Bermudian-based Arch Capital Group Ltd has reported third-quarter net income available to Arch common shareholders of $978 million, or $2.56 per share, representing a 19 per cent annualised net income return on average common equity.

That result compares with net income available to Arch common shareholders of $713 million, or $1.88 per share, for the 2023 third quarter.

After-tax operating income available to Arch common shareholders was $762 million, or $1.99 per share, representing a 14.8 per cent annualised operating return on average common equity.

Those figures compare with $876 million, or $2.31 per share, for the 2023 third quarter.

The company said pre-tax current accident year catastrophic losses for the company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, were $450 million, due in part to Hurricane Helene and a series of other global events.

Gross premiums written in the quarter were $5.44 billion, which compares with $4.53 billion in the prior year quarter.

Net premiums written were $4.05 billion (Q3 2023: $3.36 billion).

Net premiums earned were $3.97 billion (Q3 2023: $3.25 billion).

Arch reported favourable development in prior year loss reserves, net of related adjustments, of $119 million.

The combined ratio excluding catastrophic activity and prior year development was 78.3 per cent, compared with 77 per cent for the 2023 third quarter.

Book value per common share was $57 at September 30, an 8.1 per cent increase from June 30.

Nicolas Papadopoulo, the chief executive of ACGL, said: “Our third-quarter results demonstrate the value of our diversified platform with excellent bottom-line contributions from all our units.

“Arch’s culture of adapting to evolving market conditions while maintaining underwriting discipline remains a key element of our long-term success.”