Press Release: Arch Capital Group Ltd. Reports -2-
Press Release: Arch Capital Group Ltd. Reports -2-
Insurance Segment
保險部門
Three Months Ended September 30,
-----------------------------------------------
(U.S. dollars in
thousands) 2021 2020 % Change
------------------- -------------- ----------
Gross premiums written $ 1,596,619 $1,206,328 32.4
Net premiums written 1,153,813 824,161 40.0
Net premiums earned 938,670 719,154 30.5
Underwriting income
(loss) $ (21,358) $ (31,159) 31.5
% Point
Underwriting Ratios Change
----------
Loss ratio 71.2% 73.0% (1.8)
Underwriting expense
ratio 31.0% 31.2% (0.2)
-------------- ---------- --------
Combined ratio 102.2% 104.2% (2.0)
-------------- ---------- --------
Catastrophic activity
and prior year
development:
Current accident year
catastrophic events,
net of reinsurance
and reinstatement
premiums 12.2% 10.3% 1.9
Net (favorable)
adverse development
in prior year loss
reserves, net of
related adjustments (0.5)% (0.2)% (0.3)
-------------- ---------- --------
Combined ratio
excluding
catastrophic
activity and prior
year development
(1) 90.5% 94.1% (3.6)
-------------- ---------- --------
截至9月30日的三個月， ----------------------------------------------- (美元)千人)2021年2020年%的變化 ------------------- -------------- ---------- 承保毛保費$1,596,619$1,206,328 32.4淨保費1,153,813 824,161 40.0淨保費收入938,670 719,154 30.5承保收入(損失)$(21,358)$(31,159)31.5百分比點數承銷比率發生變化 ---------- 損失率71.2%73.0%(1.8)承保費用比率31.0%31.2%(0.2) -------------- ---------- -------- 合併比率102.2%104.2%(2.0) -------------- ---------- -------- 災難性活動和上一年發展：當前事故年災難性事件，再保險淨額和復職保費12.2%10.3%1.9淨額(有利)不利發展上一年度虧損儲備金，淨額相關調整(0.5)%(0.2)%(0.3) -------------- ---------- -------- 合併比率不包括災難性活動和之前年發展 (1) 90.5% 94.1% (3.6) -------------- ---------- --------
(1) See 'Comments on Regulation G' for further discussion.
(1)有關進一步討論，請參閲“關於規則G的評論”。
Gross premiums written by the insurance segment in the 2021 third quarter were 32.4% higher than in the 2020 third quarter while net premiums written were 40.0% higher than in the 2020 third quarter. The higher level of net premiums written reflected increases in most lines of business, due in part to rate increases, new business opportunities and growth in existing accounts. Net premiums earned in the 2021 third quarter were 30.5% higher than in the 2020 third quarter, and reflect changes in net premiums written over the previous five quarters.
2021年第三季度，保險部門承保的毛保費比2020年第三季度增長了32.4%，而淨保費比2020年第三季度增長了40.0%。較高的淨保費水平反映了大多數業務領域的增長，部分原因是費率上調、新的商業機會和現有賬户的增長。2021年第三季度的淨保費收入比2020年第三季度增長了30.5%，反映了前五個季度淨保費的變化。
The 2021 third quarter loss ratio reflected 12.2 points of current year catastrophic activity, primarily related to Hurricane Ida and other global events, compared to 10.3 points in the 2020 third quarter. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 0.5 points in the 2021 third quarter, compared to 0.3 points in the 2020 third quarter. The improvement in the 2021 third quarter loss ratio also reflected the effect of changes in mix of business and the impact of rate increases.
2021年第三季度的損失率反映了本年度災難性活動的12.2個百分點，主要與颶風艾達和其他全球事件有關，而2020年第三季度的損失率為10.3個百分點。在相關調整前，預計上年虧損準備金的淨有利發展，使2021年第三季度的損失率降低了0.5個百分點，而2020年第三季度為0.3個百分點。2021年第三季度虧損率的改善也反映了業務組合變化的影響和利率上調的影響。
The underwriting expense ratio was 31.0% in the 2021 third quarter, consistent with 31.2% in the 2020 third quarter.
