Arch Capital Group Ltd - ACGL STOCK NEWS

Arch Capital Group Ltd. (NASDAQ: ACGL) announced its Q4 2022 results, reporting a net income of $849.5 million ($2.26/share), up from $613.1 million in Q4 2021. The after-tax operating income also rose to $805.9 million ($2.14/share), demonstrating significant growth. The combined ratio stood at 73.5%, improved from 77.6% a year earlier, while gross premiums written increased by 32.6% to $3.8 billion. Notably, the book value per share reached $32.62, reflecting a 9.9% increase since September 2022. The company emphasized strong underwriting performance despite current accident year catastrophic losses of $34.6 million.

Arch Insurance North America has appointed Lauren Dieterich as Chief Operating Officer, reporting to Brian First. With over 20 years of experience, Dieterich previously served at Crum & Forster Insurance and brings expertise in operations, technology, and digital solutions. Matt Shulman, CEO of Arch Insurance North America, emphasized the importance of this role in enhancing operational capabilities. Arch Capital Group Ltd. (NASDAQ: ACGL) specializes in insurance, reinsurance, and mortgage insurance globally, with approximately $14.5 billion in capital as of September 30, 2022.

Arch Capital Group Ltd. (NASDAQ: ACGL) plans to announce its 2022 Q4 results on February 13, 2023, after market hours. A conference call for investors and analysts is scheduled for February 14, 2023, at 11 a.m. ET. Investors can access a live webcast on the Company's website and a recording will be available shortly after the call, archived for one year. As of September 30, 2022, Arch holds approximately $14.5 billion in capital and operates globally in insurance and reinsurance sectors.

Arch Insurance Canada has promoted Jean-Pierre “JP” Galipeault to President and Chief Regional Executive, effective January 1. Galipeault has been with Arch since 2013 and previously served as Chief Regional Executive. Alongside him, John Moller has been named Chief Underwriting Officer, and Emily Crewe will serve as both COO and CFO. The leadership changes are expected to enhance Arch's performance and strengthen its market presence in Canada as they focus on building collaborative relationships with brokers.

Simply Business, a Boston-based digital insurance company, has partnered with Arch Insurance to provide monoline professional liability solutions for small business owners in the U.S. This collaboration aims to enhance the selection of professional liability products available on the Simply Business platform. Group CEO David Summers emphasized the importance of offering choices to cater to the unique needs of each small business. Arch Capital Group's Chief Strategy Officer, Jay Rajendra, expressed eagerness for a long-term partnership focused on delivering excellent digital solutions.

Arch Insurance North America has promoted Brian First to President, effective December 1. First, previously Chief Underwriting Officer, will oversee business units and operations teams. Joining Arch in 2014, he has 30 years of industry experience. CEO Matt Shulman praised First's leadership and insights as crucial for their ambitious goals. First's role includes overseeing several executive vice presidents in underwriting and operations, focused on enhancing capabilities and service delivery.

Arch Capital Group Ltd. (NASDAQ: ACGL) reported its 2022 third quarter results, revealing a net income of $6.9 million, down significantly from $388.8 million in the same period of 2021. The after-tax operating income also dropped to $106 million from $294.7 million year-over-year. Catastrophic losses amounted to $550.8 million, primarily due to Hurricane Ian. The combined ratio was reported at 97.3%, up from 91.4% in the previous year. Book value per common share decreased by 5.4% to $29.69. Gross premiums written increased by 20.4%, but significant underwriting losses were noted across segments.

Arch Capital Group Ltd. reported estimated pre-tax net catastrophe losses of $530 million to $560 million for the third quarter of 2022, primarily driven by Hurricane Ian and other global events. The losses are expected to be divided approximately 70% between reinsurance and 30% between insurance. The company noted significant uncertainties surrounding claims and damages due to the timing of the events. Arch holds $15.1 billion in capital as of June 30, 2022, and operates through wholly owned subsidiaries across the globe.

Arch Capital Group Ltd. (NASDAQ: ACGL) plans to release its Q3 2022 results on Wednesday, Oct. 26, post-market. The company will host a conference call for investors and analysts at 11 a.m. ET on Thursday, Oct. 27 to discuss these results. A live webcast will be accessible on its website, with an archived recording available two hours after the event for one year. As of June 30, 2022, Arch Capital held approximately $15.1 billion in capital, specializing in global insurance, reinsurance, and mortgage insurance.