Quarterly business skyrocketed at Arch Mortgage Insurance Co., while earnings strengthened and delinquency improved. The company’s book of business expanded.
From April 1 through June 30, income before income taxes at parent Arch Capital Group Ltd was $280 million, according to its second-quarter earnings report.
Income at the Pembroke, Bermuda-based business exceeded the $233 million earned in the same-three months last year. It was also better than $188 million in the prior quarter.
Within just the mortgage insurance segment, underwriting income was $206 million, more than $184 million in the second-quarter 2017 and $175 million in the first-quarter 2018.
Greensboro, North Carolina-based Arch M.I. wrote $19.944 million in new insurance during the second-quarter 2018. Business skyrocketed from $11.373 billion the prior quarter and was also better than $17.303 billion a year prior.
Refinance share was 5.4 percent, down from 9.5 percent in the first quarter.
Full first-half volume amounted to
$31.317 billion.
Primary M.I. insurance in force ended the first half at $262.889 billion, growing from $255.092 billion three months earlier and $244.235 billion one year earlier.
The number of policies in force also expanded, to 1,239,565 from 1,214,539 and was also larger than 1,183,659 as of mid-2017.
Delinquency was 1.70 percent as of the most-recent date, tumbling 28 basis points from March 31 and 32 BPS better than as of June 30, 2017.
