Connect with us

Hi, what are you looking for?

Loan And Finance

Arch, Everest Re declare Q3 2021 numbers

0270 637710989336617986

Arch, Everest Re declare Q3 2021 numbers

Bermuda-headquartered insurers Arch Capital Group and Everest Re Group have announced their third quarter results – one of them reporting a loss while the other sees a dip in earnings.

First off, Arch’s net income available to common shareholders fell from $408.6 million in Q3 last year to $388.8 million this time around. Available after-tax operating income (or excluding the results of Watford Holdings), meanwhile, grew from 2020’s $120.3 million to $294.7 million in the quarter ended September 30.

In terms of operating segments, both the insurance and reinsurance operations suffered underwriting losses. The group’s consolidated (including the mortgage segment) underwriting income, however, amounted to $173.7 million.

As for Everest, the group was hit with a net loss worth $73.5 million. In the same quarter in 2020, Everest enjoyed a net income of $243.1 million. Additionally, it previously posted a net operating income of $97 million; in Q3 2021, the corresponding figure was a net operating loss of $52.6 million.

Inclusive of catastrophe losses from Hurricane Ida and European floods during the quarter, Everest’s underwriting loss stood at $323.4 million. Catastrophe losses for the group’s reinsurance segment totalled $555 million net of recoveries and reinstatement premiums; insurance segment, $80 million.

“Despite the high frequency and severity of the natural catastrophe activity in the quarter,” said Everest president and chief executive Juan C. Andrade, “we also benefited from the de-risking of the CAT portfolio and we remain on track to achieve our total shareholder return objective.

“We continue to consistently demonstrate our ability to relentlessly execute against our plans regardless of the external environment.”

Advertisement. Scroll to continue reading.

Source link

Click to comment

Leave a Reply


Top Stories

Crypto exchange Binance has signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement. Binance...

Top Stories

When cryptocurrencies like Bitcoin (BTC) go through bear phases like the one we currently find ourselves in, the idea of earning passive income from...

Online Business Success

A representational image of the Federal Board of Revenue building. — APP/File The Federal Board of Revenue (FBR) announced that the last date for...

Top Stories

Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market’s most accurate indicators shows. Data from sources including...


In a nutshell: Intel’s accelerated computing group has started shipping its second-gen Blockscale ASIC for SHA-256 cryptocurrencies like Bitcoin. The launch is months ahead...

Top Stories

Expected to reach a market size of $128 billion by 2028, the longevity sector is no longer something that those outside the medical world...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...