PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Arch Capital Group Ltd. (ACGL) on Tuesday reported third-quarter earnings of $1.03 billion.
On a per-share basis, the Pembroke, Bermuda-based company said it had net income of $3. Earnings, adjusted for non-recurring gains, were $2.67 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.15 per share.
The property and casualty insurer posted revenue of $4.66 billion in the period. Its adjusted revenue was $4.47 billion, also topping Street forecasts. Five analysts surveyed by Zacks expected $4.46 billion.
Arch Capital shares have climbed 7% since the beginning of the year. The stock has risen 21% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACGL at https://www.zacks.com/ap/ACGL
