Quarterly income was higher and delinquency was lower at Arch Mortgage Insurance Co. At the same time, the book of business and new insurance written were both lower.
Arch Capital Group LTD, the parent of Arch M.I., disclosed in its first-quarter earnings report that it earned $188 million before income taxes in the three months ended March 31.
Results at the Greensboro, North Carolina-based firm worsened when compared to $302 million earned one year earlier. Income was also down from $259 million three months earlier.
In just the mortgage segment, underwriting income was $175 million, better than $149 million in the first quarter of last year and
slightly better than $172 million in the final quarter of last year.
From Jan. 1 through March 31 of this year, Arch M.I. wrote $11.373 billion in new insurance. Business tumbled from $14.391 billion three months earlier and was down from $12.660 billion
one year earlier.
The first-quarter 2018 concluded with primary insurance in force on $349.875 billion, falling from $351.836 billion at the end of last year and $325.211 billion at the same point last year.
Policies in force numbered 1,214,539, expanding from 1,213,382 as of year-end 2017 and 1,164,929 as of March 31, 2017.
Most recently, 1.98 percent of Arch’s policies in force were in default. The rate tumbled from 2.23 percent at the end of the fourth-quarter 2017 and 2.25 percent at the end of the first-quarter 2017.
