PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Arch Capital Group Ltd. (ACGL) on Monday reported first-quarter profit of $1.12 billion.
The Pembroke, Bermuda-based company said it had net income of $2.92 per share. Earnings, adjusted for non-recurring gains, came to $2.45 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.06 per share.
The property and casualty insurer posted revenue of $3.94 billion in the period. Its adjusted revenue was $3.76 billion, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $3.77 billion.
Arch Capital shares have increased 23% since the beginning of the year. In the final minutes of trading on Monday, shares hit $91.25, a rise of 24% in the last 12 months.
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