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HAMILTON, Bermuda—Arch Capital Group Ltd.'s net income for 2011 dropped 49.7% from that of a year earlier to $410.5 million, Arch reported Tuesday.
The Hamilton, Bermuda-based company's gross written premiums for 2011 grew 5.2% to $3.44 billion. Its combined ratio for the year deteriorated to 98.3% from the 92.5% registered in 2010.
For the fourth quarter, net income dropped 40% from that of the same period of 2010 to $136.8 million. Gross written premiums for the quarter grew 5.3% to $699.7 million. The combined ratio, however, improved to 90.1% from the 92.5% during the same period in 2010.
In a statement accompanying its results, Arch said that its fourth-quarter results included losses for catastrophic events of $70.8 million, net of reinsurance and reinstatement premiums. That included $60.6 million from the Thailand floods and $5.4 million from an Australian hailstorm.
“The severe flooding in Thailand spanned several months between July and December 2011 and has had a significant impact on the Thai economy,” said Arch in the statement. “Due to the size, duration and complexity of the event, substantial uncertainty remains regarding total covered losses for the insurance industry and the assumptions underlying the company’s estimates.”