Companies: 10,813     total market cap: $147.410 T
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Arch Capital
ACGL
#756
Rank
$32.77 B
Marketcap
๐Ÿ‡ง๐Ÿ‡ฒ
Country
$93.80
Share price
-0.76%
Change (1 day)
-0.78%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. Arch Capital
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-05

Arch Capital - 10-Q quarterly report FY


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedMarch 31, 2026
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-16209

 archlogorgbsolida36.jpg
ARCH CAPITAL GROUP LTD.
(Exact name of registrant as specified in its charter)
Bermuda98-0374481
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Waterloo House, Ground Floor
100 Pitts Bay Road, PembrokeHM 08,Bermuda(441)278-9250
(Address of principal executive offices)(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common shares, $0.0011 par value per shareACGLNASDAQ Stock Market
Depositary shares, each representing a 1/1000th interest in a 5.45% Series F preferred share
ACGLO
NASDAQ Stock Market
Depositary shares, each representing a 1/1000th interest in a 4.55% Series G preferred share
ACGLN
NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑     No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☑ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of May 1, 2026, there were 349,389,588 common shares, $0.0011 par value per share, of the registrant outstanding.

ARCH CAPITAL GROUP LTD.
 
INDEX TO FORM 10-Q
 
  Page No.
 
 2
Item 1.
 4
Item 2.
35
Item 3.
57
Item 4.
57
  
 
57
Item 1.
57
Item 1A.
57
Item 2.
58
Item 3.
58
Item 4.
58
Item 5. 
58
Item 6. 
59
60
ARCH CAPITAL
 1
2026 FIRST QUARTER FORM 10-Q
PART I. FINANCIAL INFORMATION
Cautionary Note Regarding Forward-Looking Statements 
The Private Securities Litigation Reform Act of 1995 (“PSLRA”) provides a “safe harbor” for forward-looking statements. This report or any other written or oral statements made by or on behalf of us may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” and similar statements of a future or forward-looking nature or their negative or variations or similar terminology.
Forward-looking statements reflect our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. Important factors that could cause actual events or results to differ materially from those indicated in such statements are discussed below and elsewhere in this report and in our periodic reports filed with the Securities and Exchange Commission (“SEC”), and include:
•our ability to successfully implement our business strategy during “soft” as well as “hard” markets;
•acceptance of our business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and our insureds and reinsureds;
•our ability to consummate acquisitions and integrate the business we have acquired or may acquire into our existing operations;
•our ability to maintain or improve our ratings, which may be affected by our ability to raise additional equity or debt financings, by ratings agencies’ existing or new policies and practices, as well as other factors described herein;
•general economic and market conditions (including inflation, interest rates, unemployment, housing prices, foreign currency exchange rates, prevailing credit terms, tariffs, geopolitical instability and conflict and the depth and duration of a recession) and conditions specific to the reinsurance and insurance markets in which we operate;
•competition, including increased competition, on the basis of pricing, capacity (including alternative sources of capital), coverage terms, or other factors;
•developments in the global financial and capital markets and our access to such markets;
•our ability to successfully enhance, integrate and maintain operating procedures (including information technology) to effectively support our current and new business;
•the loss and addition of key personnel;
•material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements;
•accuracy of those estimates and judgments utilized in the preparation of our financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, deferred income tax assets, contingencies and litigation, and any determination to use the deposit method of accounting;
•greater than expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance, reinsurance and mortgage subsidiaries;
•the adequacy of the Company’s loss reserves;
•severity and/or frequency of losses;
•greater frequency or severity of unpredictable natural and man-made catastrophic events;
•claims for natural catastrophic events or severe economic events in our insurance, reinsurance and mortgage businesses could cause large losses and substantial volatility in our results of operations;
•availability to us of reinsurance to manage our net exposure and the cost of such reinsurance;
•the failure of reinsurers, managing general agents, third party administrators or others to meet their obligations to us;
ARCH CAPITAL
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2026 FIRST QUARTER FORM 10-Q
•the timing of loss payments being faster or the receipt of reinsurance recoverables being slower than anticipated by us;
•our investment performance, including legislative or regulatory developments that may adversely affect the fair value of our investments;
•changes in general economic conditions, resulting in downgrades of U.S. securities or sovereign debt by credit rating agencies, which could affect our business, financial condition and results of operations;
•an incident, disruption in operations or other cyber event caused by a cyber attack, inadvertent error, the use of artificial intelligence technologies or other technology on our systems or those of our business partners and service providers, which could negatively impact our business and/or expose us to litigation;
•the effect of climate change on our business;
•the effect of contagious diseases or a pandemic on our business;
•acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events caused by humans;
•the volatility of our shareholders’ equity from foreign currency fluctuations, which could increase due to us not matching portions of our projected liabilities in foreign currencies with investments in the same currencies;
•changes in accounting principles or policies or in our application of such accounting principles or policies;
•changes in the political environment of certain countries in which we operate or underwrite business;
•statutory or regulatory developments, including as to tax matters and insurance and other regulatory matters such as the adoption of legislation that affects Bermuda-headquartered companies and/or Bermuda-based insurers or reinsurers and/or changes in regulations or tax laws applicable to us, our subsidiaries, brokers or customers, including the implementation of the Organization for Economic Cooperation and Development (“OECD”) Pillar I and Pillar II initiatives and the enactment of Bermuda corporate income tax; and
•the other matters set forth under Item 1A “Risk Factors,” Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 and of the Company’s latest Quarterly Reports on Form 10-Q, as well as the other factors set forth in the Company’s other documents on file with the SEC, and management’s response to any of the aforementioned factors.
All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. The Company’s forward-looking statements speak only as of the date of this report or as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 

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2026 FIRST QUARTER FORM 10-Q
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
 Page No.
  
March 31, 2026 and December 31, 2025 (unaudited)
5
For the three month periods ended March 31, 2026 and 2025 (unaudited)
6
For the three month periods ended March 31, 2026 and 2025 (unaudited)
7
For the three month periods ended March 31, 2026 and 2025 (unaudited)
8
For the three month periods ended March 31, 2026 and 2025 (unaudited)
9
Notes to Consolidated Financial Statements (unaudited)
Note 1 - Basis of Presentation and Recent Accounting Pronouncements
10
Note 2 - Acquisitions
11
Note 3 - Share Transactions
12
Note 4 - Earnings Per Common Share
13
Note 5 - Segment Information
14
Note 6 - Reserve for Losses and Loss Adjustment Expenses
17
Note 7 - Allowance for Expected Credit Losses
18
Note 8 - Investment Information
20
Note 9 - Fair Value
25
Note 10 - Derivative Instruments
31
Note 11 - Commitments and Contingencies
32
Note 12 - Variable Interest Entities
32
Note 13 - Other Comprehensive Income (Loss)
33
Note 14 - Income Taxes
34
Note 15 - Legal Proceedings
34
Note 16 - Transactions with Related Parties
34
Note 17 - Subsequent Event
34

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2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars and shares in millions)
(Unaudited)
March 31,
2026		December 31,
2025
Assets  
Investments:  
Fixed maturities available for sale, at fair value (amortized cost: $32,669 and $32,329; net of allowance for credit losses: $13 and $20)
$32,399 $32,426 
Short-term investments available for sale, at fair value (amortized cost: $2,640 and $2,624; net of allowance for credit losses: $0 and $0)
2,638 2,625 
Equity securities, at fair value1,766 1,864 
Other investments, at fair value3,331 3,136 
Investments accounted for using the equity method6,652 6,453 
Total investments46,786 46,504 
Cash914 993 
Accrued investment income302 338 
Investment in operating affiliates1,330 1,313 
Premiums receivable (net of allowance for credit losses: $39 and $43)
6,526 5,723 
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $18 and $17)
9,732 9,526 
Contractholder receivables (net of allowance for credit losses: $7 and $7)
2,253 2,270 
Ceded unearned premiums3,183 2,659 
Deferred acquisition costs1,774 1,717 
Receivable for securities sold643 180 
Goodwill and intangible assets1,190 1,222 
Other assets6,813 6,796 
Total assets$81,446 $79,241 
Liabilities
Reserve for losses and loss adjustment expenses$34,105 $33,547 
Unearned premiums10,939 10,100 
Reinsurance balances payable2,737 2,320 
Contractholder payables2,260 2,277 
Collateral held for insured obligations260 237 
Senior notes2,729 2,729 
Payable for securities purchased798 308 
Other liabilities3,430 3,517 
Total liabilities57,258 55,035 
Commitments and contingencies (refer to Note 11)
Shareholders' Equity
Non-cumulative preferred shares830 830 
Common shares ($0.0011 par, shares issued: 602.3 and 599.8)
1 1 
Additional paid-in capital2,831 2,735 
Retained earnings28,082 27,045 
Accumulated other comprehensive income (loss), net of deferred income tax(333)5 
Common shares held in treasury, at cost (shares: 249.4 and 240.8)
(7,223)(6,410)
Total shareholders' equity available to Arch24,188 24,206 
Total liabilities and shareholders' equity$81,446 $79,241 
See Notes to Consolidated Financial Statements

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2026 FIRST QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars and shares in millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
 20262025
Revenues  
Net premiums earned$3,986 $4,188 
Net investment income408 378 
Net realized gains (losses)(87)3 
Other underwriting income59 53 
Equity in net income of investments accounted for using the equity method160 53 
Other income (loss)(5)(2)
Total revenues4,521 4,673 
Expenses
Losses and loss adjustment expenses2,089 2,587 
Acquisition expenses730 764 
Other operating expenses498 473 
Corporate expenses49 60 
Amortization of intangible assets30 49 
Interest expense37 35 
Net foreign exchange (gains) losses(21)27 
Total expenses3,412 3,995 
Income (loss) before income taxes and income (loss) from operating affiliates1,109 678 
Income tax (expense) benefit(98)(121)
Income (loss) from operating affiliates36 17 
Net income (loss) available to Arch1,047 574 
Preferred dividends(10)(10)
Net income (loss) available to Arch common shareholders$1,037 $564 
Net income per common share and common share equivalent  
Basic$2.94 $1.51 
Diluted$2.88 $1.48 
Weighted average common shares and common share equivalents outstanding
Basic353.2 372.9 
Diluted359.7 381.9 



See Notes to Consolidated Financial Statements

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2026 FIRST QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(U.S. dollars in millions)
(Unaudited)
Three Months Ended
March 31,
 20262025
Comprehensive Income
Net income (loss)$1,047 $574 
Other comprehensive income (loss), net of deferred income tax
Unrealized appreciation (decline) in value of available-for-sale investments:
Unrealized holding gains (losses) arising during period(320)234 
Reclassification of net realized (gains) losses, included in net income (loss)(18)52 
Foreign currency translation adjustments— 26 
Comprehensive income (loss) available to Arch$709 $886 
See Notes to Consolidated Financial Statements

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2026 FIRST QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(U.S. dollars in millions)

(Unaudited)
Three Months Ended
March 31,
 20262025
Non-cumulative preferred shares
Balance at beginning and end of period$830 $830 
Common shares
Balance at beginning and end of period1 1 
Additional paid-in capital
Balance at beginning of period2,735 2,510 
Amortization of share-based compensation82 74 
Other changes14 4 
Balance at end of period2,831 2,588 
Retained earnings
Balance at beginning of period27,045 22,686 
Net income (loss)1,047 574 
Preferred share dividends(10)(10)
Balance at end of period28,082 23,250 
Accumulated other comprehensive income (loss), net of deferred income tax
Balance at beginning of period5 (720)
Unrealized appreciation (decline) in value of available-for-sale investments, net of deferred income tax:
Balance at beginning of period134 (507)
Unrealized holding gains (losses) during period, net of reclassification adjustment(338)286 
Balance at end of period(204)(221)
Foreign currency translation adjustments, net of deferred income tax:
Balance at beginning of period(129)(213)
Foreign currency translation adjustments— 26 
Balance at end of period(129)(187)
Balance at end of period(333)(408)
Common shares held in treasury, at cost
Balance at beginning of period(6,410)(4,487)
Shares repurchased for treasury(813)(229)
Balance at end of period(7,223)(4,716)
Total shareholders’ equity$24,188 $21,545 
See Notes to Consolidated Financial Statements

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2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in millions)
(Unaudited)
Three Months Ended
March 31,
 20262025
Operating Activities  
Net income (loss)$1,047 $574 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net realized (gains) losses91 (6)
Equity in net (income) or loss of investments accounted for using the equity method and other income or loss(137)(12)
Amortization of intangible assets30 49 
Share-based compensation82 74 
Changes in:
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable540 826 
Unearned premiums, net of ceded unearned premiums362 327 
Premiums receivable(820)(942)
Deferred acquisition costs(48)(14)
Reinsurance balances payable419 504 
Deferred income tax assets, net20 29 
Other items, net(398)49 
Net cash provided by operating activities1,188 1,458 
Investing Activities  
Purchases of fixed maturity investments(9,288)(9,418)
Purchases of equity securities(185)(808)
Purchases of other investments(499)(697)
Proceeds from sales of fixed maturity investments7,984 7,301 
Proceeds from sales of equity securities202 820 
Proceeds from sales, redemptions and maturities of other investments240 660 
Proceeds from redemptions and maturities of fixed maturity investments957 758 
Net settlements of derivative instruments(26)93 
Net (purchases) sales of short-term investments(11)294 
Purchases of fixed assets(8)(9)
Other(5)(2)
Net cash used for investing activities(639)(1,008)
Financing Activities  
Purchases of common shares under share repurchase program(783)(196)
Proceeds from common shares issued, net(17)(28)
Common dividends paid(5)(5)
Preferred dividends paid(10)(10)
Other(12)(2)
Net cash used for financing activities(827)(241)
Effects of exchange rate changes on foreign currency cash and restricted cash(8)16 
Increase (decrease) in cash and restricted cash(286)225 
Cash and restricted cash, beginning of year2,067 1,760 
Cash and restricted cash, end of period$1,781 $1,985 
Income taxes paid (received)22 18 
Interest paid— — 

See Notes to Consolidated Financial Statements

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.    Basis of Presentation and Recent Accounting Pronouncements
General
Arch Capital Group Ltd. (“Arch Capital”) is a publicly listed Bermuda exempted company which provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly-owned subsidiaries. As used herein, the “Company” and/or “Arch” means Arch Capital and its subsidiaries.
Basis of Presentation
The interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments (consisting of normally recurring accruals) necessary for a fair statement of results on an interim basis. The results of any interim period are not necessarily indicative of the results for a full year or any future periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted; however, management believes that the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”), including the Company’s audited consolidated financial statements and related notes.
The Company has reclassified the presentation of certain prior year information to conform to the current presentation. Such reclassifications had no effect on the Company’s net income, comprehensive income, shareholders’ equity or cash flows. All amounts are in millions, except per share amounts, unless otherwise noted.
Recent Accounting Pronouncements
Recently Issued Accounting Standards Adopted
The Company early adopted ASU 2025-06, “Intangibles—Goodwill and Other—Internal–Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which was issued in September 2025, and applied the guidance prospectively. The new guidance amended the accounting for internal-use software by eliminating references to software development project stages. Under the revised standard, entities must capitalize software costs when (i) management has authorized and committed funding for the project, and (ii) it is probable that the project will be completed and the software will function as intended. The update also clarifies that both internal and external training costs, as well as maintenance costs, must be expensed as incurred. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures.
For information regarding additional accounting standards that the Company has not yet adopted, see note 3(u), “Significant Accounting Policies—Recent Accounting Pronouncements,” of the notes to consolidated financial statements in the Company’s 2025 Form 10-K.
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2.    Acquisition
On August 1, 2024, the Company completed the acquisition of the U.S MidCorp and Entertainment insurance business from Allianz (“MCE Acquisition”). This business is written by Fireman’s Fund Insurance Company, an affiliate of Allianz, and its subsidiaries (collectively, the “Business Entities”), in each case, relating to relevant policies with accident years 2016 and onwards (collectively, the “Business”), as well as certain assets of Allianz and its affiliates related to the Business. In connection with the acquisition of the Business, the Company also entered into certain reinsurance agreements relating to the Business and the Business Entities and other agreements providing for administration and other services for the Business Entities by the Company for the applicable policies being reinsured following the closing. The acquisition of the Business is an important part of the Company’s growth strategy, and provides a ballast to our existing insurance business. It further enhances the Company’s capabilities in the U.S. middle markets and represents an attractive way to enter a new niche entertainment insurance market.
Aggregate cash consideration for the transaction was $450 million. Direct costs related to the acquisition are immaterial, and were expensed as incurred. These include one-time costs that are directly attributable to third party consulting fees and other professional and legal fees related to the acquisition. Such costs are included within ‘corporate expenses’ in the consolidated statement of income. The Business acquired is included within the Company’s insurance segment beginning from the acquisition date.
The MCE Acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations (“Topic 805”). Pursuant to Topic 805, the Company allocated the MCE Acquisition purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values was recorded to goodwill. During the measurement period, the Company adjusted the provisional amounts to reflect new information obtained about facts and circumstances that existed as of the Acquisition Date, which, if known, would have affected the measurement of the amounts recognized as of that date. Such adjustments impacted certain identifiable assets acquired and liabilities assumed, resulting in a decrease to net assets acquired and a corresponding increase to goodwill of $10 million. The Company completed the analysis of the fair value of the assets, liabilities assumed and the related allocation of the purchase price during the 2025 second quarter.

