Arch Capital's quarterly profit hit by softer underwriting, higher catastrophe losses

Here are some more details:

• The insurer's underwriting income fell about 20% to $657 million during the quarter, from a year ago.
• Gross premiums written fell 1.1% to $6.13 billion in the three months ended June 30.
• Pre-tax catastrophic losses, net of insurance and reinstatement premiums, were $201 million as compared with $154 million a year earlier.
• Arch Capital reported a combined ratio of 83.5% versus 81.2% a year ago. A figure below 100% indicates premiums exceeded claims and expenses.
• Net income available to Arch common shareholders was $1 billion, or $3 per share, for the reported quarter, compared with $1.2 billion, or $3.23 per share, a year earlier.
• The Pembroke Bermuda-based insurer's net investment income rose to $417 million in the second quarter, from $405 million a year earlier.
• The results contrast with those of peers W.R. Berkley WRB.N and Chubb CB.BN, who reported higher quarterly profits on strong underwriting, last week.