Bermuda exempted company Arch Capital Group Ltd posted second-quarter profits of about $404 million, with net income available to Arch common shareholders of $394.2 million ($663.8 million in 2021).

Gross premiums written were up nearly 18 per cent to almost $3.9 billion with a combined ratio of 77.1 per cent.

There was net investment income of $106 million.

The combined ratio, excluding catastrophic activity and prior-year development was 80.8 per cent, compared with 80.7 per cent for the 2021 second quarter.

Pretax current accident year catastrophic losses for the company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums was $82.4 million.

Favourable development in prior-year loss reserves, net of related adjustments, was $166.6 million.

The company noted that during the period 7.1 million shares were repurchased at an aggregate cost of approximately $320.7 million;

Book value per common share was placed at $31.37 at June 30, 2022, a 2.5 per cent decrease from March 31, 2022.