The following table summarizes the Company’s allocation of the purchase price to the acquired assets and liabilities assumed based on estimated fair values on August 1, 2024.
TotalUseful Life
Purchase price
Cash paid (a)$450 
Assets Acquired
Cash and investments, at fair value$2,332 
Premiums receivable, net of commissions224
Intangible asset -- distribution relationships22010 years
Intangible asset -- value of business acquired165
1-2 years
Intangible asset -- other (1)180
5-7 years
Other assets acquired175
Total assets acquired$3,296 
Liabilities Acquired
Reserves for losses and loss adjustment expenses $2,468 
Unearned premiums636
Other liabilities acquired18
Total liabilities acquired3,122 
Identifiable net assets acquired (b)$174 
Goodwill (a) - (b)$276 
(1)    Includes $130 million related to the net fair value adjustment to reserves for loss and loss adjustment expenses on August 1, 2024.
The Company recognized goodwill of $276 million that is primarily attributed to the expanded presence and long-term growth opportunities in the insurance market provided by this strategic acquisition. Approximately $555 million of the acquired goodwill and intangibles is expected to be deductible for income tax purposes. At the date of the acquisition, the Company established a net deferred tax asset of $24 million related to the estimated fair value of reserves for losses and loss adjustment expenses and unearned premiums.
Intangible assets resulting from the acquisition are amortized as part of ‘amortization of intangible assets’ in the Company’s consolidated statements of income. The significant fair value adjustments and related future amortization are as follows:
Value of business acquired (“VOBA”)— which represents the present value of the expected underwriting profit within the unearned premium liability, less costs to service the related policies and a risk premium. The fair value of VOBA was determined after taking into consideration certain key assumptions, including the estimated cost of capital, investment yield, loss ratio and related expenses.
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2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Reserves for losses and loss adjustment expenses—to reflect a decrease related to the present value of the reserve for losses and loss adjustment expenses based on the estimated payout patterns, partially offset by an increase in losses and loss adjustment expenses related to the estimated market based risk margin. The risk margin represents the estimated costs of capital required by a market participant to assume the losses and loss adjustment expenses. The fair value of the reserve for losses and loss adjustment expenses was determined after taking into consideration certain key assumptions, including the estimated cost of capital, and investment yield.
Distribution relationships—the value of the distribution relationships was determined after taking into consideration certain key assumptions, including the estimated cost of capital, investment yield, retention rates, loss ratios, related expenses and effective tax rates that would impact the expected cash flows from Business policies written on a go forward basis.
The results of the acquired Business have been included in the Company’s consolidated financial statements beginning as of their acquisition date. It is impracticable to provide historical supplemental pro forma financial information along with revenue and earnings subsequent to the acquisition due to a variety of factors, including access to historical information and the operations of acquirees being integrated within the Company shortly after closing and not operating as discrete operations within the Company’s organizational structure.
3.    Share Transactions
Share-Based Compensation
During the 2026 first quarter, the Company granted 0.4 million stock options, 0.6 million performance share awards and performance share units (“PSAs/PSUs”) and 0.8 million restricted shares and units to certain employees. The stock options were valued at the grant date using the Black-Scholes option pricing model. The weighted average grant-date fair value of the stock options, PSAs/PSUs and restricted shares and units granted during the 2026 first quarter were $35.11, $106.15 and $100.30 per share, respectively. Such values are being amortized over the respective substantive vesting period, inclusive of retirement eligible features.
During the 2025 first quarter, the Company granted 0.4 million stock options, 0.5 million PSAs/PSUs and 0.7 million restricted shares and units to certain employees. The stock options were valued at the grant date using the Black-Scholes option pricing model. The weighted average grant-date fair value of the stock options, PSAs/PSUs and restricted shares and units granted during the 2025 first quarter were $32.46, $93.26 and $91.87 per share, respectively. Such values are being amortized over the respective substantive vesting period, inclusive of retirement eligible features.
Share Repurchases
The Board of Directors of Arch Capital has authorized the investment in Arch Capital’s common shares through a share repurchase program. Since the inception of the share repurchase program, Arch Capital has repurchased 463 million common shares for an aggregate purchase price of $8.6 billion. For the three months ended March 31, 2026, Arch Capital repurchased 8.3 million common shares under the share repurchase program with an aggregate purchase price of approximately $783 million. Arch Capital repurchased 2.2 million common shares under the share repurchase program with an aggregate purchase price of approximately $196 million during the three months ended March 31, 2025. At March 31, 2026, $324 million of share repurchases were available under the program.
On April 19, 2026, the Company increased its authorization for its existing share repurchase program by $3.0 billion, which as in the past, may be effected from time to time in open market or privately negotiated transactions. The timing and amount of the repurchase transactions under this program will depend on a variety of factors, including market conditions and corporate and regulatory considerations.
From April 1 through May 1, 2026, the Company repurchased approximately 3.6 million common shares for an aggregate purchase price of $346 million. As of May 1, 2026, approximately $3.0 billion of repurchases were available under the Company’s share repurchase program. See note 17.
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4.    Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share:
Three Months Ended
March 31,
 20262025
Numerator:
Net income (loss) available to Arch$1,047 $574 
Preferred dividends(10)(10)
Net income (loss) available to Arch common shareholders$1,037 $564 
Denominator:
Weighted average common shares and common share equivalents outstanding — basic353.2 372.9 
Effect of dilutive common share equivalents:
Nonvested restricted shares1.8 2.1 
Stock options (1)4.7 6.9 
Weighted average common shares and common share equivalents outstanding — diluted359.7 381.9 
Earnings per common share:
Basic$2.94 $1.51 
Diluted$2.88 $1.48 
(1)    Certain stock options were not included in the computation of diluted earnings per share where the exercise price of the stock options exceeded the average market price and would have been anti-dilutive or where, when applying the treasury stock method to in-the-money options, the sum of the proceeds, including unrecognized compensation, exceeded the average market price and would have been anti-dilutive. For the 2026 first quarter and 2025 first quarter, the number of stock options excluded were 2.4 million and 2.3 million, respectively.
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
5.    Segment Information
The Company’s insurance, reinsurance and mortgage segments each have managers who are responsible for the overall profitability of their respective segments and who are directly accountable to the Company’s chief operating decision makers (“CODMs”), the Chief Executive Officer of Arch Capital and the Chief Financial Officer and Treasurer of Arch Capital. The CODMs do not assess performance, measure return on equity or make resource allocation decisions on a line of business basis. Management measures segment performance for its three segments based on underwriting income or loss. The Company does not manage its assets by segment, with the exception of goodwill and intangible assets and accordingly investment income is not allocated to each underwriting segment.
The Company has determined its segments using the management approach described in accounting guidance regarding disclosures about segments of an enterprise and related information. The accounting policies of the segments are the same as those used for the preparation of the Company’s consolidated financial statements. Intersegment business is allocated to the segment accountable for the underwriting results.
The Company’s insurance segment primarily consists of commercial insurance lines of business, with a focus on specialty insurance products. These products are mainly offered in North America, Bermuda, the United Kingdom, continental Europe and Australia. Products offered in North America include: commercial automobile; commercial multi‐peril; other liability—claims made, which includes financial and professional lines; other liability—occurrence, which includes admitted and excess and surplus casualty lines; property and short-tail specialty; workers compensation; and other. Products offered across the Company’s International units include: property and short-tail specialty; and casualty and other.
The Company’s reinsurance segment offers reinsurance products on a worldwide basis. Product lines of business include: casualty; marine and aviation; property catastrophe; property excluding property catastrophe; specialty; and other.
The Company’s mortgage segment consists of U.S. primary mortgage insurance business written predominantly on loans sold to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a government sponsored entity (“GSE”) and also through non GSE approved entities (combined “Arch MI U.S.”); reinsurance and underwriting services related to U.S. credit-risk transfer (“CRT”) business which are predominately with the GSEs and other U.S. mortgage reinsurance transactions; and international mortgage insurance and reinsurance business covering loans primarily in Australia and Europe.
The Company’s results also include net investment income, net realized gains or losses (which include, but are not limited to, realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains or losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains or losses realized from the acquisition or disposition of subsidiaries), equity in net income or loss of investments accounted for using the equity method, other income (loss), corporate expenses, transaction costs and other, amortization of intangible assets, interest expense, net foreign exchange gains or losses, income tax items, income or loss from operating affiliates and items related to the Company’s non-cumulative preferred shares.
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2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following tables summarize the Company’s underwriting income or loss by segment, together with a reconciliation of underwriting income or loss to net income available to Arch common shareholders:
Three Months Ended
March 31, 2026
 InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$2,697 $3,414 $316 $6,425 
Premiums ceded (1)(791)(1,238)(50)(2,077)
Net premiums written1,906 2,176 266 4,348 
Change in unearned premiums(35)(345)18 (362)
Net premiums earned1,871 1,831 284 3,986 
Other underwriting income (2)11 37 11 59 
Losses and loss adjustment expenses(1,126)(948)(15)(2,089)
Acquisition expenses(375)(347)(8)(730)
Other operating expenses (3)(315)(132)(51)(498)
Underwriting income (loss)$66 $441 $221 728 
Net investment income408 
Net realized gains (losses)(87)
Equity in net income of investments accounted for using the equity method160 
Other income (loss)(5)
Corporate expenses (4)(31)
Transaction costs and other (4)(18)
Amortization of intangible assets(30)
Interest expense(37)
Net foreign exchange gains (losses)21 
Income (loss) before income taxes and income (loss) from operating affiliates1,109 
Income tax (expense) benefit(98)
Income (loss) from operating affiliates36 
Net income (loss) available to Arch1,047 
Preferred dividends(10)
Net income (loss) available to Arch common shareholders$1,037 
Underwriting Ratios
Loss ratio60.2 %51.7 %5.3 %52.4 %
Acquisition expense ratio20.0 %19.0 %2.9 %18.3 %
Other operating expense ratio (5)16.3 %5.2 %14.1 %11.0 %
Combined ratio96.5 %75.9 %22.3 %81.7 %
Goodwill and intangible assets$769 $93 $328 $1,190 
(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.
(2)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
(3)    ‘Other operating expenses’ primarily include expenses that are related to compensation and employee benefits, information technology and professional fees.
(4)    Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’
(5)    The ‘Other operating expense ratio’ includes ‘Other underwriting income.’

ARCH CAPITAL
 15
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three Months Ended
March 31, 2025
 InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$2,645 $3,494 $326 $6,463 
Premiums ceded (1)(712)(1,178)(60)(1,948)
Net premiums written1,933 2,316 266 4,515 
Change in unearned premiums(73)(288)34 (327)
Net premiums earned1,860 2,028 300 4,188 
Other underwriting income (2)3 39 11 53 
Losses and loss adjustment expenses(1,228)(1,356)(3)(2,587)
Acquisition expenses(343)(417)(4)(764)
Other operating expenses (3)(294)(127)(52)(473)
Underwriting income (loss)$(2)$167 $252 417 
Net investment income378 
Net realized gains (losses)3 
Equity in net income of investments accounted for using the equity method53 
Other income (loss)(2)
Corporate expenses (4)(50)
Transaction costs and other (4)(10)
Amortization of intangible assets(49)
Interest expense(35)
Net foreign exchange gains (losses)(27)
Income (loss) before income taxes and income (loss) from operating affiliates678 
Income tax (expense) benefit(121)
Income (loss) from operating affiliates17 
Net income (loss) available to Arch574 
Preferred dividends(10)
Net income (loss) available to Arch common shareholders$564 
Underwriting Ratios    
Loss ratio66.0 %66.9 %1.1 %61.8 %
Acquisition expense ratio18.5 %20.6 %1.3 %18.3 %
Other operating expense ratio (5)15.6 %4.3 %13.7 %10.0 %
Combined ratio100.1 %91.8 %16.1 %90.1 %
Goodwill and intangible assets$878 $102 $328 $1,308 

(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.
(2)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
(3)    ‘Other operating expenses’ primarily include expenses that are related to compensation and employee benefits, information technology and professional fees.
(4)    Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’
(5)    The ‘Other operating expense ratio’ includes ‘Other underwriting income.’


