PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Arch Capital Group Ltd. (ACGL) on Wednesday reported third-quarter earnings of $988 million.
On a per-share basis, the Pembroke, Bermuda-based company said it had net income of $2.56. Earnings, adjusted for non-recurring gains, were $1.99 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.94 per share.
The property and casualty insurer posted revenue of $4.72 billion in the period. Its adjusted revenue was $4.38 billion, also beating Street forecasts. Six analysts surveyed by Zacks expected $4.05 billion.
Arch Capital shares have climbed 42% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $105.14, a climb of 27% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACGL at https://www.zacks.com/ap/ACGL
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