Feb 9 (Reuters) - Arch Capital Group's ACGL.O fourth-quarter profit rose on Monday, as the insurer benefited from strong underwriting performance and investment returns.

U.S. insurers are benefiting as macroeconomic uncertainty and recession fears promote spending on risk-mitigating offerings by households and businesses.

The insurer reported a pre-tax catastrophe loss of $164 million, net of reinsurance and reinstatement premiums.

Gross premiums written rose 1.1% from a year earlier to $4.81 billion in the quarter ended December 31. The insurer's net investment income jumped more than 7% to $434 million.

The company reported losses and loss adjustment expenses of $2.28 billion, compared with $2.38 billion a year earlier.

Profit available to common shareholders was $1.2 billion, or $3.35 per share, for the reported quarter, compared with $925 million, or $2.42 per share, a year earlier.

Arch reported a combined ratio of 80.6%, compared with 85% a year earlier. A ratio below 100% indicates the insurer earned more in premiums than it paid out in claims.

(Reporting by Ateev Bhandari in Bengaluru; Editing by Krishna Chandra Eluri)

((Ateev.Bhandari@thomsonreuters.com;))