ARCH CAPITAL
 16
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6.    Reserve for Losses and Loss Adjustment Expenses
The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:
Three Months Ended
March 31,
20262025
Reserve for losses and loss adjustment expenses at beginning of period
$33,547 $29,369 
Unpaid losses and loss adjustment expenses recoverable
9,054 7,821 
Net reserve for losses and loss adjustment expenses at beginning of period
24,493 21,548 
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year
2,309 2,784 
Prior years
(220)(197)
Total net incurred losses and loss adjustment expenses
2,089 2,587 
Net foreign exchange (gains) losses and other
(70)193 
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year
(60)(441)
Prior years
(1,489)(1,320)
Total net paid losses and loss adjustment expenses
(1,549)(1,761)
Net reserve for losses and loss adjustment expenses at end of period
24,963 22,567 
Unpaid losses and loss adjustment expenses recoverable
9,142 8,379 
Reserve for losses and loss adjustment expenses at end of period
$34,105 $30,946 
Prior year development (“PYD”) arises from changes in loss estimates during the current period related to events occurring in prior calendar years. Long-tailed lines include lines of business that typically take many years for claims to settle, such as third-party liability, while short-tailed lines are those that settle more quickly, such as property. The table below summarizes (favorable) and adverse net PYD by segment and tail length:
Three Months Ended
(Favorable) AdverseMarch 31,
2026Short-tailedLong-tailedTotal
Insurance$(10)$(4)$(14)
Reinsurance(172)20 (152)
Mortgage(54)— (54)
Total$(236)$16 $(220)
2025
Insurance$(15)$(2)$(17)
Reinsurance(127)8 (119)
Mortgage(61)— (61)
Total$(203)$6 $(197)

ARCH CAPITAL
 17
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2026 First Quarter
The insurance segment’s short-tailed lines included $10 million of favorable development in travel and accident, primarily from the 2024 and 2025 accident years (i.e., the year in which a loss occurred). Long-tailed lines primarily included favorable development in casualty business, primarily from the 2022 and 2023 accident years.
The reinsurance segment’s short-tailed lines included $72 million of favorable development from property other than property catastrophe business, primarily from the 2023 to 2025 underwriting years (i.e., all premiums and losses attributable to contracts having an inception or renewal date within the given 12 month period), and $63 million of favorable development from specialty business, primarily from the 2025 underwriting year. Long-tailed lines included $20 million of adverse development in casualty, primarily from the 2022 to 2024 underwriting year.
The mortgage segment’s favorable development was driven by reductions on reserves for delinquent loans associated with the U.S. first lien portfolio primarily from the 2024 and 2025 accident years, with the credit risk transfer and international businesses also contributing.
2025 First Quarter
The insurance segment’s short-tailed lines included $8 million of favorable development in property and marine, primarily from the 2024 accident year, and $8 million of favorable development in travel and accident, primarily from the 2023 accident year. Long tailed lines included favorable development in executive assurance, from the 2022 and prior accident years, partially offset by adverse development in programs, mainly from the 2024 accident year.
The reinsurance segment’s short-tailed lines included $64 million of favorable development from property catastrophe, primarily from the 2023 and 2024 underwriting years, and $35 million of favorable development from specialty lines, primarily from the 2021 to 2024 underwriting years. Long-tailed lines included $8 million of adverse development in casualty, primarily from the 2021 to 2024 underwriting years.
The mortgage segment’s favorable development was driven by reductions on reserves for delinquent loans associated with the U.S. first lien portfolio from the 2023 and 2024 accident years, with the credit risk transfer and international businesses also contributing.
7.    Allowance for Expected Credit Losses
Premiums Receivable
The following table provides a roll forward of the allowance for expected credit losses of the Company’s premium receivables:
Premium Receivables, Net of AllowanceAllowance for Expected Credit Losses
Three Months Ended March 31, 2026
Balance at beginning of period$5,723 $43 
Change for provision of expected credit losses (1) (4)
Balance at end of period$6,526 $39 
Three Months Ended March 31, 2025
Balance at beginning of period$5,634 $45 
Change for provision of expected credit losses (1) (2)
Balance at end of period$6,607 $43 

(1)    Amounts deemed uncollectible are written-off in operating expenses. For the 2026 first quarter and 2025 first quarter, there were no amounts written off for both periods.
Reinsurance Recoverables
The following table provides a roll forward of the allowance for expected credit losses of the Company’s reinsurance recoverables:
Reinsurance Recoverables, Net of AllowanceAllowance for Expected Credit Losses
Three Months Ended March 31, 2026
Balance at beginning of period$9,526 $17 
Change for provision of expected credit losses1 
Balance at end of period$9,732 $18 
Three Months Ended March 31, 2025
Balance at beginning of period$8,260 $17 
Change for provision of expected credit losses— 
Balance at end of period$8,969 $17 
ARCH CAPITAL
 18
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table summarizes the Company’s reinsurance recoverables on paid and unpaid losses (not including ceded unearned premiums):
March 31,
December 31,
20262025
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses$9,732$9,526
% due from carriers with A.M. Best rating of “A-” or better62.3 %62.1 %
% due from all other carriers with no A.M. Best rating (1)37.7 %37.9 %
Largest balance due from any one carrier as % of total shareholders’ equity8.2 %8.1 %
(1)    At March 31, 2026 and December 31, 2025 over 95% of such amount were collateralized through reinsurance trusts, funds withheld arrangements, letters of credit or other.

Contractholder Receivables
The following table provides a roll forward of the allowance for expected credit losses of the Company’s contractholder receivables:
Contract-holder Receivables, Net of AllowanceAllowance for Expected Credit Losses
Three Months Ended March 31, 2026
Balance at beginning of period$2,270 $7 
Change for provision of expected credit losses— 
Balance at end of period$2,253 $7 
Three Months Ended March 31, 2025
Balance at beginning of period$2,161 $5 
Change for provision of expected credit losses1 
Balance at end of period2,212 $6 

ARCH CAPITAL
 19
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
8.    Investment Information

Available For Sale Investments
The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
Estimated
Fair
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Expected Credit Losses Cost or
Amortized
Cost
March 31, 2026
Fixed maturities:
Corporate bonds$13,806 $122 $(218)$(6)$13,908 
U.S. government and government agencies7,422 10 (55)— 7,467 
Asset backed securities3,737 7 (30)(5)3,765 
Non-U.S. government securities2,996 27 (102)(1)3,072 
Residential mortgage backed securities2,892 19 (31)— 2,904 
Commercial mortgage backed securities1,391 5 (7)(1)1,394 
Municipal bonds155 — (4)— 159 
Total32,399 190 (447)(13)32,669 
Short-term investments2,638 1 (3)— 2,640 
Total$35,037 $191 $(450)$(13)$35,309 
December 31, 2025
Fixed maturities:
Corporate bonds$14,058 $265 $(142)$(10)$13,945 
U.S. government and government agencies7,445 23 (21)— 7,443 
Asset backed securities3,574 20 (15)(8)3,577 
Non-U.S. government securities3,270 53 (81)(1)3,299 
Residential mortgage backed securities2,705 34 (21)— 2,692 
Commercial mortgage backed securities1,212 11 (5)(1)1,207 
Municipal bonds162 — (4)— 166 
Total32,426 406 (289)(20)32,329 
Short-term investments2,625 2 (1)— 2,624 
Total$35,051 $408 $(290)$(20)$34,953 

ARCH CAPITAL
 20
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
 Less than 12 Months12 Months or MoreTotal
Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
March 31, 2026
Fixed maturities:
Corporate bonds$7,339 $(129)$1,270 $(89)$8,609 $(218)
U.S. government and government agencies6,224 (50)109 (5)6,333 (55)
Non-U.S. government securities2,472 (55)387 (47)2,859 (102)
Asset backed securities1,991 (14)319 (16)2,310 (30)
Residential mortgage backed securities1,229 (13)151 (18)1,380 (31)
Commercial mortgage backed securities653 (3)39 (4)692 (7)
Municipal bonds13 — 130 (4)143 (4)
Total19,921 (264)2,405 (183)22,326 (447)
Short-term investments1,059 (3)— — 1,059 (3)
Total$20,980 $(267)$2,405 $(183)$23,385 $(450)
December 31, 2025
Fixed maturities:
Corporate bonds$2,972 $(64)$1,364 $(78)$4,336 $(142)
U.S. government and government agencies3,092 (15)274 (6)3,366 (21)
Non-U.S. government securities2,087 (35)432 (46)2,519 (81)
Asset backed securities806 (2)332 (13)1,138 (15)
Residential mortgage backed securities312 (3)178 (18)490 (21)
Commercial mortgage backed securities239 (1)48 (4)287 (5)
Municipal bonds6 — 137 (4)143 (4)
Total9,514 (120)2,765 (169)12,279 (289)
Short-term investments614 (1)— — 614 (1)
Total$10,128 $(121)$2,765 $(169)$12,893 $(290)
At March 31, 2026, on a lot level basis, approximately 14,970 security lots out of a total of approximately 25,570 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $5 million. At December 31, 2025, on a lot level basis, approximately 7,240 security lots out of a total of approximately 25,330 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $4 million.
The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2026December 31, 2025
MaturityEstimated
Fair
Value		Amortized
Cost		Estimated
Fair
Value		Amortized
Cost
Due in one year or less$534 $534 $370 $366 
Due after one year through five years16,909 17,021 17,053 16,989 
Due after five years through 10 years6,381 6,479 6,893 6,877 
Due after 10 years555 572 619 621 
 24,379 24,606 24,935 24,853 
Residential mortgage backed securities2,892 2,904 2,705 2,692 
Commercial mortgage backed securities1,391 1,394 1,212 1,207 
Asset backed securities3,737 3,765 3,574 3,577 
Total$32,399 $32,669 $32,426 $32,329 

ARCH CAPITAL
 21
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Equity Securities, at Fair Value
At March 31, 2026, the Company held $1.8 billion of equity securities, at fair value, compared to $1.9 billion at December 31, 2025. Such holdings include publicly traded common stocks, primarily in the consumer cyclical and non-cyclical, technology, communication and financial sectors, and exchange-traded funds in fixed income, equity and other sectors.
Other Investments, at Fair Value
The following table summarizes the Company’s other investments:
March 31,
2026		December 31,
2025
Other investments$2,129 $1,957 
Fixed maturities 1,129 1,110 
Short term investments69 64 
Equity securities4 5 
Total$3,331 $3,136 
The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:
March 31,
2026		December 31,
2025
Investment grade fixed income$1,397 $1,225 
Private equity250 250 
Lending224 220 
Term loan investments157 173 
Credit related funds89 87 
Equities10 — 
Energy2 2 
Total$2,129 $1,957 
Net Investment Income
The components of net investment income were derived from the following sources:
March 31,
 20262025
Three Months Ended
Fixed maturities$384 $342 
Short term investments24 26 
Equity securities (dividends)8 11 
Other (1)21 28 
Gross investment income437 407 
Investment expenses(29)(29)
Net investment income$408 $378 
(1)    Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items.

Net Realized Gains (Losses)
Net realized gains (losses), which include changes in the allowance for credit losses on financial assets and net impairment losses recognized in earnings were as follows:
March 31,
 20262025
Three Months Ended
Available for sale securities:  
Gross gains on investment sales$80 $51 
Gross losses on investment sales(63)(113)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities(27)2 
Other investments8 13 
Equity securities, at fair value:
Net realized gains (losses) on sales during the period20 47 
Net unrealized gains (losses) on equity securities still held at reporting date(101)(95)
Allowance for credit losses:
Investments related5 — 
Underwriting related6 1 
Derivative instruments (1)(18)99 
Other3 (2)
Net realized gains (losses)$(87)$3 
(1) See note 10 for information on the Company’s derivative instruments.
Investments Accounted For Using the Equity Method
The following table summarizes the Company’s investments accounted for using the equity method, by strategy:
March 31,
2026		December 31,
2025
Private equity$2,414 $2,397 
Credit related funds1,629 1,616 
Real estate803 767 
Lending580 558 
Fixed income526 501 
Infrastructure334 346 
Equities328 231 
Energy38 37 
Total$6,652 $6,453 
Certain of the Company’s other investments are in investment funds for which the Company has the option to redeem at agreed upon values as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investments in investment funds may be redeemed daily, monthly, quarterly or on other terms. Two common redemption restrictions that may impact the Company’s ability to redeem these investment funds are gates and lockups. A gate is a suspension of redemptions that may be implemented by the general partner or investment manager
ARCH CAPITAL
 22
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the investment fund’s net assets and which may otherwise hinder the general partner or investment manager’s ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. If the investment funds are eligible to be redeemed, the time to redeem such fund can take weeks or months following the notification.
Limited Partnership Interests
In the normal course of its activities, the Company invests in limited partnerships as part of its overall investment strategy. Such amounts are included in ‘investments accounted for using the equity method’ and ‘investments accounted for using the fair value option.’ The Company has determined that it is not required to consolidate these investments because it is not the primary beneficiary of the funds. The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment.
The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet line item:
March 31,
2026		December 31,
2025
Investments accounted for using the equity method (1)$6,652 $6,453 
Investments accounted for using the fair value option (2)10 — 
Total$6,662 $6,453 
(1)    Aggregate unfunded commitments were $3.7 billion at March 31, 2026, compared to $3.6 billion at December 31, 2025.
(2)    Aggregate unfunded commitments were $163 million at March 31, 2026, compared to $65 million at December 31, 2025.
Equity in Net Income (Loss) of Investments Accounted for Using the Equity Method
Income from investment funds accounted for using the equity method for the 2026 first quarter was $160 million, compared to $53 million for the 2025 first quarter. In applying the equity method, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the market value of the underlying securities in the funds). Such investments are generally recorded on a one to three month lag based on the availability of reports from the investment funds.
Investments in Operating Affiliates
Investments in which the Company has significant influence over the operating and financial policies are classified as ‘investments in operating affiliates’ on the Company’s balance sheets and are accounted for under the equity method. Such investments primarily include the Company’s investment in Coface SA (“Coface”), Greysbridge Holdings Ltd. (“Greysbridge”), and Premia Holdings Ltd. Investments in Coface and Premia Holdings Ltd. are generally recorded on a three month lag, while the Company’s investment in Greysbridge is not recorded on a lag.
As of March 31, 2026, the Company owned approximately 29.9% of the issued shares of Coface, or 30% excluding treasury shares, with a carrying value of $718 million, compared to $707 million at December 31, 2025.
As of March 31, 2026, the Company owned 30% of Greysbridge with a carrying value of $502 million, compared to $486 million at December 31, 2025.
Income from operating affiliates for the 2026 first quarter was $36 million, compared to $17 million for the 2025 first quarter.
See note 16 for information on Company’s transactions with related parties.

