Arch cat losses rise on Iran conflictArch Capital Group’s second-quarter catastrophe losses increased, even as several other U.S. commercial insurers reported lower catastrophe losses than a year earlier, with executives attributing the rise largely to claims stemming from the Iran conflict. The Bermuda-based insurer and reinsurer reported second-quarter net income of $1.05 billion on Tuesday, down 14.7% from a year earlier. Pre-tax current accident-year catastrophe losses in the insurance and reinsurance segments totaled $201 million, net of reinsurance and reinstatement premiums, compared with $154 million last year. “The majority of the insurance cat losses come from Iran,” Chief Financial Officer François Morin said during a call with analysts, adding that the claims relate to damage at large refineries. While the losses weighed on quarterly results, CEO Nicolas Papadopoulo said that higher pricing following the conflict is creating new underwriting opportunities in the region, enabling Arch to selectively deploy additional capacity.