PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Arch Capital Group Ltd. (ACGL) on Monday reported fourth-quarter net income of $849.5 million.
The Pembroke, Bermuda-based company said it had net income of $2.26 per share. Earnings, adjusted for non-recurring gains, were $2.14 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.
The property and casualty insurer posted revenue of $2.95 billion in the period.
Arch Capital shares have increased almost 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $65.25, a climb of 40% in the last 12 months.
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