Rochester,NY 8/29/2009 11:38:16 PM
Arch Capital Group Ltd.ACGL-Recently filed operating results (10 Q)
Arch Capital Group Ltd
Aug 7, 2009, Arch Capital Group Ltd. (ACGL) recently filed quarterly report and operating details.
Net income available to common shareholders was $152.1 million for the 2009 second quarter, compared to $192.3 million for the 2008 second quarter.
The decrease in net income was primarily due to:
(i) a lower level of investment returns consisting of net investment income and net realized gains or losses;
(ii) an rise in net impairment losses;
(iii) an increase in net foreign exchange gains or losses. The impact of these items was offset positively by an increase in the equity in net income (loss) of investment funds accounted for using the equity method. Our net income available to common shareholders for the 2009 second quarter represented a 17.4% annualized return on average common equity, compared to 21.2% for the 2008 second quarter. For purposes of computing return on average common equity, average common equity has been calculated as the average of common shareholders' equity outstanding at the beginning and ending of each period.
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