ARCH CAPITAL
 23
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Allowance for Expected Credit Losses
The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
Structured Securities (1)Corporate
Bonds		Non-U.S.
Government
Securities		Total
Three Months Ended March 31, 2026
Balance at beginning of period$9 $10 $1 $20 
Additions for current-period provision for expected credit losses1 1 — 2 
Additions (reductions) for previously recognized expected credit losses (4)(3)— (7)
Reductions due to disposals— (2)— (2)
Balance at end of period$6 $6 $1 $13 
Three Months Ended March 31, 2025
Balance at beginning of period$9 $12 $1 $22 
Additions for current-period provision for expected credit losses3 — — 3 
Additions (reductions) for previously recognized expected credit losses (4)1 — (3)
Reductions due to disposals— (1)— (1)
Balance at end of period$8 $12 $1 $21 
(1)    Includes asset backed securities, residential mortgage backed securities and commercial mortgage backed securities.
Restricted Assets
The Company is required to maintain assets on deposit, which primarily consist of fixed maturities, with various regulatory authorities to support its underwriting operations. The Company’s subsidiaries maintain assets in trust accounts as collateral for transactions with affiliated companies and also have investments in segregated portfolios primarily to provide collateral or guarantees for letters of credit to third parties. See note 18, “Commitments and Contingencies,” of the notes to consolidated financial statements in the Company’s 2025 Form 10-K.
The following table details the value of the Company’s restricted assets:
March 31,
2026		December 31,
2025
Assets used for collateral or guarantees:  
Affiliated transactions$5,552 $5,323 
Third party agreements6,679 6,784 
Deposits with U.S. regulatory authorities940 948 
Other (1)1,608 1,898 
Total restricted assets$14,779 $14,953 
(1)    Primarily includes Funds at Lloyds, deposits with non-U.S. regulatory authorities and other restricted assets.
Reconciliation of Cash and Restricted Cash
The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
March 31,
2026		December 31,
2025
Cash$914 $993 
Restricted cash (included in ‘other assets’)867 1,074 
Cash and restricted cash$1,781 $2,067 
ARCH CAPITAL
 24
2026 FIRST QUARTER FORM 10-Q
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
9.    Fair Value
Accounting guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use a fair value measure for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement (Level 1 being the highest priority and Level 3 being the lowest priority).
The levels in the hierarchy are defined as follows:
Level 1:
Inputs to the valuation methodology are observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets
Level 2:
Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument
Level 3:
Inputs to the valuation methodology are unobservable and significant to the fair value measurement
The following is a description of the valuation methodologies used for securities measured at fair value, as well as the general classification of such securities pursuant to the valuation hierarchy. The Company reviews its securities measured at fair value and discusses the proper classification of such investments with investment advisers and others.
The Company determines the existence of an active market based on its judgment as to whether transactions for the financial instrument occur in such market with sufficient frequency and volume to provide reliable pricing information. The independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets. The Company uses quoted values and other data provided by nationally recognized independent pricing sources as inputs into its process for determining fair values of its fixed maturity
investments. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) quantitative analysis (e.g., comparing the quarterly return for each managed portfolio to its target benchmark, with significant differences identified and investigated); (ii) a review of the average number of prices obtained in the pricing process and the range of resulting fair values; (iii) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; (iv) a comparison of the fair value estimates to the Company’s knowledge of the current market; (v) a comparison of the pricing services' fair values to other pricing services' fair values for the same investments; and (vi) periodic back-testing, which includes randomly selecting purchased or sold securities and comparing the executed prices to the fair value estimates from the pricing service. A price source hierarchy was maintained in order to determine which price source would be used (i.e., a price obtained from a pricing service with more seniority in the hierarchy will be used over a less senior one in all cases). The hierarchy prioritizes pricing services based on availability and reliability and assigns the highest priority to index providers. Based on the above review, the Company will challenge any prices for a security or portfolio which are considered not to be representative of fair value. The Company did not adjust any of the prices obtained from the independent pricing sources at March 31, 2026.
In certain circumstances, when fair values are unavailable from these independent pricing sources, quotes are obtained directly from broker-dealers who are active in the corresponding markets. Such quotes are subject to the validation procedures noted above. Where quotes are unavailable, fair value is determined by the investment manager using quantitative and qualitative assessments such as internally modeled values. Of the $40.6 billion of financial assets and liabilities measured at fair value at March 31, 2026, approximately $311 million, or 0.8%, were priced using non-binding broker-dealer quotes or modeled valuations. Of the $40.3 billion of financial assets and liabilities measured at fair value at December 31, 2025, approximately $278 million, or 0.7%, were priced using non-binding broker-dealer quotes or modeled valuations.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Fixed maturities
The Company uses the market approach valuation technique to estimate the fair value of its fixed maturity securities, when possible. The market approach includes obtaining prices from independent pricing services, such as index providers and pricing vendors, as well as to a lesser extent quotes from broker-dealers. The independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets. Each source has its own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of “matrix pricing” in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value.
The following describes the significant inputs generally used to determine the fair value of the Company’s fixed maturity securities by asset class:
U.S. government and government agencies – valuations provided by independent pricing services, with all prices provided through index providers and pricing vendors. The Company determined that all U.S. Treasuries would be classified as Level 1 securities due to observed levels of trading activity, the high number of strongly correlated pricing quotes received on U.S. Treasuries and other factors. The fair values of U.S. government agency securities are generally determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency securities are classified within Level 2.
Corporate bonds – valuations provided by independent pricing services, substantially all through index providers and pricing vendors with a small amount through broker-dealers. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and from broker-dealers who trade in the relevant security market. As the significant inputs used in the pricing process for corporate bonds are observable market inputs, the fair value of these securities are classified within Level 2. A small number of securities are included in Level 3 due to a low level of transparency on the inputs used in the pricing process.
Municipal bonds – valuations provided by independent pricing services, with all prices provided through index providers and pricing vendors. The fair values of these securities are generally determined using spreads obtained from broker-dealers who trade in the relevant security market, trade prices and the new issue market. As the
significant inputs used in the pricing process for municipal bonds are observable market inputs, the fair value of these securities are classified within Level 2.
Residential mortgage-backed securities – valuations provided by independent pricing services, substantially all through pricing vendors and index providers with a small amount through broker-dealers. The fair values of these securities are generally determined through the use of pricing models (including Option Adjusted Spread) which use spreads to determine the expected average life of the securities. These spreads are generally obtained from the new issue market, secondary trading and from broker-dealers who trade in the relevant security market. The pricing services also review prepayment speeds and other indicators, when applicable. As the significant inputs used in the pricing process for mortgage-backed securities are observable market inputs, the fair value of these securities are classified within Level 2. A small number of securities are included in Level 3 due to a low level of transparency on the inputs used in the pricing process.
Commercial mortgage-backed securities – valuations provided by independent pricing services, substantially all through index providers and pricing vendors with a small amount through broker-dealers. The fair values of these securities are generally determined through the use of pricing models which use spreads to determine the appropriate average life of the securities. These spreads are generally obtained from the new issue market, secondary trading and from broker-dealers who trade in the relevant security market. The pricing services also review prepayment speeds and other indicators, when applicable. As the significant inputs used in the pricing process for commercial mortgage-backed securities are observable market inputs, the fair value of these securities are classified within Level 2.
Non-U.S. government securities – valuations provided by independent pricing services, with all prices provided through index providers and pricing vendors. The fair values of these securities are generally based on international indices or valuation models which include daily observed yield curves, cross-currency basis index spreads and country credit spreads. As the significant inputs used in the pricing process for non-U.S. government securities are observable market inputs, the fair value of these securities are classified within Level 2.
Asset-backed securities – valuations provided by independent pricing services, substantially all through index providers and pricing vendors with a small amount through broker-dealers. The fair values of these securities are generally determined through the use of pricing models (including Option Adjusted Spread) which use spreads to determine the appropriate average life of the securities. These spreads are generally obtained from the new issue
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
market, secondary trading and from broker-dealers who trade in the relevant security market. The pricing services also review prepayment speeds and other indicators, when applicable. As the significant inputs used in the pricing process for asset-backed securities are observable market inputs, the fair value of these securities are classified within Level 2.
Equity securities
The Company determined that exchange-traded equity securities would be included in Level 1 as their fair values are based on quoted market prices in active markets. Certain equity securities are included in Level 2 of the valuation hierarchy as the significant inputs used in the pricing process for such securities are observable market inputs. Other equity securities are included in Level 3 due to the lack of an available independent price source for such securities. As the significant inputs used to price these securities are unobservable, the fair value of such securities are classified as Level 3.
Other investments
The Company’s other investments include term loan investments for which fair values are estimated by using quoted prices of term loan investments with similar characteristics, pricing models or matrix pricing. Such investments are generally classified within Level 2. The fair values for certain of the Company’s other investments are determined using net asset values as advised by external fund managers. The net asset value is based on the fund manager’s valuation of the underlying holdings in accordance with the fund’s governing documents. In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. A small number of securities are included in Level 3 due to the lack of an available independent price source for such securities.
Derivative instruments
The Company’s futures contracts, foreign currency forward contracts, interest rate swaps and other derivatives trade in the over-the-counter derivative market. The Company uses the market approach valuation technique to estimate the fair value for these derivatives based on significant observable market inputs from third party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used in the pricing process for these derivative instruments are observable market inputs, the fair value of these securities are classified within Level 2.

Short-term investments
The Company determined that certain of its short-term investments held in highly liquid money market-type funds, U.S. Treasury bills and commercial paper would be included in Level 1 as their fair values are based on quoted market prices in active markets. The fair values of certain short-term investments are generally determined using the spread above the risk-free yield curve and are classified within Level 2. Other short-term investments are included in Level 3 due to the lack of an available independent price source for such securities. As the significant inputs used to price these short-term securities are unobservable, the fair value of such securities are classified as Level 3.
Residential mortgage loans
The Company’s residential mortgage loans (included in ‘other assets’ in the consolidated balance sheets) include amounts related to the Company’s whole mortgage loan purchase and sell program. Fair values of residential mortgage loans are generally determined based on market prices. As significant inputs used in the pricing process for these residential mortgage loans are observable market inputs, the fair value of these securities are classified within Level 2.
Other liabilities
The Company’s other liabilities include contingent and deferred consideration liabilities related to the Company’s acquisitions. Contingent consideration liabilities are remeasured at fair value at each balance sheet date with changes in fair value recognized in ‘net realized gains (losses’). To determine the fair value of contingent consideration liabilities, the Company estimates the future payments using an income approach based on modeled inputs which include a weighted average cost of capital. Deferred consideration liabilities are measured at fair value on the transaction date. The Company determined that contingent and deferred consideration liabilities would be included within Level 3.

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table presents the Company’s financial assets and liabilities measured at fair value by level at March 31, 2026:
  Estimated Fair Value Measurements Using:
 Estimated
Fair
Value		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets measured at fair value:    
Available for sale securities:    
Fixed maturities:    
Corporate bonds$13,806 $— $13,690 $116 
U.S. government and government agencies7,422 7,422 — — 
Asset backed securities3,737 — 3,712 25 
Non-U.S. government securities2,996 — 2,996 — 
Residential mortgage backed securities2,892 — 2,888 4 
Commercial mortgage backed securities1,391 — 1,391 — 
Municipal bonds155 — 155 — 
Total32,399 7,422 24,832 145 
Short-term investments2,638 2,343 295 — 
Equity securities, at fair value1,766 1,731 26 9 
Derivative instruments (2)287 — 287 — 
Residential mortgage loans35 — 35 — 
Fair value option:
Corporate bonds1,123 — 1,123 — 
Non-U.S. government securities1 — 1 — 
U.S. government and government agencies5 5 — — 
Short-term investments69 11 12 46 
Equity securities4 — — 4 
Other investments389 — 140 249 
Other investments measured at net asset value (1)1,740 
Total3,331 16 1,276 299 
Total assets measured at fair value$40,456 $11,512 $26,751 $453 
Liabilities measured at fair value:    
Other liabilities$(14)$— $— $(14)
Derivative instruments (2)(171)— (171)— 
Total liabilities measured at fair value$(185)$— $(171)$(14)

(1)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
(2)    See note 10.

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2025:
  Estimated Fair Value Measurements Using:
 Estimated
Fair
Value		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds$14,058 $— $13,930 $128 
U.S. government and government agencies7,445 7,445 — — 
Asset backed securities3,574 — 3,557 17 
Non-U.S. government securities3,270 — 3,270 — 
Residential mortgage backed securities2,705 — 2,705 — 
Commercial mortgage backed securities1,212 — 1,212 — 
Municipal bonds162 — 162 — 
Total32,426 7,445 24,836 145 
Short-term investments2,625 2,326 299 — 
Equity securities, at fair value1,864 1,829 26 9 
Derivative instruments (2)180 — 180 — 
Residential mortgage loans24 — 24 — 
Fair value option:
Corporate bonds1,102 — 1,102 — 
Non-U.S. government securities3 — 3 — 
Asset backed securities— — — — 
U.S. government and government agencies5 5 — — 
Short-term investments64 2 22 40 
Equity securities5 — — 5 
Other investments398 — 166 232 
Other investments measured at net asset value (1)1,559 
Total3,136 7 1,293 277 
Total assets measured at fair value$40,255 $11,607 $26,658 $431 
Liabilities measured at fair value:
Other liabilities$(18)$— $— $(18)
Derivative instruments (2)(72)— (72)— 
Total liabilities measured at fair value$(90)$— $(72)$(18)

(1)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
(2)    See note 10.

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:
AssetsLiabilities
sAvailable For SaleFair Value OptionFair Value
 Structured Securities (1)Corporate
Bonds		Other
Investments		Short-term
Investments		Equity
Securities		Equity
Securities		Other Liabilities
Three Months Ended March 31, 2026  
Balance at beginning of period$17 $128 $232 $40 $5 $9 $(18)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)— — — — (1)(1)1 
Included in other comprehensive income— — — — — — — 
Purchases, issuances, sales and settlements
Purchases4 — 26 21 — 1 — 
Issuances— — — — — — — 
Sales— — — — — — — 
Settlements(1)(41)(19)(16)— — 3 
Transfers in and/or out of Level 39 29 10 1 — — — 
Balance at end of period$29 $116 $249 $46 $4 $9 $(14)
Three Months Ended March 31, 2025  
Balance at beginning of period$— $97 $189 $33 $4 $7 $(73)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)— — — — — — 2 
Included in other comprehensive income— — — — — — — 
Purchases, issuances, sales and settlements
Purchases— — 52 6 — — — 
Issuances— — — — — — — 
Sales — — — — — — — 
Settlements— (17)(35)(10)— — 37 
Transfers in and/or out of Level 3— 70 — — — — — 
Balance at end of period$— $150 $206 $29 $4 $7 $(34)
(1)     Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
(2)     Gains or losses were included in net realized gains (losses).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Financial Instruments Disclosed, But Not Carried, At Fair Value
The Company uses various financial instruments in the normal course of its business. The carrying values of cash, accrued investment income, receivable for securities sold, certain other assets, payable for securities purchased and certain other liabilities approximated their fair values at March 31, 2026, due to their respective short maturities. As these financial instruments are not actively traded, their respective fair values are classified within Level 2.
At March 31, 2026, the Company’s senior notes were carried at their cost, net of debt issuance costs, of $2.7 billion and had a fair value of $2.4 billion. At December 31, 2025, the Company’s senior notes were carried at their cost, net of debt issuance costs, of $2.7 billion and had a fair value of $2.5 billion. The fair values of the senior notes were obtained from a third party pricing service and are based on observable market inputs. As such, the fair values of the senior notes are classified within Level 2.
10.    Derivative Instruments
The Company’s investment strategy allows for the use of derivative instruments. The Company’s derivative instruments are recorded on its consolidated balance sheets at fair value. The Company utilizes exchange traded U.S. Treasury notes, Eurodollar and other futures contracts and commodity futures to manage portfolio duration or replicate investment positions in its portfolios and the Company routinely utilizes foreign currency forward contracts, currency options, index futures contracts and other derivatives as part of its total return objective. In addition, certain of the Company’s investments are managed in portfolios which incorporate the use of foreign currency forward contracts which are intended to provide an economic hedge against foreign currency movements. 
From time to time, the Company purchases to-be-announced mortgage backed securities (“TBAs”) as part of its investment strategy. TBAs represent commitments to purchase a future issuance of agency mortgage backed securities. For the period between purchase of a TBA and issuance of the underlying security, the Company’s position is accounted for as a derivative. The Company purchases TBAs in both long and short positions to enhance investment performance and as part of its overall investment strategy.
The following table summarizes information on the fair values and notional values of the Company’s derivative instruments:
 Estimated Fair Value
 Asset Derivatives (1)Liability Derivatives (1)Notional
Value (2)
March 31, 2026
Futures contracts$181 $(71)$8,653 
Foreign currency forward contracts71 (34)2,225 
Other (3)35 (66)1,435 
Total$287 $(171)
December 31, 2025
Futures contracts$81 $(19)$8,022 
Foreign currency forward contracts75 (38)2,458 
Other (3)24 (15)161 
Total$180 $(72)
(1)    The fair value of asset derivatives are included in ‘other assets’ and the fair value of liability derivatives are included in ‘other liabilities.’
(2)    Represents the absolute notional value of all outstanding contracts, consisting of long and short positions.
(3)    Includes swaps, options and other derivatives contracts.

