Arch falls on catastrophe losses
Bermuda-based reinsurer Arch Capital has reported a 40% fall in fourth-quarter earnings, taking hits from the Thai floods and Melbourne’s Christmas Day hailstorm.
Arch Capital’s quarterly net profit fell to $US143.3 million ($134.24 million) from $US234.1 million ($219.3 million) in the fourth quarter of 2010.
CEO Dinos Iordanou says 2011 “was our worst year ever, surpassing even the 2005 [Hurricane] Katrina year”.
The (re)insurer reported $US70.8 million ($66.32 million) in catastrophe losses in the fourth quarter, including $US60.6 million ($56.77 million) from the Thai floods and $US5.4 million ($5.05 million) from the hailstorm.
Yearly net earnings for 2011 were half that of 2010 – $US410.5 million ($384.59 million) compared to $US816.7 million ($765.19 million).
Arch posted a combined ratio of 98.3% for the year, compared to 92.5% in 2010.
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