Arch Capital Group Ltd made a profit of $438.1 million, or $1.07 per share, in the first quarter, a jump from $137.3 million, or 33 cents per share, a year ago.

After tax operating earnings were $275.9 million, or 67 cents per share, beating the 62 cents consensus estimate of analysts tracked by Yahoo Finance.

The Bermudian-based insurer and reinsurer had a favourable development in prior year loss reserves, net of related adjustments, of $36.7 million. Its combined ratio was stable at 81.7 per cent, up from 81.3 per cent. Excluding catastrophic activity and prior year development, the combined ratio was 81.4 per cent.

Gross written premiums were $2.07 billion, up 13 per cent year-on-year.

Arch’s book value per share was $23.12 at the end of March, up 7.4 per cent increase in the quarter.