PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Arch Capital Group Ltd. (ACGL) on Wednesday reported second-quarter profit of $671 million.

On a per-share basis, the Pembroke, Bermuda-based company said it had profit of $1.75. Earnings, adjusted for one-time gains and costs, were $1.92 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.65 per share.

The property and casualty insurer posted revenue of $3.16 billion in the period. Its adjusted revenue was $3.21 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $3.14 billion.

Arch Capital shares have increased 31% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $82.08, an increase of 86% in the last 12 months.

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