Bermuda-based re/insurer Arch Capital Group Ltd said today that fourth-quarter profit fell 20 percent after the company paid out $22.5 million in losses related to December's Australian floods.Arch said net income for the October through December period was $227.7 million, compared to $284.7 million for the same quarter of 2009. Full-year earnings for 2010 were $816.7 million in 2010 compared to $851.1 million the year before.The company's earnings per share of $2.58 comfortably beat the forecast of analysts polled by Bloomberg, who expected $2.36.The company added that it expects more catastrophe losses in the first quarter of this year ranging from $30 million to $60 million, relating to further flooding in Australia and Cyclone Yasi, which also occurred Down Under.Arch's book value was $89.98 at year end 2010, up 23.2 percent from a year earlier.