Arch Capital Group Ltd, the Bermuda-based financial services firm reported a net income of $203.5 million, a 9.9 percent annualized return on average common equity, compared to $62.4 million for the 2016 fourth quarter. The after-tax operating income to Arch common shareholders stood at $187.4 million, a 9.1 percent return on average common equity during the quarter.
The company reported pre-tax catastrophic losses, net of reinsurance and reinstatement premiums, of $0.8 million, reflecting $68.4 million from the California wildfires, $1.5 million from other events and $69.1 million of reductions on the 2017 third quarter hurricane events.
Arch’s book value per common share was $60.91 on December 31, 2017, a 2.2 percent increase from $59.61 per share in the prior quarter and a 10.4% increase from $55.19 per share during the same period in the prior year.
The Company also reported after-tax operating income of $187.4 million, for the fourth quarter, compared to $141.5 million, reported during the same period in the previous year.
For the year ended December 31, 2017, Arch Capital reported after-tax operating income of $447.2 million compared to $577.4 million, for the 2016 period.