2021年第三季承保費用比率為31.0%，與2020年第三季的31.2%一致。
Reinsurance Segment
再保險分部
Three Months Ended September 30,
---------------------------------------------
(U.S. dollars in
thousands) 2021 2020 % Change
----------------- -------------- ----------
Gross premiums written $ 1,251,760 $1,004,590 24.6
Net premiums written 621,389 604,202 2.8
Net premiums earned 678,702 554,498 22.4
Other underwriting income
(loss) 3,293 298 1,005.0
Underwriting income
(loss) $ (38,948) $ 5,506 (807.4)
% Point
Underwriting Ratios Change
----------
Loss ratio 80.4% 76.1% 4.3
Underwriting expense
ratio 25.8% 22.9% 2.9
------------- ---------- --------
Combined ratio 106.2% 99.0% 7.2
------------- ---------- --------
Catastrophic activity and
prior year development:
Current accident year
catastrophic events,
net of reinsurance
and reinstatement
premiums 32.6% 23.3% 9.3
Net (favorable)
adverse development
in prior year loss
reserves, net of
related adjustments (9.6)% (7.4)% (2.2)
------------- ---------- --------
Combined ratio
excluding
catastrophic
activity and prior
year development
(1) 83.2% 83.1% 0.1
------------- ---------- --------
截至9月30日的三個月， --------------------------------------------- (美元)千人)2021年2020年%的變化 ----------------- -------------- ---------- 毛保費1,251,760元1,004,590元24.6元淨保費承保621,389 604,202 2.8淨保費收入678,702,554,498 22.4其他承保收入(虧損)3,293,298,005.0承保收入(虧損)$(38,948)$5,506(807.4)百分比點數承銷比率發生變化 ---------- 損失率80.4%76.1%4.3承保費用比率25.8%22.9%2.9 ------------- ---------- -------- 合併比率106.2%99.0%7.2 ------------- ---------- -------- 災難性的活動和前一年的發展：當前事故年災難性事件，再保險淨額和復職保費32.6%23.3%9.3淨額(有利)不利發展上一年度虧損儲備金，淨額相關調整(9.6)%(7.4)%(2.2) ------------- ---------- -------- 合併比率不包括災難性活動和之前年發展 (1) 83.2% 83.1% 0.1 ------------- ---------- --------
(1) See 'Comments on Regulation G' for further discussion.
(1)有關進一步討論，請參閲“關於規則G的評論”。
Gross premiums written by the reinsurance segment in the 2021 third quarter were 24.6% higher than in the 2020 third quarter, while net premiums written were 2.8% higher than in the 2020 third quarter. The lower level of growth in net premiums written compared to gross premiums written primarily reflected a higher level of premiums ceded due to a one-time $161.2 million adjustment, resulting from retrocessions to Watford following its ownership change on July 1, 2021. Absent this item, the growth in net premiums written would have been 29.5%, consistent with the level of growth in gross premiums written, reflecting increases in most lines of business, due in part to new business opportunities and rate increases. Net premiums earned by the reinsurance segment in the 2021 third quarter were 22.4% higher than in the 2020 third quarter, and reflect changes in net premiums written over the previous five quarters.
2021年第三季度，再保險部門承保的毛保費比2020年第三季度增長24.6%，淨保費比2020年第三季度增長2.8%。與毛保費相比，淨保費的增長水平較低，主要反映了由於一次性調整1.612億美元而放棄的保費水平較高，這是沃特福德在2021年7月1日所有權變更後退回給沃特福德的結果。如果沒有這一項目，淨保費的增長將是29.5%，與毛保費的增長水平一致，反映出大部分業務領域的增長，部分原因是新的商業機會和費率提高。2021年第三季度再保險部門賺取的淨保費比2020年第三季度增長22.4%，反映了前五個季度淨保費的變化。
The 2021 third quarter loss ratio reflected 34.6 points of current year catastrophic activity, primarily related to Hurricane Ida, European floods and other global events, compared to 26.1 points in the 2020 third quarter. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 10.7 points in the 2021 third quarter, compared to 7.6 points in the 2020 third quarter. The 2021 third quarter loss ratio also reflected the effect of changes in the mix of business.
2021年第三季度的損失率反映了本年度災難性活動的34.6個百分點，主要與颶風艾達、歐洲洪水和其他全球事件有關，而2020年第三季度的損失率為26.1個百分點。在相關調整前，預計上年虧損準備金的淨有利發展，使2021年第三季度的損失率降低了10.7個百分點，而2020年第三季度為7.6個百分點。2021年第三季度的虧損率也反映了業務組合變化的影響。
The underwriting expense ratio was 25.8% in the 2021 third quarter, compared to 22.9% in the 2020 third quarter, with the increase primarily resulting from changes in mix of business to lines with higher acquisition costs and a higher level of expenses related to favorable development of prior year loss reserves.
