Archrock reports Q3 EPS 20c, consensus 19c

Reports Q3 revenue $253.38M, consensus $252.04M. Jeff Consolino, Core Specialty’s founder, president, and CEO, said, “We are delighted that American Surety will become our 15th Specialty Business Unit. We believe that the surety market represents a highly attractive market segment for us to enter given its strong underwriting profitability over time and barriers to entry. According to AM Best market data, the surety market included approximately $9 billion in direct premiums written in 2022 and produced a 10-year average combined ratio of 71%. We look forward to working with the American Surety team to further build this business.”