The Company did not hold any derivatives that were designated as hedging instruments at March 31, 2026 or December 31, 2025.
The Company’s derivative instruments can be traded under master netting agreements, which establish terms that apply to all derivative transactions with a counterparty. In the event of a bankruptcy or other stipulated event of default, such agreements provide that the non-defaulting party may elect to terminate all outstanding derivative transactions, in which case all individual derivative positions (loss or gain) with a counterparty are closed out and netted and replaced with a single amount, usually referred to as the termination amount, which is expressed in a single currency. The resulting single net amount, where positive, is payable to the party “in-the-money” regardless of whether or not it is the defaulting party, unless the parties have agreed that only the non-defaulting party is entitled to receive a termination payment where the net amount is positive and is in its favor. Contractual close-out netting reduces derivative credit exposure from gross to net exposure.
At March 31, 2026, asset derivatives and liability derivatives of $287 million and $171 million, respectively, were subject to a master netting agreement, compared to $180 million and $72 million, respectively, at December 31, 2025.
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Realized and unrealized contract gains or losses on the Company’s derivative instruments are reflected in ‘net realized gains (losses)’ in the consolidated statements of income, as summarized in the following table:
Derivatives not designated asMarch 31,
hedging instruments:20262025
Three Months Ended
Net realized gains (losses):
Futures contracts$(63)$46 
Foreign currency forward contracts(6)30 
Other (1)51 23 
Total$(18)$99 
(1)    Includes realized gains or losses on swaps, options and other derivatives contracts.
11.    Commitments and Contingencies
Investment Commitments
The Company’s investment commitments, which are primarily related to agreements entered into by the Company to invest in funds and separately managed accounts when called upon, were approximately $3.9 billion at March 31, 2026, compared to $3.7 billion at December 31, 2025.
12.    Variable Interest Entities
Bellemeade Re
The Company has entered into aggregate excess of loss mortgage reinsurance agreements with various special purpose reinsurance companies domiciled in Bermuda (the “Bellemeade Agreements”). At the time the Bellemeade Agreements were entered into, the applicability of the accounting guidance that addresses VIEs was evaluated. As a result of the evaluation of the Bellemeade Agreements, the Company concluded that these entities are VIEs. However, given that the ceding insurers do not have the unilateral power to direct those activities that are significant to their economic performance, the Company does not consolidate such entities in its consolidated financial statements. The reinsurance premium paid in regard to the Bellemeade Agreements is calculated by multiplying the outstanding reinsurance coverage amount at the beginning of the period by the coupon rate, which is the SOFR plus a contractual risk margin, less the actual investment income collected during the preceding month on the assets included in the underlying reinsurance trusts. In the event the assets included in the underlying reinsurance trusts became severely impaired or worthless and the special purpose reinsurance companies were unable to meet their future obligations, the Company’s mortgage insurance subsidiaries would be liable to fulfill claim payments to policyholders. The Company’s maximum exposure to loss associated with these VIEs is determined as the amount of mortgage insurance claim payments on the insured policies, net of aggregate reinsurance payments previously received, up to the full aggregate excess of loss reinsurance coverage amounts.
The following table summarizes the total assets of the Bellemeade entities:
March 31,
2026		December 31, 2025
Bellemeade Entities
(Issue Date)		Total VIE AssetsCoverage Remaining from Reinsurers (1)Total VIE
Assets
2021-3 Ltd. (Sep-21)20 12 21 
2022-1 Ltd. (Jan-22)42 11 42 
2022-2 Ltd. (Sep-22)43 86 43 
2023-1 Ltd. (Oct-23)136 34 149 
2024-1 Ltd. (Aug-24)110 28 130 
2025-1 Ltd. (Nov-25)181 45 191 
Total $532 $216 $576 
(1)    Coverage from a separate panel of reinsurers remaining at March 31, 2026.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
13.    Other Comprehensive Income (Loss)
The following tables present details about amounts reclassified from accumulated other comprehensive income and the tax effects allocated to each component of other comprehensive income (loss):
Amounts Reclassified from AOCI
Consolidated Statement of IncomeThree Months Ended
Details AboutLine Item That IncludesMarch 31,
AOCI ComponentsReclassification20262025
Unrealized appreciation (decline) on available-for-sale investments
Net realized gains (losses)$17 $(63)
Provision for credit losses5 — 
Total before tax22 (63)
Income tax (expense) benefit(4)11 
Net of tax$18 $(52)
Before Tax AmountTax Expense (Benefit)Net of Tax Amount
Three Months Ended March 31, 2026
Unrealized appreciation (decline) in value of investments:
Unrealized holding gains (losses) arising during period$(367)$(47)$(320)
Less reclassification of net realized gains (losses) included in net income22 4 18 
Foreign currency translation adjustments— — — 
Other comprehensive income (loss)$(389)$(51)$(338)
Three Months Ended March 31, 2025
Unrealized appreciation (decline) in value of investments:
Unrealized holding gains (losses) arising during period$245 $11 $234 
Less reclassification of net realized gains (losses) included in net income(63)(11)(52)
Foreign currency translation adjustments26 — 26 
Other comprehensive income (loss)$334 $22 $312 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
14.    Income Taxes
The Company’s income tax provision on income before income taxes, including income (loss) from operating affiliates, resulted in an effective tax rate of 8.6% for the three months ended March 31, 2026, compared to 17.4% for the three months ended March 31, 2025. The decrease in the effective tax rate was primarily driven by tax law changes in Bermuda and the United Kingdom. The Company’s effective tax rate, which is based upon the expected annual effective tax rate, may fluctuate from period to period based on the relative mix of income or loss reported by jurisdiction and the varying tax rates in each jurisdiction.
The Company had a net deferred tax asset of $1.4 billion at March 31, 2026, consistent with a net deferred tax asset of $1.4 billion at December 31, 2025. In addition, the Company paid $22 million of income taxes for the three months ended March 31, 2026, compared to $18 million of income taxes paid for the three months ended March 31, 2025.
15.    Legal Proceedings
The Company, in common with the insurance industry in general, is subject to litigation and arbitration in the normal course of its business. As of March 31, 2026, the Company was not a party to any litigation or arbitration which is expected by management to have a material adverse effect on the Company’s results of operations and financial condition and liquidity.
16.    Transactions with Related Parties
Premia Reinsurance Ltd. is a multi-line Bermuda reinsurance company (and its affiliates together with Premia Holdings Ltd., “Premia”). The Company has entered into certain reinsurance transactions with Premia. During the three months ended March 31, 2026 and 2025, the Company did not enter into any new reinsurance transactions with Premia. At March 31, 2026, the Company recorded a funds held asset from Premia of $119 million, compared to $124 million at December 31, 2025.
Somers Group Holdings Ltd. and its wholly owned subsidiaries (collectively, “Somers”) are wholly owned by Greysbridge. For the three months ended March 31, 2026, the Company’s net premiums written was reduced by $143 million, compared to $216 million for the three months ended March 31, 2025, as a result of certain reinsurance transactions with Somers. In addition, Somers paid certain acquisition costs and administrative fees to the Company. At March 31, 2026, the Company recorded a reinsurance recoverable on unpaid and paid losses from Somers of $2.0 billion and a reinsurance balance payable to Somers of $549 million, compared to $2.0 billion and $550 million, respectively, at December 31, 2025.
Pursuant to the terms of the Greysbridge shareholder agreement, as amended, following the expiration of a specified period, Arch Capital has a call right (but not the obligation) and certain third party investors have put rights (but not the obligation) to purchase or sell, as applicable, a specified amount of each such investor’s initial common shares on an annual basis at Greysbridge’s year-end book value per share. Obligations under put/call option notices are recognized on the Company’s balance sheet in both other assets and other liabilities. At March 31, 2026, the Company’s balance sheet included $186 million in both other assets and other liabilities for such put notices. Transactions related to the put shares are expected to close in the 2026 calendar year, subject to any regulatory approval.
17.    Subsequent Event
Share Repurchases
On April 19, 2026, the Company increased its authorization for its existing share repurchase program by $3.0 billion, which, as in the past, may be effected from time to time in open market or privately negotiated transactions. After taking into account this increased authorization and share repurchases effected after the close of the 2026 first quarter, approximately $3.0 billion of share repurchases were available under the program as of May 1, 2026. The timing and amount of the repurchase transactions under this program will depend on a variety of factors, including market conditions and corporate and regulatory considerations.
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ITEM 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is a discussion and analysis of our financial condition and results of operations. This should be read in conjunction with our consolidated financial statements included in Item 1 of this report and also our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). In addition, readers should review “Risk Factors” set forth in Item 1A of Part I of our 2025 Form 10-K and “ITEM 1A—Risk Factors” of this Form 10-Q. All amounts are in millions, except per share amounts, unless otherwise noted.
Arch Capital Group Ltd. (“Arch Capital” and, together with its subsidiaries, “Arch”, “the Company”, “we”, “our” or “us”) is a publicly listed Bermuda exempted company with approximately $26.9 billion in capital at March 31, 2026 and, through operations in Bermuda, the United States, Europe, Canada and Australia, writes insurance, reinsurance and mortgage insurance on a worldwide basis.
 Page No.
  