2021年第三季度的承保費用比率為25.8%，而2020年第三季度為22.9%，這一增長主要是由於業務組合的變化，即收購成本更高的行業，以及與有利開發上年虧損準備金相關的更高水平的費用。
Mortgage Segment
抵押貸款細分市場
Three Months Ended September 30,
---------------------------------------------
(U.S. dollars in
thousands) 2021 2020 % Change
------------------ ------------- ----------
Gross premiums written $ 360,934 $ 346,248 4.2
Net premiums written 300,727 298,465 0.8
Net premiums earned 311,965 351,409 (11.2)
Other underwriting income 3,981 4,600 (13.5)
Underwriting income $ 234,051 $ 130,530 79.3
% Point
Underwriting Ratios Change
----------
Loss ratio 3.7% 43.6% (39.9)
Underwriting expense
ratio 22.5% 20.6% 1.9
------------- --------- --------
Combined ratio 26.2% 64.2% (38.0)
------------- --------- --------
Prior year development:
Net (favorable)
adverse development
in prior year loss
reserves, net of
related adjustments (15.5)% (1.3)% (14.2)
------------- --------- --------
Combined ratio
excluding prior
year development
(1) 41.7% 65.5% (23.8)
------------- --------- --------
截至9月30日的三個月， --------------------------------------------- (美元)千人)2021年2020年%的變化 ------------------ ------------- ---------- 毛保費360,934元346,248 4.2淨保費承保300,727 298,465 0.8淨保費收入311,965 351,409(11.2)其他承保收入39814600(13.5)承保收入$234,051$130,530 79.3百分比點數承銷比率發生變化 ---------- 損失率3.7%43.6%(39.9)承保費用比率22.5%20.6%1.9 ------------- --------- -------- 合併比率26.2%64.2%(38.0) ------------- --------- -------- 前一年的發展：淨額(有利)不利發展上一年度虧損儲備金，淨額相關調整(15.5)%(1.3)%(14.2) ------------- --------- -------- 合併比率不包括之前年發展 (1) 41.7% 65.5% (23.8) ------------- --------- --------
(1) See 'Comments on Regulation G' for further discussion.
(1)有關進一步討論，請參閲“關於規則G的評論”。
Gross premiums written by the mortgage segment in the 2021 third quarter were 4.2% higher than in the 2020 third quarter, while net premiums written were 0.8% higher. The increase in gross premiums written reflected growth in Australian single premium mortgage insurance as a result of the previously disclosed acquisition of Westpac Lenders Mortgage Insurance Limited. The lower increase in net premiums written reflected a higher level of premiums ceded on U.S. primary mortgage insurance. Net premiums earned in the 2021 third quarter were 11.2% lower than in the 2020 third quarter, primarily reflecting a lower level of single premium policy terminations.
2021年第三季度抵押貸款部門承保的毛保費比2020年第三季度高出4.2%，而淨保費則高出0.8%。毛保費的增長反映了澳大利亞單一保費抵押保險的增長，這是此前披露的收購西太平洋銀行抵押保險有限公司(Westpac Languers Mortgage Insurance Limited)的結果。淨保費增幅較低，反映出美國一級抵押貸款保險的保費水平較高。2021年第三季度的淨保費收入比2020年第三季度下降了11.2%，主要反映了單一保費保單終止的水平較低。
The 2021 third quarter loss ratio reflected the impact of lower new delinquencies and favorable cure activity. The percentage of loans in default on U.S. primary mortgage insurance business was 2.67% at September 30, 2021, compared to 3.11% at June 30, 2021. Estimated net favorable development in prior year loss reserves, before related adjustments, reduced the 2021 third quarter loss ratio by 14.5 points, compared to 1.3 points in the 2020 third quarter.
2021年第三季度的損失率反映了新違約率下降和有利的治療活動的影響。截至2021年9月30日，美國主要抵押貸款保險業務的違約率為2.67%，而2021年6月30日為3.11%。在相關調整前，預計上年虧損準備金的淨有利發展使2021年第三季度的虧損率降低了14.5個百分點，而2020年第三季度為1.3個百分點。
譯文內容由第三人軟體翻譯。