Bermuda re/insurer Arch Capital Group yesterday reported third-quarter profit of $184.2 million, or $1.33 per share, compared to $162.3 million, or $1.18 per share last year.Gross premiums written by the insurance segment in the 2012 third quarter were 3.8 percent higher than 2011, while net premiums written were 2.2 percent higher.Arch said catastrophic activity was down for the quarter ended September 30.But the company noted it was to too early to reasonably estimate losses for Hurricane Sandy which hit the US East Coast on October 29 “given the significant unknowns, the early stage of the damage assessment process and the unusual nature of the event”.The company said growth in net premiums written reflected increases in programmes, national accounts and surety business, partially offset by a lower level of onshore energy (included in the property, energy, marine and aviation line) and casualty business.“The higher level of programme business was primarily due to an earlier 2012 bound programme that has gained traction, rate increase impacts and increased customer penetration within existing programs,” Arch said in a statement.“Growth in national accounts primarily resulted from new business, a large account advancing their renewal date, rate increases and audit premiums whereas the increase in surety primarily resulted from expansion into the commercial surety area. The reduction in onshore energy premiums reflected a strategic shift towards writing more on an excess basis and utilising smaller capacity per account while the decline in casualty business, while achieving rate increases, reflected moving up higher on excess programs and binding smaller accounts.”Arch said the 2012 third quarter loss ratio reflected 3.1 points of current year catastrophic event activity, primarily due to Hurricane Isaac, compared to 1.6 points in the 2011 third quarter.Net investment income for the 2012 third quarter was $73.2 million, or $0.53 per share, compared to $82.8 million, or $0.60 per share, for the 2011 third quarter. Gross premiums written by the reinsurance segment in the 2012 third quarter were 22.8 percent higher than in the 2011 third quarter, while net premiums written were 24.5 percent higher than in the 2011 third quarter, primarily due to increases in mortgage and UK motor business, Arch said.