Bermuda-based re/insurer Arch Capital Group Ltd. said that its board authorised the company to invest up to an additional $1 billion in the company's common shares.

This authorisation is in addition to the $350.1 million available at September 30 under the board's previous share repurchase authorisations.

Last month, Arch reported net income of $566.4 million, or $9.05 per share, through the first nine months of this year.

As at September 30, the company's book value rose by 35 percent from December 31, 2008.