PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Arch Capital Group Ltd. (ACGL) on Tuesday reported second-quarter net income of $1.24 billion.
The Pembroke, Bermuda-based company said it had net income of $3.23 per share. Earnings, adjusted for non-recurring gains, were $2.58 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.31 per share.
The property and casualty insurer posted revenue of $5.21 billion in the period. Its adjusted revenue was $4.76 billion, which also beat Street forecasts. Five analysts surveyed by Zacks expected $4.64 billion.
Arch Capital shares have dropped almost 7% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $86.12, a drop of 11% in the last 12 months.
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