscores Arch's robust financial health and commitment to delivering value to shareholders.
With a commitment to leveraging innovative technologies, a focus on client-centric solutions, and a strategic approach toward market expansions, Arch Capital Group Ltd. continues to solidify its position as a leader in the global insurance and reinsurance industry.
Arch Capital Group Ltd. (NASDAQ: ACGL) reported strong financial results for Q1 2023, showing net income of $705 million or $1.87 per share, a significant increase from $186 million or $0.48 per share in Q1 2022. The annualized net income return on average common equity reached 22.3%.
After-tax operating income stood at $654 million, equating to $1.73 per share, up from $422 million or $1.10 per share year-over-year. Although the combined ratio rose to 80.6% from 78.7% in the prior year, the company reported favorable developments in prior year loss reserves of $126 million. Book value per common share climbed to $35.35, reflecting an 8.4% increase from the end of 2022.
Arch Insurance announced the acquisition of Thimble, an insurtech platform focused on small business insurance.
This strategic move enhances Arch's digital offerings, facilitating easier access to insurance coverage for small businesses. Since May 2018, Thimble has issued over 170,000 policies across the U.S.
The Thimble team will continue to operate with existing partners, while also expanding the platform under Arch's umbrella. This acquisition aligns with Arch's goal of improving digital solutions for customers and brokers. The deal is expected to bolster Arch's growth in the small business insurance sector.
Arch Insurance's Dana Silverman has been awarded Customer Service Manager of the Year at the 17th annual Stevie Awards for Sales & Customer Service. Silverman, a pivotal figure since the launch of RoamRight in 2012, has significantly contributed to its growth and excellence in client service. Under her leadership, the customer service culture prioritizes client satisfaction, setting Arch apart in the industry. The Stevie Awards recognized over 2,300 nominations from various sectors globally, highlighting Silverman's unique approach and dedication to customer service excellence in the Accident and Health unit.
Arch Capital Group Ltd. (NASDAQ: ACGL) will release its 2023 first quarter results on April 26, 2023, after market hours. A conference call for investors and analysts is scheduled for April 27, 2023, at 11 a.m. Eastern Time. Interested parties can access a live webcast via the Company’s website. Arch Capital Group, based in Bermuda, reported approximately $15.6 billion in capital as of December 31, 2022, and is included in the S&P 500 Index. The Company provides insurance, reinsurance, and mortgage insurance globally through its subsidiaries.
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