Arch Capital Group Ltd. reported fourth-quarter net income of $62.4 million, up from $53.1 million in
The Hamilton, Bermuda-based insurance holding company recorded $25.2 million of costs related to the acquisition during the three-month period.
Arch's mortgage insurance segment, which includes both its U.S. primary MI underwriting business and its international reinsurance business, had a 140% increase in underwriting income to $42.3 million from $17.7 million in the fourth quarter of 2015.
The segment results do not reflect UG's activities as the acquisition was completed on the last day of the quarter.
Arch MI U.S. had $8.8 billion of new insurance written for the fourth quarter, of which 82% came from banks and independent mortgage bankers.
The company did report a combined $234.5 million of insurance-in-force as of Dec. 31, which includes both Arch MI U.S. and UG. At the end of the third quarter, Arch MI U.S. had just $40.3 billion of insurance-in-force.