Current Outlook
36
Financial Measures
37
Comment on Non-GAAP Financial Measures
38
Results of Operations
40
Insurance Segment
40
Reinsurance Segment
42
Mortgage Segment
43
Corporate
45
Critical Accounting Policies, Estimates and Recent Accounting Pronouncements
46
Financial Condition
46
Liquidity
52
Capital Resources
52
Catastrophic and Severe Economic Events
54
Market Sensitive Instruments and Risk Management
55
ARCH CAPITAL
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2026 FIRST QUARTER FORM 10-Q
CURRENT OUTLOOK
We delivered a strong 2026 first quarter, with attractive underwriting margins reflecting the disciplined execution of our underwriting and capital management strategies. For the quarter, we generated an annualized net income return on average common equity and an annualized operating return on average common equity of 17.8% and 15.4%, respectively. See “Comment on Non-GAAP Financial Measures.” Critical to our cycle management is emphasizing risk selection, as we continue to leverage our diversified specialty platform and the expertise of our underwriting teams. We invest and use data and analytics to sharpen insights, enhance risk selection and deliver a differentiated customer experience while fostering a culture that attracts the best-in-class talent. We believe our balance sheet is in excellent health, giving us optionality as we remain prudent stewards of the capital entrusted to us by our shareholders. Our strong balance sheet permits us to both invest in our business and return capital to investors. During the 2026 first quarter, we repurchased $783 million of Arch common shares.
Market conditions have become more competitive compared to recent years; however, rates and terms and conditions, in aggregate, continue to support attractive returns. Capturing those returns requires the ability and willingness to actively manage the portfolio across and within lines of business. We continue to execute our cycle management strategy by actively allocating capital to the segments with the best risk-adjusted returns, while retaining the flexibility to invest in our platform when we find attractive opportunities.
Our insurance segment reported $66 million of underwriting income for the 2026 first quarter. Overall, market conditions remained favorable; however, topline growth in the segment was essentially flat, reflecting a focus on profitability over volume as competitive pressures persist. Growth opportunities remained across most casualty-focused lines of business, including E&S casualty, construction and alternative markets in the U.S., as well as select lines of our London market business. These opportunities were partially offset by competitive rate pressure in select property and short‑tail lines, as well as our decision not to renew certain middle market commercial program business we acquired from Allianz in 2024 (the “MCE Acquisition”). We have substantially completed the data and system migration of the acquired businesses, positioning the platform to pursue scalable growth and enhance client and distribution experience. Operating expenses were elevated this quarter as we incurred additional expenses related to the transition of the MCE Acquisition, with certain remaining transition expenses expected to extend into mid‑year.
Our reinsurance segment contributed $441 million of underwriting income in the 2026 first quarter, benefiting from disciplined underwriting and a favorable portfolio mix. Net premiums written were $2.2 billion, down roughly 6% when compared to 2025 first quarter, reflecting pricing pressures and higher retentions by cedants in certain property and short‑tail lines. As increased capacity has contributed to competitive conditions across portions of the reinsurance market, our underwriting teams are working to actively manage the cycle by selectively writing new business where returns are attractive and reduce participation where pricing does not meet our minimum return thresholds.
Our mortgage segment continued to deliver a steady level of earnings, generating $221 million of underwriting income in the 2026 first quarter. New originations remained modest due to affordability challenges tied to mortgage rates and home prices, which continued to constrain demand. We believe the underlying fundamentals of our mortgage portfolio remain strong, and our U.S. market share was stable. The persistency of our in-force U.S. primary mortgage insurance portfolio remained a healthy 80.7%, and our delinquency rate remained low. We continue to expect the mortgage segment to serve as a steady diversifying contributor to our overall earnings and generate attractive underwriting income given the high credit quality and embedded equity of our in-force portfolio.
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2026 FIRST QUARTER FORM 10-Q
FINANCIAL MEASURES
Management uses the following three key financial indicators in evaluating our performance and measuring the overall growth in value generated for Arch Capital’s common shareholders:
Book Value per Share
Book value per share represents total common shareholders’ equity available to Arch divided by the number of common shares outstanding. Management uses growth in book value per share as a key measure of the value generated for our common shareholders each period and believes that book value per share is the key driver of Arch Capital’s share price over time. Book value per share is impacted by, among other factors, our underwriting results, investment returns and share repurchase activity, which has an accretive or dilutive impact on book value per share depending on the purchase price. Book value per share was $66.19 at March 31, 2026, compared to $65.11 at December 31, 2025, and $55.15 at March 31, 2025. The 1.7% increase in book value per share for the 2026 first quarter primarily reflected strong underwriting returns.
Operating Return on Average Common Equity
Operating return on average common equity (“Operating ROAE”) represents annualized after-tax operating income available to Arch common shareholders divided by the average of beginning and ending common shareholders’ equity available to Arch during the period. After-tax operating income available to Arch common shareholders, a non-GAAP financial measure as defined in Regulation G, represents net income available to Arch common shareholders, excluding net realized gains or losses (which include, but are not limited to, realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains or losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains or losses realized from the acquisition or disposition of subsidiaries), equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses, transaction costs and other and income taxes. Management uses Operating ROAE as a key measure of the return generated to common shareholders. See “Comment on Non-GAAP Financial Measures.”
Our annualized net income return on average common equity was 17.8% for the 2026 first quarter, compared to 11.1% for the 2025 first quarter. Our Operating ROAE was 15.4% for the 2026 first quarter, compared to 11.5% for the 2025 first quarter. Return for the 2026 periods reflected strong underwriting returns.
Total Return on Investments
Total return on investments, a non-GAAP financial measure as defined in Regulation G, includes investment income, equity in net income or loss of investments accounted for using the equity method, net realized gains or losses attributable to the investment portfolio and the change in unrealized gains or losses generated by Arch’s investment portfolio. Total return is calculated on a pre-tax basis and before investment expenses and reflects the effect of financial market conditions along with foreign currency fluctuations. In addition, total return incorporates the timing of investment returns during the periods. The following table summarizes our total return compared to the benchmark return against which we measured our portfolio during the periods. See “Comment on Non-GAAP Financial Measures.”
Arch
Portfolio		Benchmark
Return
Pre-tax total return (before investment expenses):
2026 First Quarter0.10 %0.01 %
2025 First Quarter2.02 %2.04 %
Total return for the 2026 first quarter reflected the impact of higher interest rates on our fixed income portfolio. We continue to maintain a relatively short duration on our fixed income portfolio of 3.43 years at March 31, 2026, in line with our asset allocation targets.
The benchmark return index is a customized combination of indices intended to approximate a target portfolio by asset mix and average credit quality with a fixed income component matching the approximate estimated duration and currency mix of our insurance and reinsurance liabilities. It is recalibrated annually. Although the estimated fixed income duration and average credit quality of this index will move as the duration and rating of its constituent securities change, generally we do not adjust the composition of the benchmark return index during the year except to incorporate changes to the mix of liability currencies and durations noted above. The benchmark return index should not be interpreted as expressing a preference for or aversion to any particular sector or sector weight. At March 31, 2026, the fixed income portion of the benchmark had an average credit quality of “A1” by Moody’s and an estimated fixed income duration of 3.17 years.
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2026 FIRST QUARTER FORM 10-Q
The benchmark return index included weightings to the following indices:
%
ICE BofA 1-5 Year U.S. Corporate Index
16.80 
ICE BofA 5-10 Year U.S. Corporate Index
8.00 
Yield on 3-5 Year U.S. Treasury Index plus 5.5%16.00 
ICE BofA 1-10 Year U.S. Treasury Index15.00 
ICE BofA 0-3 Month U.S. Treasury Index3.00 
ICE BofA BB-B U.S. High Yield Constrained Index5.50 
JPM CLOIE Investment Grade5.00 
ICE BofA 3-5 Year U.S. Agency CMO Excluding IO & PO Index5.00 
ICE BofA U.S. Fixed Rate CMBS Index4.00 
ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index2.50 
S&P 500 Total Return Index4.25 
ICE BofA 1-5 Year U.K. Gilt Index5.90 
ICE BofA German Government 1-5 Year Index3.00 
ICE BofA German Government 5-7 Year Index1.00 
ICE BofA 1-5 Year Canada Government Index2.75 
ICE BofA 15+ Year Canada Government Index0.25 
ICE BofA 1-5 Year Australia Government Index1.50 
ICE BofA 5-10 Year Australia Government Index0.40 
ICE BofA 1-5 Year Japan Government Index0.15 
Total
100.00 %
COMMENT ON NON-GAAP FINANCIAL MEASURES
Throughout this filing, we present our operations in the way we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information in evaluating the performance of our company. This presentation includes the use of after-tax operating income available to Arch common shareholders, which is defined as net income available to Arch common shareholders, excluding net realized gains or losses (which include, but are not limited to, realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains or losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains or losses realized from the acquisition or disposition of subsidiaries), equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses, transaction costs and other, income taxes, and the use of annualized operating return on average common equity. The presentation of after-tax operating income available to Arch common shareholders and annualized operating return on average common equity are non-GAAP financial measures as defined in Regulation G. The reconciliation of such measures to net income available to Arch common shareholders and annualized net income return on average common equity (the most directly comparable GAAP financial measures) in
accordance with Regulation G is included under “Results of Operations” below.
We believe that net realized gains or losses, equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses and transaction costs and other in any particular period are not indicative of the performance of, or trends in, our business. Although net realized gains or losses, equity in net income or loss of investments accounted for using the equity method and net foreign exchange gains or losses are an integral part of our operations, the decision to realize these items, are independent of the insurance underwriting process and result, in large part, from general economic and financial market conditions. Furthermore, certain users of our financial information believe that, for many companies, the timing of the realization of investment gains or losses is largely opportunistic. In addition, changes in the allowance for credit losses and net impairment losses recognized in earnings on our investments represent other-than-temporary declines in expected recovery values on securities without actual realization. Furthermore, we exclude net realized gains or losses from the acquisition or disposition of subsidiaries, due to their non-recurring nature, such items are not indicative of the performance of, or trends in, our business performance.
The use of the equity method on certain of our investments funds that invest in fixed maturity securities is driven by the ownership structure of such funds (either limited partnerships or limited liability companies). In applying the equity method, these investments are initially recorded at cost and are subsequently adjusted based on our proportionate share of the net income or loss of the funds (which include changes in the market value of the underlying securities in the funds). This method of accounting is different from the way in which we account for our other investments; and, the timing of the recognition of equity in net income or loss of investments accounted for using the equity method may differ from gains or losses in the future upon sale or maturity of such investments.
Transaction costs and other include integration, advisory, financing, legal, severance, incentive compensation and all other transaction costs directly related to acquisitions. We believe that transaction costs and other, due to their nonrecurring nature, are not indicative of the performance of, or trends in, our business performance.
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2026 FIRST QUARTER FORM 10-Q
We believe that showing net income available to Arch common shareholders exclusive of the items referred to above reflects the underlying fundamentals of our business since we evaluate the performance of and manage our business to produce an underwriting profit. In addition to presenting the net income available to Arch common shareholders, we believe that this presentation enables investors and other users of our financial information to analyze our performance in a manner similar to how management analyzes performance. We also believe that this measure follows industry practice and, therefore, allows the users of financial information to compare our performance with our industry peer group. We believe that the equity analysts and certain rating agencies that follow us and the insurance industry as a whole generally exclude these items from their analyses for the same reasons.
Our segment information includes the presentation of consolidated underwriting income or loss. Such measures represent the pre-tax profitability of our underwriting operations and include net premiums earned plus other underwriting income, less losses and loss adjustment expenses, acquisition expenses and other operating expenses. Other operating expenses include those operating expenses that are incremental and/or directly attributable to our individual underwriting operations. Underwriting income or loss does not incorporate certain income and expense items which are included in corporate. While these measures are presented in note 5, “Segment Information,” to our consolidated financial statements, they are considered non-GAAP financial measures when presented elsewhere on a consolidated basis. The reconciliations of underwriting income or loss to income before income taxes (the most directly comparable GAAP financial measure) on a consolidated basis, in accordance with Regulation G, is shown in note 5, “Segment Information” to our consolidated financial statements.
We measure segment performance for our three underwriting segments based on underwriting income or loss. We do not manage our assets by underwriting segment, with the exception of goodwill and intangible assets, and, accordingly, investment income, income from operating affiliates and other non-underwriting related items are not allocated to each underwriting segment.
Our presentation of segment information includes the use of a current year loss ratio which excludes favorable or adverse development in prior year loss reserves. This ratio is a non-GAAP financial measure as defined in Regulation G. The reconciliation of such measure to the loss ratio (the most directly comparable GAAP financial measure) in accordance with Regulation G is shown on the individual segment pages. Management utilizes the current year loss ratio in its analysis of the underwriting performance of each of our underwriting segments. Effective in the 2025 first quarter, the ‘Other operating expense ratio’ includes ‘Other underwriting income.’
Total return on investments includes investment income, equity in net income or loss of investments accounted for using the equity method, net realized gains or losses (excluding net realized gains or losses on non-investment related financial assets) and the change in unrealized gains or losses generated by Arch’s investment portfolio. Total return is calculated on a pre-tax basis and before investment expenses, and reflects the effect of financial market conditions along with foreign currency fluctuations. In addition, total return incorporates the timing of investment returns during the periods. There is no directly comparable GAAP financial measure for total return. Management uses total return on investments as a key measure of the return generated to Arch common shareholders on the capital held in the business, and compares the return generated by our investment portfolio against benchmark returns which we measured our portfolio against during the periods.
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2026 FIRST QUARTER FORM 10-Q
RESULTS OF OPERATIONS
The following table summarizes our consolidated financial data, including a reconciliation of net income or loss available to Arch common shareholders to after-tax operating income or loss available to Arch common shareholders. See “Comment on Non-GAAP Financial Measures.”
Three Months Ended
March 31,
20262025
Net income available to Arch common shareholders$1,037 $564 
Net realized (gains) losses (1)87 (3)
Equity in net (income) loss of investments accounted for using the equity method(160)(53)
Net foreign exchange (gains) losses(21)27 
Transaction costs and other18 10 
Income tax expense (benefit) (2)(60)42 
After-tax operating income available to Arch common shareholders$901 $587 
Beginning common shareholders’ equity$23,376 $19,990 
Ending common shareholders’ equity23,358 20,715 
Average common shareholders’ equity$23,367 $20,353 
Annualized net income return on average common equity %17.8 11.1 
Annualized operating return on average common equity %15.4 11.5 
(1)    Net realized gains or losses include, but are not limited to, realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains or losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains or losses realized from the acquisition or disposition of subsidiaries.
(2)    Income tax expense on net realized gains or losses, equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses and transaction costs and other reflects the relative mix reported by jurisdiction and the varying tax rates in each jurisdiction.
Segment Information
We classify our businesses into three underwriting segments: insurance, reinsurance and mortgage. Our insurance, reinsurance and mortgage segments each have managers who are responsible for the overall profitability of their respective segments and who are directly accountable to our chief operating decision makers (“CODMs”), the Chief Executive Officer of Arch Capital and the Chief Financial Officer and Treasurer of Arch Capital. The CODMs do not assess performance, measure return on equity or make resource allocation decisions on a line of business basis. Management measures segment performance for our three underwriting segments based on underwriting income or loss. We do not manage our assets by underwriting segment, with the exception of goodwill and intangible assets and accordingly investment income is not allocated to each underwriting segment.
We determined our reportable segments using the management approach described in accounting guidance regarding disclosures about segments of an enterprise and related information. The accounting policies of the segments are the same as those used for the preparation of our consolidated financial statements. Intersegment business is allocated to the segment accountable for the underwriting results.
Insurance Segment
The Company’s insurance segment primarily consists of commercial insurance lines of business, with a focus on specialty insurance products. These products are mainly offered in North America, Bermuda, the United Kingdom, continental Europe and Australia. Products offered in North America include: commercial automobile; commercial multi-peril; other liability-claims made, which includes financial and professional lines; other liability-occurrence, which includes admitted and excess and surplus casualty lines; property and short-tail specialty; workers compensation; and other. Products offered across the Company’s International units include: property and short-tail specialty; and casualty and other.
The following tables set forth our insurance segment’s underwriting results:
 Three Months Ended March 31,
 20262025% Change
Gross premiums written$2,697 $2,645 2.0 
Premiums ceded(791)(712)
Net premiums written1,906 1,933 (1.4)
Change in unearned premiums(35)(73)
Net premiums earned1,871 1,860 0.6 
Other underwriting income (1)11 3  
Losses and loss adjustment expenses(1,126)(1,228)
Acquisition expenses(375)(343)
Other operating expenses(315)(294)
Underwriting income (loss)$66 $(2)3,400.0 
Underwriting Ratios  % Point
Change
Loss ratio60.2 %66.0 %(5.8)
Acquisition expense ratio20.0 %18.5 %1.5 
Other operating expense ratio (2)16.3 %15.6 %0.7 
Combined ratio96.5 %100.1 %(3.6)
(1)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
(2)    The ‘Other operating expense ratio’ includes ‘Other underwriting income.’ See ‘Comments on Non-GAAP Financial Measures’ for further details.
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2026 FIRST QUARTER FORM 10-Q
Premiums Written.
The following tables set forth our insurance segment’s net premiums written by major line of business:
 Three Months Ended March 31,
 20262025
 Amount%Amount%
North America
Property and short-tail specialty$322 16.9 $348 18.0 
Other liability - occurrence315 16.5 330 17.1 
Other liability - claims made175 9.2 149 7.7 
Commercial multi-peril173 9.1 198 10.2 
Workers compensation157 8.2 153 7.9 
Commercial automobile149 7.8 161 8.3 
Other74 3.9 76 3.9 
Total North America 1,365 71.6 1,415 73.2 
International
Property and short-tail specialty$282 14.8 $271 14.0 
Casualty and other259 13.6 247 12.8 
Total International 541 28.4 518 26.8 
Total$1,906 100.0 $1,933 100.0 
2026 First Quarter versus 2025 Period. Gross premiums written by the insurance segment in the 2026 first quarter were 2.0% higher than in the 2025 first quarter, while net premiums written were 1.4% lower than in the 2025 first quarter. Adjusting for the non-renewal of certain programs related to the MCE Acquisition, net premiums written would have increased by 1.1% compared to the same quarter one year ago.
Net Premiums Earned.
The following tables set forth our insurance segment’s net premiums earned by major line of business:
 Three Months Ended March 31,
 20262025
 Amount%Amount%
North America
Property and short-tail specialty$315 16.8 $333 17.9 
Other liability - occurrence300 16.0 329 17.7 
Other liability - claims made200 10.7 192 10.3 
Commercial multi-peril195 10.4 201 10.8 
Workers compensation135 7.2 131 7.0 
Commercial automobile146 7.8 145 7.8 
Other69 3.7 72 3.9 
Total North America 1,360 72.7 1,403 75.4 
International
Property and short-tail specialty$279 14.9 $246 13.2 
Casualty and other232 12.4 211 11.3 
Total International 511 27.3 457 24.6 
Total$1,871 100.0 $1,860 100.0 
Net premiums written are primarily earned on a pro rata basis over the terms of the policies for all products, usually 12 months. Net premiums earned reflect changes in net premiums written over the previous five quarters. Net premiums earned for the 2026 first quarter were 0.6% higher than in the 2025 first quarter.
Other Underwriting Income.
Other underwriting income, which includes revenue earned from underwriting-related activities covered under existing service contracts, was $11 million for the 2026 first quarter, compared to $3 million for the 2025 first quarter.
Losses and Loss Adjustment Expenses.
The table below shows the components of the insurance segment’s loss ratio:
Three Months Ended
March 31,
 20262025
Current year60.9 %66.9 %
Prior period reserve development(0.7)%(0.9)%
Loss ratio60.2 %66.0 %
Current Year Loss Ratio.
2026 First Quarter versus 2025 Period. The insurance segment’s current year loss ratio in the 2026 first quarter was 6.0 points lower than in the 2025 first quarter. The 2026 first quarter loss ratio reflected 4.2 points of current year catastrophic activity, compared to 9.5 points in the 2025 first quarter, primarily related to California wildfires. The balance of the change in the loss ratio resulted, in part, from changes in mix of business.
Prior Period Reserve Development.
The insurance segment’s net favorable development was $14 million, or 0.7 points, for the 2026 first quarter, compared to $17 million, or 0.9 points, for the 2025 first quarter. See note 6, “Reserve for Losses and Loss Adjustment Expenses,” to our consolidated financial statements for information about the insurance segment’s prior year reserve development.
Underwriting Expenses.
2026 First Quarter versus 2025 Period. The insurance segment’s underwriting expense ratio was 36.3% in the 2026 first quarter, compared to 34.1% in the 2025 first quarter. In the 2025 first quarter, the impact of the MCE Acquisition lowered the underwriting expense ratio by approximately 1.9 points, primarily due to the effects of the fair value estimation of the assets acquired at closing, including the non-recognition of deferred acquisition costs. The 2026 first quarter also included higher compensation costs compared
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2026 FIRST QUARTER FORM 10-Q
to the 2025 first quarter and transitional expenses associated with the MCE Acquisition.
Reinsurance Segment 
The Company’s reinsurance segment offers reinsurance products on a worldwide basis. Lines of business include: casualty; marine and aviation; property catastrophe; property excluding property catastrophe; specialty; and other.
The following tables set forth our reinsurance segment’s underwriting results:
 Three Months Ended March 31,
 20262025% Change
Gross premiums written$3,414 $3,494 (2.3)
Premiums ceded(1,238)(1,178)
Net premiums written2,176 2,316 (6.0)
Change in unearned premiums(345)(288)
Net premiums earned1,831 2,028 (9.7)
Other underwriting income (1)37 39  
Losses and loss adjustment expenses(948)(1,356) 
Acquisition expenses(347)(417) 
Other operating expenses(132)(127) 
Underwriting income$441 $167 164.1 
Underwriting Ratios% Point
Change
Loss ratio51.7 %66.9 %(15.2)
Acquisition expense ratio19.0 %20.6 %(1.6)
Other operating expense ratio (2)5.2 %4.3 %0.9 
Combined ratio75.9 %91.8 %(15.9)
(1)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
(2)    The ‘Other operating expense ratio’ includes ‘Other underwriting income.’ See ‘Comments on Non-GAAP Financial Measures’ for further details.
Premiums Written.
The following tables set forth our reinsurance segment’s net premiums written by major line of business:
 Three Months Ended March 31,
 20262025
 Amount%Amount%
Specialty$687 31.6 $594 25.6 
Property excluding property catastrophe548 25.2 581 25.1 
Casualty478 22.0 499 21.5 
Property catastrophe307 14.1 477 20.6 
Marine and aviation78 3.6 121 5.2 
Other78 3.6 44 1.9 
Total$2,176 100.0 $2,316 100.0 
2026 First Quarter versus 2025 Period. Gross premiums written by the reinsurance segment in the 2026 first quarter were 2.3% lower than in the 2025 first quarter, while net premiums written were 6.0% lower than in the 2025 first quarter. The lower level of net premiums written this quarter was primarily due to a reduction in property catastrophe business written at January 1, amplified by a lower level of reinstatement premiums relative to the 2025 first quarter, which included reinstatement premiums related to the California wildfires.
Net Premiums Earned.
The following tables set forth our reinsurance segment’s net premiums earned by major line of business:
 Three Months Ended March 31,
 20262025
 Amount%Amount%
Specialty$586 32.0 $727 35.8 
Property excluding property catastrophe519 28.3 548 27.0 
Casualty353 19.3 325 16.0 
Property catastrophe226 12.3 306 15.1 
Marine and aviation70 3.8 80 3.9 
Other77 4.2 42 2.1 
Total$1,831 100.0 $2,028 100.0 
Net premiums written, irrespective of the class of business, are generally earned on a pro rata basis over the terms of the underlying policies or reinsurance contracts. Net premiums earned reflect changes in net premiums written over the previous five quarters. Net premiums earned for the 2026 first quarter were 9.7% lower than in the 2025 first quarter.
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2026 FIRST QUARTER FORM 10-Q
Other Underwriting Income.
Other underwriting income, which includes revenue earned from underwriting-related activities covered under existing service contracts, was $37 million for the 2026 first quarter, compared to $39 million for the 2025 first quarter.
Losses and Loss Adjustment Expenses.
The table below shows the components of the reinsurance segment’s loss ratio:
Three Months Ended
March 31,
 20262025
Current year60.0 %72.8 %
Prior period reserve development(8.3)%(5.9)%
Loss ratio51.7 %66.9 %
Current Year Loss Ratio.
2026 First Quarter versus 2025 Period. The reinsurance segment’s current year loss ratio in the 2026 first quarter was 12.8 points lower than in the 2025 first quarter. The 2026 first quarter loss ratio reflected 5.4 points of current year catastrophic activity, compared to 21.7 points in the 2025 first quarter, primarily related to California wildfires. The balance of the change in the loss ratio resulted, in part, from changes in mix of business.
Prior Period Reserve Development.
The reinsurance segment’s net favorable development was $152 million, or 8.3 points, for the 2026 first quarter, compared to $119 million, or 5.9 points, for the 2025 first quarter. See note 6, “Reserve for Losses and Loss Adjustment Expenses,” to our consolidated financial statements for information about the reinsurance segment’s prior year reserve development.
Underwriting Expenses.
2026 First Quarter versus 2025 Period. The underwriting expense ratio for the reinsurance segment was 24.2% in the 2026 first quarter, compared to 24.9% in the 2025 first quarter. The 2025 first quarter amount included a lower level of contingent commissions on ceded business, primarily due to the impact of the California wildfires.
Mortgage Segment 
The Company’s mortgage segment consists of U.S. primary mortgage insurance business written predominantly on loans sold to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a government sponsored entity (“GSE”) and also through non GSE approved entities (combined “Arch MI U.S.”); reinsurance and underwriting services related to U.S. credit-risk transfer (“CRT”) business which are predominately with the GSEs and other U.S. mortgage reinsurance transactions; and international mortgage insurance and reinsurance business covering loans primarily in Australia and Europe.
The following tables set forth our mortgage segment’s underwriting results:
 Three Months Ended March 31,
 20262025% Change
Gross premiums written$316 $326 (3.1)
Premiums ceded(50)(60)
Net premiums written266 266 — 
Change in unearned premiums18 34 
Net premiums earned284 300 (5.3)
Other underwriting income (1)11 11 
Losses and loss adjustment expenses(15)(3)
Acquisition expenses(8)(4)
Other operating expenses(51)(52)
Underwriting income$221 $252 (12.3)
Underwriting Ratios% Point
Change
Loss ratio5.3 %1.1 %4.2 
Acquisition expense ratio2.9 %1.3 %1.6 
Other operating expense ratio (2)14.1 %13.7 %0.4 
Combined ratio22.3 %16.1 %6.2 
(1)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
(2)    The ‘Other operating expense ratio’ includes ‘Other underwriting income.’ See ‘Comments on Non-GAAP Financial Measures’ for further details.
Premiums Written.
The following tables set forth our mortgage segment’s net premiums written by major line of business:
 Three Months Ended March 31,
 20262025
 Amount%Amount%
U.S. primary mortgage insurance $204 76.7 $203 76.3 
U.S. credit risk transfer (CRT) and other37 13.9 50 18.8 
International mortgage insurance/
reinsurance		25 9.4 13 4.9 
Total$266 100.0 $266 100.0 
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2026 FIRST QUARTER FORM 10-Q
2026 First Quarter versus 2025 Period. Gross premiums written by the mortgage segment in the 2026 first quarter were 3.1% lower than in the 2025 first quarter, driven by lower U.S. monthly premium business. Net premiums written were flat compared to the 2025 first quarter, reflecting lower cessions on U.S. primary business.
The persistency rate was 80.7% for the Arch MI U.S. portfolio of primary mortgage insurance policies at March 31, 2026, compared to 81.9% at March 31, 2025. The persistency rate represents the percentage of mortgage insurance in force at the beginning of a 12 month period that remains in force at the end of such period.
The following tables provide details on the new insurance written (“NIW”) generated by Arch MI U.S. NIW represents the original principal balance of all loans that received coverage during the period.

