Arch Capital Group Ltd, the re/insurer based in Bermuda, has reported net income available to Arch common shareholders of $185.6 million in the first quarter of 2022.

That compares with $427.8 million for the 2021 first quarter.

After-tax operating income available to Arch common shareholders was $422 million, compared with $239.8 million for the 2021 first quarter.

Pre-tax current accident year catastrophic losses for the company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums were $85.8 million, including amounts associated with Russia’s invasion of Ukraine.

The combined ratio excluding catastrophic activity and prior year development was 80.8 per cent compared with 81 per cent for the 2021 first quarter.

Book value per common share was $32.18 at March 31, a 4.1 per cent decrease from December 31.

Gross premiums written by the insurance segment in the 2022 first quarter were 21.5 per cent higher than in the 2021 first quarter while net premiums written were 21.3 per cent higher than in the 2021 first quarter.

The 2022 first quarter loss ratio reflected 3.1 points of current year catastrophic activity, primarily related to Russia’s invasion of Ukraine and other natural catastrophes occurring in the quarter, compared with 5.1 points of catastrophic activity in the 2021 first quarter, primarily related to winter storms Uri and Viola.

Gross premiums written by the reinsurance segment in the 2022 first quarter were 16.9 per cent higher than in the 2021 first quarter, while net premiums written were 14 per cent higher than in the 2021 first quarter.

The 2022 first quarter loss ratio reflected 6.5 points of current year catastrophic activity, primarily related to Russia’s invasion of Ukraine, compared with 24.7 points of catastrophic activity in the 2021 first quarter, primarily related to winter storms Uri and Viola as well as other minor global events.

Gross premiums written by the mortgage segment in the 2022 first quarter were 6.7 per cent lower than in the 2021 first quarter, while net premiums written were 14 per cent lower.