Bermudian-based Arch Capital Group Ltd has reported net income for the second quarter of $458.6 million, nearly double the $233.2 million achieved for the same period last year.

After-tax operating income was $317.4 million, compared to $242.6 million in the second quarter of 2018.

Book value per common share was $24.64 at June 30, a 6.6 per cent increase in the second quarter and a 19.2 per cent increase for the trailing 12 months.

The combined ratio, excluding catastrophic activity and prior year development, was 80 per cent.

Gross premiums written by the insurance segment in the second quarter were $919.9 million, 19.6 per cent higher year-on-year, while net premiums written were $627.8 million, 19.8 per cent higher.

Gross premiums written by the reinsurance segment in the second quarter were $545.5 million, an 11.3 per cent increase year-on-year, while net premiums written were $376.1 million, up 6.2 per cent.

Gross premiums written by the mortgage segment in the second quarter were $364.5 million, up 10.1 per cent year-on-year, while net premiums written were 14.8 per cent higher at $321.6 million.