Three Months Ended March 31,
20262025
Amount%Amount%
Total new insurance written (NIW)$14,812 $9,190 
Credit quality:
>=740$11,720 79.1 $6,835 74.4 
680-7392,698 18.2 2,103 22.9 
620-679371 2.5 249 2.7 
<62023 0.2 3 0.0 
Total$14,812 100.0 $9,190 100.0 
Loan-to-value (LTV):
95.01% and above$2,064 13.9 $756 8.2 
90.01% to 95.00%5,804 39.2 4,374 47.6 
85.01% to 90.00%4,690 31.7 2,920 31.8 
85.00% and below2,254 15.2 1,140 12.4 
Total$14,812 100.0 $9,190 100.0 
Monthly vs. single:
Monthly$14,273 96.4 $8,497 92.5 
Single539 3.6 693 7.5 
Total$14,812 100.0 $9,190 100.0 
Purchase vs. refinance:
Purchase$11,754 79.4 $8,795 95.7 
Refinance3,058 20.6 395 4.3 
Total$14,812 100.0 $9,190 100.0 

Net Premiums Earned.
The following tables set forth our mortgage segment’s net premiums earned by major line of business:
 Three Months Ended March 31,
 20262025
 Amount%Amount%
U.S. primary mortgage insurance $209 73.6 $209 69.7 
U.S. credit risk transfer (CRT) and other37 13.0 50 16.7 
International mortgage insurance/
reinsurance		38 13.4 41 13.7 
Total$284 100.0 $300 100.0 
2026 First Quarter versus 2025 Period. Net premiums earned for the 2026 first quarter were 5.3% lower than in the 2025 first quarter, primarily reflecting lower cancellation related premiums associated with CRT transactions.
Other Underwriting Income.
Other underwriting income, which is primarily related to GSE credit risk-sharing transactions, was $11 million for the 2026 first quarter, consistent with $11 million for the 2025 first quarter.
Losses and Loss Adjustment Expenses.
The table below shows the components of the mortgage segment’s loss ratio:
Three Months Ended
March 31,
 20262025
Current year24.5 %21.5 %
Prior period reserve development(19.2)%(20.4)%
Loss ratio5.3 %1.1 %
Current Year Loss Ratio.
2026 First Quarter versus 2025 Period. The mortgage segment’s current year loss ratio was 3.0 points higher in the 2026 first quarter than in the 2025 first quarter. The 2026 first quarter loss ratio reflected modestly higher level of delinquencies than in the 2025 first quarter.
Prior Period Reserve Development.
The mortgage segment’s net favorable development was $54 million, or 19.2 points, for the 2026 first quarter, compared to $61 million, or 20.4 points, for the 2025 first quarter. See note 6, “Reserve for Losses and Loss Adjustment Expenses,” to our consolidated financial statements for information about the mortgage segment’s prior year reserve development.
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2026 FIRST QUARTER FORM 10-Q
Underwriting Expenses.
2026 First Quarter versus 2025 Period. The underwriting expense ratio for the mortgage segment was 17.0% in the 2026 first quarter, compared to 15.0% in the 2025 first quarter. The increase was primarily due to higher gross acquisition expenses and lower ceding and profit commissions on U.S. primary mortgage business. The 2026 first quarter ratio also reflected the impact of a lower level of net premiums earned.
Corporate
The Company’s corporate results include net investment income, net realized gains or losses (which include, but are not limited to, realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains or losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains or losses realized from the acquisition or disposition of subsidiaries), equity in net income or loss of investments accounted for using the equity method, other income or loss, corporate expenses, transaction costs and other, amortization of intangible assets, interest expense, net foreign exchange gains or losses, income taxes, income from operating affiliates and items related to our non-cumulative preferred shares.
Net Investment Income.
The components of net investment income were derived from the following sources:
Three Months Ended
March 31,
 20262025
Fixed maturities$384 $342 
Short-term investments24 26 
Equity securities (dividends)8 11 
Other (1)21 28 
Gross investment income437 407 
Investment expenses (2)(29)(29)
Net investment income$408 $378 
(1)    Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items.
(2)        Investment expenses were approximately 0.29% of average invested assets for the 2026 first quarter, compared to 0.32% for the 2025 first quarter.
The higher level of net investment income for the 2026 period primarily reflected growth in average invested assets, due in part to strong operating cash flows. Net cash flow from operating activities contributed $1.2 billion for the three months ended March 31, 2026. The pre-tax investment income yield, calculated based on amortized cost and on an annualized basis, was 3.99% for the 2026 first quarter, compared to 4.16% for the 2025 first quarter.
Corporate Expenses.
Corporate expenses were $31 million for the 2026 first quarter, compared to $50 million for the 2025 first quarter. Such amounts primarily represent certain holding company costs necessary to support our worldwide operations and costs associated with operating as a publicly traded company. The decline in the 2026 first quarter primarily reflected the benefit of Bermuda qualified refundable tax credits.
Transaction Costs and Other.
Transaction costs and other for the 2026 first quarter was $18 million, compared to $10 million for the 2025 first quarter. Amounts in both periods primarily includes direct costs related to the MCE Acquisition.
Other Income or Losses.
Other income for the 2026 first quarter was a loss of $5 million, compared to a loss of $2 million for the 2025 first quarter. Amounts in both periods primarily reflect changes in the cash surrender value of our investment in corporate-owned life insurance.
Amortization of Intangible Assets.
Amortization of intangible assets for the 2026 first quarter was $30 million, compared to $49 million for the 2025 first quarter. Amounts in both periods reflected the amortization of intangible assets related to the MCE Acquisition.
Interest Expense.
Interest expense was $37 million for the 2026 first quarter, compared to $35 million for the 2025 first quarter. Interest expense primarily reflects amounts related to our outstanding senior notes.
Net Realized Gains or Losses.
Net realized losses for the 2026 first quarter were $87 million, compared to net realized gains of $3 million for the 2025 first quarter. Amounts in both periods reflected sales of investments as well as the impact of financial market movements on the Company’s equity securities and investments accounted for under the fair value option method. Currently, our portfolio is actively managed to maximize total return within certain guidelines. The effect of financial market movements on the investment portfolio will directly impact net realized gains or losses as the portfolio is adjusted and rebalanced. Net realized gains or losses from the sale of fixed maturities primarily results from our decisions to reduce credit exposure, to change duration targets, to rebalance our portfolios or due to relative value determinations.
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2026 FIRST QUARTER FORM 10-Q
Net realized gains or losses also include, but are not limited to, realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains or losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains or losses realized from the acquisition or disposition of subsidiaries. See note 8, “Investment Information—Net Realized Gains (Losses)” and note 8, “Investment Information—Allowance for Expected Credit Losses,” to our consolidated financial statements for additional information.
Equity in Net Income or Losses of Investments Accounted for Using the Equity Method.
Equity in net income of investments accounted for using the equity method was $160 million in the 2026 first quarter, compared to $53 million for the 2025 first quarter. Such investments are generally recorded on a one to three month lag based on the availability of reports from the investment funds. Investment funds accounted for using the equity method totaled $6.7 billion at March 31, 2026, compared to $6.5 billion at December 31, 2025. See note 8, “Investment Information—Investments Accounted For Using the Equity Method,” to our consolidated financial statements for additional information.
Net Foreign Exchange Gains or Losses.
Net foreign exchange gains for the 2026 first quarter were $21 million, compared to losses of $27 million for the 2025 first quarter. Amounts in both periods were primarily unrealized and resulted from the effects of revaluing our net insurance liabilities required to be settled in foreign currencies at each balance sheet date.
Income Tax Expense.
Our income tax provision on income or loss before income taxes, including income or loss from operating affiliates, resulted in an expense of 8.6% for the 2026 first quarter, compared to an expense of 17.4% for the 2025 first quarter. The decrease in the effective tax rate was primarily driven by tax law changes in Bermuda and the United Kingdom. See note 14, “Income Taxes” to our consolidated financial statements for additional information.
Income or Losses from Operating Affiliates.
Income from operating affiliates for the 2026 first quarter was $36 million, compared to income of $17 million for the 2025 first quarter. Such amounts primarily related to the Company’s investment in Somers Group Holdings Ltd. (“Somers”) and Coface SA. See note 8, “Investment Information—Investments in Operating Affiliates,” to our consolidated financial statements for additional information.
CRITICAL ACCOUNTING POLICIES,
ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS
Critical accounting policies, estimates and recent accounting pronouncements are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K, updated where applicable in the notes accompanying our consolidated financial statements, including note 1, “Basis of Presentation and Recent Accounting Pronouncements.”
FINANCIAL CONDITION
Investable Assets Held by Arch 
At March 31, 2026, approximately $29.3 billion, or 61.7%, of total investable assets held by Arch were internally managed, compared to $29.5 billion, or 62.2%, at December 31, 2025. See note 8, “Investment Information” to our consolidated financial statements for additional information.
The following table summarizes the duration and average credit quality of fixed income assets held by Arch:
March 31,
2026		December 31, 2025
Average effective fixed maturities duration (in years)3.43 3.34 
Average S&P/Moody’s credit ratings (1)AA-/Aa3AA-/Aa3
(1)Average credit ratings on our investment portfolio on securities with ratings assigned by S&P and Moody’s.
The following table provides the credit quality distribution of our fixed maturities. For individual fixed maturities, S&P ratings are used. In the absence of an S&P rating, ratings from Moody’s are used, followed by ratings from Fitch Ratings.
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2026 FIRST QUARTER FORM 10-Q
Estimated Fair Value% of
Total
March 31, 2026
U.S. government and gov’t agencies (1)$9,665 28.8 
AAA5,769 17.2 
AA2,554 7.6 
A6,405 19.1 
BBB6,526 19.5 
BB1,340 4.0 
B806 2.4 
Lower than B35 0.1 
Not rated428 1.3 
Total$33,528 100.0 
December 31, 2025
U.S. government and gov’t agencies (1)$9,561 28.5 
AAA5,667 16.9 
AA2,564 7.6 
A6,448 19.2 
BBB6,533 19.5 
BB1,330 4.0 
B734 2.2 
Lower than B35 0.1 
Not rated664 2.0 
Total$33,536 100.0 
(1)Includes U.S. government-sponsored agency residential mortgage-backed securities and agency commercial mortgage-backed securities.
The following table provides information on the severity of the unrealized loss position as a percentage of amortized cost for all fixed maturities which were in an unrealized loss position:
Severity of gross unrealized losses:Estimated Fair ValueGross
Unrealized
Losses		% of
Total Gross
Unrealized
Losses
March 31, 2026
0-10%$21,665 $(341)76.3 
10-20%625 (94)21.0 
20-30%32 (10)2.2 
Greater than 30%4 (2)0.4 
Total$22,326 $(447)100.0 
December 31, 2025
0-10%$11,702 $(202)69.9 
10-20%556 (80)27.7 
20-30%20 (6)2.1 
Greater than 30%1 (1)0.3 
Total$12,279 $(289)100.0 
The following table summarizes our top ten exposures to fixed income corporate issuers by fair value at March 31, 2026, excluding guaranteed amounts and covered bonds:
 Estimated Fair ValueCredit
Rating (1)
Morgan Stanley$356 A/A1
JPMorgan Chase & Co.328 A/A1
Bank of America Corporation322 A-/A1
The Goldman Sachs Group, Inc.277 BBB+/A2
Amazon.com, Inc.240 AA/A1
Citigroup Inc.208 A-/A2
Wells Fargo & Company192 BBB+/A1
UBS Group AG181 A-/A1
The Toronto-Dominion Bank179 A-/A2
Hyundai Motor Company156 A-/A3
Total$2,439 
(1)Average credit ratings as assigned by S&P and Moody’s, respectively.
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2026 FIRST QUARTER FORM 10-Q
The following table provides information on our structured securities, which includes residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”):
AgenciesInvestment GradeBelow Investment GradeTotal
March 31, 2026
RMBS$2,232 $656 $4 $2,892 
CMBS6 1,293 92 1,391 
ABS— 3,609 128 3,737 
Total$2,238 $5,558 $224 $8,020 
December 31, 2025
RMBS$2,105 $600 $— $2,705 
CMBS6 1,129 77 1,212 
ABS— 3,368 206 3,574 
Total$2,111 $5,097 $283 $7,491 
The following table summarizes our equity securities, which include investments in exchange traded funds:
March 31,
2026		December 31,
2025
Equities (1)$1,233 $1,296 
Exchange traded funds
Fixed income (2)309 316 
Equity and other (3)228 257 
Total$1,770 $1,869 
(1)Primarily in technology, communications, consumer non-cyclical, financial and industrial sectors at March 31, 2026.
(2)Primarily in structured and corporate exposures at March 31, 2026.
(3)Primarily in technology, financials, communications, consumer cyclical and healthcare sectors at March 31, 2026.

