BUZZ-Arch Capital rises after strong results, PT raise

Reuters05-01

** Shares of insurer Arch Capital Group up 2.8% at $93.84

** Co posted a first-quarter profit on Monday after market, that rose 57.4% driven by strong underwriting and higher investment income

** ACGL's net premiums written rose 19.3% to $4.09 billion in the quarter

** Net investment income jumped to $327 million, from $199 million a year earlier

** Net income available to Arch common shareholders rose to $1.11 billion, or $2.92 per share, in the three months ended March 31, from $705 million, or $1.87 per share, a year earlier

** At least three brokerages have raised their price target $(PT)$ on ACGL, post results

** Including session's move, ACGL shares up ~26% YTD

Brokerage New PT Old PT

Deutsche Bank $110 $103

Evercore ISI $100 $98

JP Morgan $96 $92

(Reporting by Pritam Biswas in Bengaluru)

((Pritam.Biswas@thomsonreuters.com))

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