Bermuda-based Arch Capital Group Ltd’s profits more than halved during the second quarter reports as the insurer took a $95 million hit from catastrophes, including the US storms and the New Zealand earthquake.Arch posted net income of $237 million or 67 cents per share during the second quarter compared to $237 million or $1.48 per share for the same period last year.But its revenue came in at $775.6 million ahead of Bloomberg analysts’ estimates of $712 million.The company also reported after-tax operating income available to common shareholders of $61.5 million or 45 cents per share for the 2011 second quarter versus $132.2 million or 83 cents per share for the 2010 second quarter.Arch’s book value per common share was $31 at June 30, 2011, a 2.2 percent increase from $30.34 per share at March 31, 2011 and a 3.4 percent increase from $29.99 per share at December 31, 2010The insurer’s after-tax operating income available to common shareholders represented a 6.1 percent annualised return on average common equity for the 2011 second quarter, compared to 13 percent for the 2010 second quarter.The company’s 2011 second quarter results included losses for current year catastrophic events of $95 million, net of reinsurance and reinstatement premiums, compared to $7 million in the 2010 second quarter.The second quarter amounts included $81.5 million for catastrophic events that occurred in the period, including the severe weather that hit the US during April and May 2011, the New Zealand Earthquake and other events, and $13.5 million related to increases in loss estimates on the 2011 first quarter events.