PEMBROKE, Bermuda (AP) _ Arch Capital Group Ltd. (ACGL) on Wednesday reported second-quarter earnings of $298.8 million.
The Pembroke, Bermuda-based company said it had net income of 71 cents per share. Earnings, adjusted for investment gains, came to 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 26 cents per share.
The property and casualty insurer posted revenue of $2.29 billion in the period. Its adjusted revenue was $1.79 billion.
Arch Capital shares have dropped 28% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $30.86, a decline of 19% in the last 12 months.