Arch Capital Group Ltd (NASDAQ:ACGL) Q3 2023 Earnings Conference Call October 31, 2023 11:00 AM ET
Company Participants
Marc Grandisson - CEO & Director
François Morin - EVP, CFO & Treasurer
Conference Call Participants
Elyse Greenspan - Wells Fargo
Jimmy Bhullar - JPMorgan
Tracy Benguigui - Barclays
Yaron Kinar - Jefferies
Joshua Shanker - Bank of America
Alex Scott - Goldman Sachs
Michael Zaremski - BMO Capital Markets
Meyer Shields - Keefe, Bruyette& Woods
Bob Huang - Morgan Stanley
Brian Meredith - UBS
Scott Heleniak - RBC Capital Markets
Operator
Good day, ladies and gentlemen, and welcome to the Q3 2023 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 this 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 states 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 filled 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 also will 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 and on the SEC's website.
I would now like to introduce your host for today's conference, Mr. Marc Grandisson and Mr. François Morin. Sirs, you may begin.
Marc Grandisson
Thank you, Gigi. Good morning, and thank you for joining our third quarter earnings call. I hope everybody is safe and well. Yesterday, we reported another excellent quarter, highlighted by strong performances from each of our three operating segments that resulted in an annualized operating return of 25% and a 4% increase in book value per share. Overall, our teams capitalized on good underwriting conditions and relatively light catastrophe losses to produce an outstanding $721 million of underwriting income in the quarter.