Arch Capital Group Ltd (ACGL) Q1 2023 Earnings Call Transcript

Arch Capital Group Ltd (NASDAQ:ACGL) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET

Company Participants

Marc Grandisson - CEO & Director

Francois Morin - EVP, CFO & Treasurer

Conference Call Participants

Elyse Greenspan - Wells Fargo Securities

Jamminder Bhullar - JPMorgan Chase & Co.

Tracy Benguigui - Barclays Bank

Michael Zaremski - BMO Capital Markets

Joshua Shanker - Bank of America Merrill Lynch

Meyer Shields - KBW

Brian Meredith - UBS

Yaron Kinar - Jefferies

Operator

Good day, ladies and gentlemen, and welcome to the Q1 2023 Arch Capital Group Earnings Conference Call. [Operator Instructions].

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 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 on the company -- excuse me, 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 also may make reference to certain non-GAAP measures of financial performance. The reconciliation to GAAP for each non-GAAP financial measure can be found in the company's current report on Form 8-K furnished on 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. Francois Morin. Sirs, you may begin.

Marc Grandisson

Thank you, Lisa. Good morning, and welcome to Arch's earnings call for the first quarter of 2023. I'm pleased to report that as a direct result of our premium growth momentum from the past few hard market years, we reported an excellent start to the year. Financial highlights include book value per share growth of 8.4% in the quarter and an annualized operating ROE of 20.7%.