Arch Capital Group Ltd. reported significant financial growth in its Q3 2024 results, with net income available to common shareholders reaching $978 million, a notable increase from $713 million in Q3 2023. For the nine months ending September 30, 2024, net income surged to $3,347 million, compared to $2,079 million for the same period in the previous year.

The company experienced a substantial rise in net premiums earned, totaling $3,970 million in Q3 2024, up from $3,248 million in Q3 2023. Total revenues also saw a significant increase, amounting to $4,722 million, compared to $3,329 million in the prior year quarter. However, total expenses rose sharply to $3,672 million in Q3 2024, up from $2,588 million in Q3 2023.

In terms of underwriting performance, the insurance segment reported an underwriting income of $120 million, slightly down from $129 million in Q3 2023. The reinsurance segment experienced a more pronounced decline, with underwriting income falling to $149 million from $310 million in the same quarter last year. The mortgage segment also reported a decrease in underwriting income, which was $269 million, down from $282 million in Q3 2023.

As of September 30, 2024, Arch Capital's book value per share increased to $57.00, compared to $46.94 at the end of 2023. The company’s total assets grew significantly to $73,656 million, up from $58,906 million at the end of the previous year. Total investments also rose to $41,903 million from $33,856 million during the same period. Cash and restricted cash at the end of Q3 2024 amounted to $1,712 million, compared to $1,355 million at the end of 2023.

Net cash provided by operating activities for the nine months ended September 30, 2024, was $5,100 million, an increase from $4,084 million for the same period in 2023. A strategic development during this period included the acquisition of Allianz’s U.S. Middle Market Property & Casualty Insurance and U.S. Entertainment Property and Casualty Insurance Business, completed on August 1, 2024, for $450 million.