Keefe, Bruyette & Woods Reiterates Outperform Rating On Arch Capital

According to Keefe, Bruyette & Woods, Arch Capital Group ACGL Outperform rating is reiterated. Keefe, Bruyette & Woods said that ACGL reported a 1Q11 ROCK of [$0.41, $0.17, $(0.75), $(0.62)]. “Results beat largely on a lower ex-cat current AY LR and higher reserve releases, while cat losses were in-line, NWP volume was slightly better, and investment income was modestly weaker. Impressively, book value grew 1.2% sequentially to $91.02. We are raising 2011 EPS and our PT to $116, and reiterate our Outperform.” Arch Capital Group closed yesterday at $102.33.