Arch Capital Group Ltd has reported that second quarter net income available to common shareholders nearly doubled year-on-year, increasing to $1.26 billion from $661 million in the prior year quarter.

After-tax operating income available to Arch common shareholders was $981 million, compared with $726 million in the 2023 second quarter.

Pre-tax current accident year catastrophic losses for the company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, were $196 million.

Gross premiums written were $5.38 billion, up 11.1 per cent on the prior year second quarter figure of $4.84 billion.

Net premiums written were $3.78 billion, a jump of 10.3 per cent compared with the prior year quarter total of $3.43 billion.

Pre-tax net investment income was $364 million, compared with $242 million in the prior year quarter.

Favourable development in prior year loss reserves, net of related adjustments, was $124 million.

The combined ratio, excluding catastrophic activity and prior year development, was 76.7 per cent, compared with 79.7 per cent for the 2023 second quarter.

Book value per common share was $52.75 at June 30, a 6.9 per cent increase from March 31.

Marc Grandisson, chief executive of Arch, said: “Our excellent results this quarter highlight the value of our ongoing commitment to bottom-line returns combined with disciplined execution throughout the underwriting cycle.

“We are pleased with the contributions made by our underwriting and investment teams, which are key to us being able to consistently generate returns above our target.”