Arch Capital Group's 62% first-quarter earnings improvement was driven by its acquisition of United Guaranty Corp.
The Hamilton, Bermuda-based holding company had first-quarter net income of $241.9 million, compared with $149.3 million for the same period in 2016.
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In the first quarter, the mortgage insurance segment had underwriting income of $148.9 million, a 439% increase over the $27.9 million earned one year ago. The UG
Arch also offers property and casualty insurance lines. It segments those businesses in its earnings by primary and reinsurance. Underwriting income in the P&C primary segment declined by 66.7% to $10 million, while it declined by 6% to $55.4 million in the reinsurance segment.
Arch MI's new insurance written for the first quarter was $12.66 billion, an increase of about 20% over the combined total of $10.6 billion Arch and UG did on a pro forma basis.
On its own Arch did $1.8 billion in NIW for the