Hamilton, Bermuda-based insurer Arch reported 2007 fourth-quarter net income fell 2 percent, and management said the company's loss exposure from subprime mortgage investments and risks it covers is minimal.

The company reported net income fell to $240 million, down by $5 million, but it has increased earnings per share by 19 cents to $3.31 with the help of a stock buyback. Revenues were off by 5 percent, or $44.6 million, to $858.2 million.

For the year, net income grew 20 percent, or $145 million, to $857 million, or $11.28 a share, an increase of $2.20 a share. Revenues were virtually unchanged at $3.45 billion.

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