ACGL - Arch Capital Group Ltd. (ACGL) Q1 2024 Earnings Call Transcript
2024-04-30 17:45:27 ET
Arch Capital Group Ltd. (ACGL)
Q1 2024 Earnings Conference Call
April 30, 2024, 11:00 AM ET
Company Participants
Marc Grandisson - CEO
François Morin - CFO & Treasurer
Conference Call Participants
Elyse Greenspan - Wells Fargo
Jamminder Bhullar - JPMorgan
Andrew Kligerman - TD Cowen
Michael Zaremski - BMO
Dean Criscitiello - KBW
David Motemaden - Evercore
Joshua Shanker - Bank of America
Brian Meredith - UBS
Cave Montazeri - Deutsche Bank
Bob Jian Huang - Morgan Stanley
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the Q1 2024 Arch Capital Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time.
As a reminder, this conference call is being recorded. Before the company gets started with its update, management wants to first remind everyone that certain statements in today's press release and discussed on this call may constitute forward-looking statements under the federal securities laws. These statements are based upon management's current assessments and assumptions and are subject to a number of risks and uncertainties. Consequently, actual results may differ materially from those expressed or implied. For more information on the risks and other factors that may affect future performance, investors should review periodic reports that are filed by the company with the SEC from time to time.
Additionally, certain statements contained in the call that are not based on historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company intends the forward-looking statements in the call to be subject to the Safe Harbor created thereby. Management will also make reference to certain non-GAAP measures of financial performance. The reconciliations to GAAP for each non-GAAP financial measure can be found in the company's current report on Form 8-K, furnished to the SEC yesterday, which contains the company's earnings press release and is available on the company's website at www.archgroup.com and on the SEC's website at www.sec.gov.
I would now like to introduce your host for today's conference, Mr. Marc Grandisson and Mr. Francois Morin. Sirs, you may begin.
Marc Grandisson
Thank you. Good morning, and welcome to Arch's First Quarter Earnings Call. We are pleased to report a terrific start to the year.
In the first quarter, we posted $736 million in underwriting income and a 5.2% increase in book value per share as we realized the benefits from several years of strong and profitable premium growth. Underwriters in our P&C units continued to lean into hard market conditions, writing $5.6 billion of gross premium in the quarter, a 26% increase from the same quarter last year....
Arch Capital Group Ltd. (ACGL) Q1 2024 Earnings Call Transcript