Bermuda-based Arch Capital Group has reported net profit of $US53.1 million ($75 million) for the fourth quarter of last year, down from $US209.7 million ($296 million) in the previous corresponding quarter.

The insurer and reinsurer recorded net profit of $US515.8 million ($728.3 million) for last calendar year, compared with $US812.4 million ($1.15 billion) in the previous year.

Gross written premium (GWP) for the final quarter was $1.03 million ($1.5 million), down 3.6%. GWP for the year was $4.7 million ($6.6 million), a drop of 2.2%.

Arch achieved a combined operating ratio of 88% last year, compared with 86.8% in 2014.