Arch discloses $38mn property fac reinsurance hit

Bermudian (re)insurer Arch Capital said losses from its property
facultative reinsurance book will erode $38mn from its pre-tax
underwriting profit in the second quarter.
In a Securities and Exchange Commission (SEC) filing on Tuesday,
Arch said: "Such activity related to losses incurred on a
small number of contracts across multiple underwriting years and
represents an unusually high level of activity for the property
facultative reinsurance unit."
The SEC filing added that since its inception