New quarterly business more than doubled at Arch Mortgage Insurance Co., while the book of business grew and delinquency moved lower.
Earnings before income taxes at parent Arch Capital Group Ltd. totaled $263 million during the period from April 1 through June 30 of this year.
Income improved from the first quarter, when earnings were $192 million, and from the second-quarter 2015, when $133 million was earned.
The financial results
were provided by the Hamilton, Bermuda-based parent in its second-quarter 2016 earnings report.
Second-quarter new insurance written totaled $6.420 billion.
Business more than doubled from the $2.906 billion written three months earlier
and the $2.709 billion written one year earlier.
First-half 2016 new insurance written came to $9.326 billion.
There were 172,666 policies for $33.367 billion in force as of mid-2016.
Arch’s book of business increased from 153,984 policies for $28.433 billion as of March 31 and
137,724 policies for $24.175 billion as of June 30, 2015.
Delinquency declined to 1.3 percent from 1.5 percent as of the first-quarter 2016 and 2.1 percent as of the middle of 2015.
