PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Arch Capital Group Ltd. (ACGL) on Tuesday reported first-quarter earnings of $1.05 billion.
The Pembroke, Bermuda-based company said it had net income of $2.88 per share. Earnings, adjusted for non-recurring gains, came to $2.50 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.45 per share.
The property and casualty insurer posted revenue of $4.52 billion in the period. Its adjusted revenue was $4.39 billion, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $4.67 billion.
Arch Capital shares have risen slightly more than 1% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $97.20, a climb of roughly 7% in the last 12 months.
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