Combined ratio of 84.6% reflects benign loss environment

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Arch Capital has reported net income for the 2013 first quarter of $251m, compared to $157.8m for the same period last year.

The combined ratio was 84.6%, compared to Q1 2012 when it was 90.1%. The combined ratio consisted of a loss ratio of 53.1% and an underwriting expense ratio of 31.5%, compared to a loss ratio of 58.1% and an underwriting expense ratio of 32% for the 2012 first quarter.

Gross written premium increased to $1.163bn, up from $1.067bn in the same quarter a year ago.

Net investment income for the 2013 first quarter was $65.7m, down from $73.8m for the 2012 fourth quarter and $74.3m for the 2012 first quarter.