Arch Capital has reported a net profit of $US158 million ($152 million) for the first quarter.

The Bermudian (re)insurer recorded $US23 million ($22 million) in catastrophe losses, mainly related to US storm activity and $US20 million ($19 million) for the Costa Concordia cruise ship disaster, net of reinsurance and reinstatement premiums.

Its profit figure compares to last year’s first-quarter figure of $US19 million ($18 million), where it accumulated $US179 million ($172 million) in catastrophe losses from the Japanese earthquake and tsunami, the New Zealand earthquake and other events.

For the three months to March 31, Arch booked $US1 billion ($963 million) in gross written premium, up 11%. The combined operating ratio was 101.8%, compared to 106.2% for the first three months of 2011.