Arch Capital Group made a profit of $62.4 million, or 50 cents per common share, in the fourth quarter. That improved on the $53.1 million it reported for the same period of 2015.

The company’s after-tax operating income was $141.5 million, or $1.13 per share, beating the $1.01 average estimate of six Wall Street analysts.

For the full year, the company’s net income was $665 million, up from $516 million.

The book value per common share was $55.19, up 3.5 per cent for the quarter and 15.8 per cent for the year.

Gross written premiums for the year were $5.2 billion, up 8.4 per cent year-on-year, while the company’s combined ratio for the quarter was 90.7 per cent, up 1.8 per cent, but almost flat for the year at 89.9 per cent.

At the end of December, Arch completed a $3.4 billion acquisition of American International Group’s mortgage insurer United Guaranty Corporation.

During the fourth-quarter Arch felt the impact of Hurricane Matthew, with its insurance segment reporting a 67.7 per cent loss ratio, up from 62.2 per cent in the same three months of 2015. The combined ratio for the quarter was 99.4 per cent.

The reinsurance segment achieved gross written premiums in the fourth-quarter of $276.5 million, up 5.4 per cent compared to the same period in 2015, while the combined ratio was 78.6 per cent.

Shares of Arch closed yesterday at $93.21, up 22 cents, in New York.