MGIC Investment Corp. (MTG)

[tommiegun54]

ARCH CAPITAL HAD $347 MIL. HURRICANE RELATED LOSSES IN Q3 2017

ARCH posted a net loss of $347 MILLION FOR Q3 2017.

Preferred shares in the amount of $100 MILLION was issued on December 1, 2017 to increase capital.

ARCH issued this statement in their SEC 10Q FOR SEPTEMBER 30, 2017:
"The Company’s 2017 third quarter results reflect estimated after-tax net losses from current accident year catastrophic events of $319.8 million (pre-tax net losses of $347.8 million), net of reinsurance and reinstatement premiums and excluding the ‘other’ segment.

Such amounts were primarily related to Hurricanes Harvey, Irma and Maria, along with the Mexican earthquakes and other more minor global events.

The Company’s estimates for these events are based on currently available information derived from modeling techniques, industry assessments of exposure, preliminary claims information obtained from the Company’s financial data."