For details on our other investments and other investable assets, see note 8, “Investment Information—Other Investments” to our consolidated financial statements.
For details on our investments accounted for using the equity method, see note 8, “Investment Information—Investments Accounted For Using the Equity Method,” to our consolidated financial statements.
Our investment strategy allows for the use of derivative instruments. We utilize various derivative instruments such as futures contracts to enhance investment performance, replicate investment positions or manage market exposures and duration risk that would be allowed under our investment guidelines if implemented in other ways. See note 10, “Derivative Instruments,” to our consolidated financial statements for additional disclosures related to derivatives.
Accounting guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use a fair value measure for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. See note 9, “Fair Value,” to our consolidated financial statements for a summary of our financial assets and liabilities measured at fair value, segregated by level in the fair value hierarchy.
Reinsurance
The effects of reinsurance on written and earned premiums and losses and loss adjustment expenses (“LAE”) with unaffiliated reinsurers were as follows:
Three Months Ended
March 31,
20262025
Premiums written:
Direct$2,726 $2,592 
Assumed3,699 3,871 
Ceded(2,077)(1,948)
Net$4,348 $4,515 
Premiums earned:
Direct$2,552 $2,460 
Assumed2,976 3,227 
Ceded(1,542)(1,499)
Net$3,986 $4,188 
Losses and LAE:
Direct$1,479 $1,277 
Assumed1,352 2,571 
Ceded(742)(1,261)
Net$2,089 $2,587 
See note 7, “Allowance for Expected Credit Losses,” to our consolidated financial statements for information about our reinsurance recoverables and related allowance for credit losses.
Bellemeade Re
We have entered into aggregate excess of loss mortgage reinsurance agreements with various special purpose reinsurance companies domiciled in Bermuda (the “Bellemeade Agreements”). For the respective coverage periods, we will retain the first layer of the respective aggregate losses and the special purpose reinsurance companies will provide second layer coverage up to the outstanding coverage amount. We will then retain losses in excess of the outstanding coverage limit. The aggregate excess of loss reinsurance coverage generally decreases over a ten-year period as the underlying covered mortgages amortize, unless provisional call options embedded within certain of the Bellemeade Agreements are executed or if pre-defined delinquency triggering events occur.
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2026 FIRST QUARTER FORM 10-Q
The following table summarizes the respective coverages and retentions at March 31, 2026:
Bellemeade Entities
(Issue Date)		Initial Coverage at IssuanceCurrent CoverageRemaining Retention, Net
2021-3 Ltd. (1)639 32 128 
2022-1 Ltd. (2)317 53 132 
2022-2 Ltd. (3)327 129 183 
2023-1 Ltd. (4)233 170 155 
2024-1 Ltd. (5)204 138 166 
2025-1 Ltd. (6)249 226 162 
Total$1,969 $748 $926 
(1) Issued in September 2021, covering in-force policies issued between April 1, 2021 and June 30, 2021. $508 million was directly funded by Bellemeade Re 2021-3 Ltd. via insurance-linked notes, with an additional $131 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(2)    Issued in January 2022, covering in-force policies issued between July 1, 2021 and November 30, 2021. $284 million was directly funded by Bellemeade Re 2022-1 Ltd. via insurance-linked notes, with an additional $33 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(3) Issued in September 2022, covering in-force policies issued between November 1, 2021 and June 30, 2022. $201 million was directly funded by Bellemeade Re 2022-2 Ltd. via insurance-linked notes, with an additional $126 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(4) Issued in October 2023, covering in-force policies issued between January 1, 2023 and September 30, 2023. $186 million was directly funded by Bellemeade Re 2023-1 Ltd. via insurance-linked notes, with an additional $47 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(5)    Issued in August 2024, covering in-force policies issued between September 1, 2023 and July 31, 2024. $163 million was directly funded by Bellemeade Re 2024-1 Ltd. via insurance-linked notes, with an additional $41 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(6)    Issued in November 2025, covering in-force policies issued between July 1, 2024 and September 30, 2025. $199 million was directly funded by Bellemeade Re 2025-1 Ltd. via insurance-linked notes, with an additional $50 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
Reserve for Losses and Loss Adjustment Expenses 
We establish reserve for losses and loss adjustment expenses (“Loss Reserves”) which represent estimates involving actuarial and statistical projections, at a given point in time, of our expectations of the ultimate settlement and administration costs of losses incurred. Estimating Loss Reserves is inherently difficult. We utilize actuarial models as well as available historical insurance industry loss ratio experience and loss development patterns to assist in the establishment of Loss Reserves. Actual losses and loss adjustment expenses paid will deviate, perhaps substantially, from the reserve estimates reflected in our financial statements.
At March 31, 2026 and December 31, 2025, our Loss Reserves, net of unpaid losses and loss adjustment expenses recoverable, by type and by operating segment were as follows:
March 31,
2026		December 31,
2025
Insurance segment:  
Case reserves$3,523 $3,489 
IBNR reserves9,387 9,251 
Total net reserves12,910 12,740 
Reinsurance segment:
Case reserves2,923 2,929 
Additional case reserves1,017 1,034 
IBNR reserves7,657 7,349 
Total net reserves11,597 11,312 
Mortgage segment:
Case reserves344 324 
IBNR reserves112 117 
Total net reserves456 441 
Total:  
Case reserves6,790 6,742 
Additional case reserves1,017 1,034 
IBNR reserves17,156 16,717 
Total net reserves$24,963 $24,493 
At March 31, 2026 and December 31, 2025, the insurance segment’s Loss Reserves by major line of business, net of unpaid losses and loss adjustment expenses recoverable, were as follows:
March 31,
2026		December 31,
2025
Insurance segment:
Third party occurrence business$4,680 $4,610 
Multi-line and other specialty4,266 4,345 
Third party claims-made business2,940 2,861 
Property, energy, marine and aviation1,024 924 
Total net reserves$12,910 $12,740 
At March 31, 2026 and December 31, 2025, the reinsurance segment’s Loss Reserves by major line of business, net of unpaid losses and loss adjustment expenses recoverable, were as follows:
March 31,
2026		December 31,
2025
Reinsurance segment:
Casualty$3,954 $3,823 
Specialty3,773 3,658 
Property excluding property catastrophe2,140 2,107 
Property catastrophe922 953 
Marine and aviation602 582 
Other206 189 
Total net reserves$11,597 $11,312 
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2026 FIRST QUARTER FORM 10-Q
At March 31, 2026 and December 31, 2025, the mortgage segment’s Loss Reserves by major line of business, net of unpaid losses and loss adjustment expenses recoverable, were as follows:
March 31,
2026		December 31,
2025
Mortgage segment:
U.S. primary mortgage insurance$336 $321 
U.S. credit risk transfer (CRT) and other62 64 
International mortgage insurance/
reinsurance		58 56 
Total net reserves$456 $441 
Mortgage Operations Supplemental Information
The mortgage segment’s insurance in force (“IIF”) and risk in force (“RIF”) were as follows at March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Amount%Amount%
Insurance In Force (IIF) (1):
U.S. primary mortgage insurance$286,523 59.7 $286,318 59.1 
U.S. credit risk transfer (CRT) and other 128,338 26.7 132,205 27.3 
International mortgage insurance/reinsurance 65,223 13.6 66,084 13.6 
Total$480,084 100.0 $484,607 100.0 
Risk In Force (RIF) (2):
U.S. primary mortgage insurance$74,281 84.8 $74,679 85.0 
U.S. credit risk transfer (CRT) and other5,214 6.0 5,358 6.1 
International mortgage insurance/reinsurance8,120 9.3 7,864 8.9 
Total$87,615 100.0 $87,901 100.0 
(1)Represents the aggregate dollar amount of each insured mortgage loan’s current principal balance. Such amounts are shown before external reinsurance.
(2)The aggregate dollar amount of each insured mortgage loan’s current principal balance multiplied by the insurance coverage percentage specified in the policy for insurance policies issued and after contract limits and/or loss ratio caps for risk-sharing or reinsurance. Such amounts are shown before external reinsurance.

The IIF and RIF for our U.S. primary mortgage insurance business by policy year were as follows at March 31, 2026:
IIFRIFDelinquency
Amount%Amount%Rate (1)
Policy year:
2016 and prior$18,794 6.6 $4,776 6.4 4.71 %
20173,825 1.3 1,008 1.4 3.93 %
20185,306 1.9 1,384 1.9 4.45 %
20199,901 3.5 2,604 3.5 2.89 %
202029,042 10.1 7,980 10.7 1.76 %
202147,723 16.7 13,152 17.7 1.81 %
202247,648 16.6 12,821 17.3 1.87 %
202329,282 10.2 7,573 10.2 1.95 %
202436,987 12.9 9,296 12.5 1.33 %
202543,389 15.1 10,543 14.2 0.33 %
202614,626 5.1 3,144 4.2 0.03 %
Total$286,523 100.0 $74,281 100.0 2.06 %
(1)Represents the ending percentage of loans in default.
The IIF and RIF for our U.S. primary mortgage insurance business by policy year were as follows at December 31, 2025:
IIFRIFDelinquency
Amount%Amount%Rate (1)
Policy year:
2016 and prior$19,384 6.8 $4,923 6.6 5.08 %
20174,250 1.5 1,127 1.5 3.87 %
20185,673 2.0 1,479 2.0 4.48 %
201910,553 3.7 2,770 3.7 3.08 %
202030,968 10.8 8,487 11.4 1.85 %
202150,141 17.5 13,767 18.4 1.88 %
202249,492 17.3 13,236 17.7 1.87 %
202331,049 10.8 8,006 10.7 1.93 %
202439,306 13.7 9,840 13.2 1.17 %
202545,502 15.9 11,044 14.8 0.20 %
Total$286,318 100.0 $74,679 100.0 2.17 %
(1)Represents the ending percentage of loans in default.
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2026 FIRST QUARTER FORM 10-Q
The following tables provide supplemental disclosures on risk in force for our U.S. primary mortgage insurance business at March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Amount%Amount%
Credit quality:
>=740$47,842 64.4 $47,757 63.9 
680-73922,861 30.8 23,271 31.2 
620-6793,274 4.4 3,340 4.5 
<620304 0.4 311 0.4 
Total$74,281 100.0 $74,679 100.0 
Weighted average credit score750 749 
Loan-to-value (LTV):
95.01% and above$7,436 10.0 $7,314 9.8 
90.01% to 95.00%44,147 59.4 44,494 59.6 
85.01% to 90.00%19,951 26.9 20,195 27.0 
85.00% and below2,747 3.7 2,676 3.6 
Total$74,281 100.0 $74,679 100.0 
Weighted average LTV93.2 %93.2 %
Total RIF, net of external reinsurance$62,366 $60,259 
March 31, 2026December 31, 2025
Amount%Amount%
Total RIF by State:
California$5,922 8.0 $5,901 7.9 
Texas5,376 7.2 5,382 7.2 
North Carolina3,285 4.4 3,343 4.5 
Minnesota3,100 4.2 3,129 4.2 
Illinois3,037 4.1 3,042 4.1 
Georgia2,966 4.0 3,005 4.0 
Michigan2,785 3.7 2,816 3.8 
Massachusetts2,704 3.6 2,780 3.7 
Ohio2,670 3.6 2,666 3.6 
Florida2,659 3.6 2,672 3.6 
Other39,777 53.5 39,943 53.5 
Total$74,281 100.0 $74,679 100.0 
The following table provides supplemental disclosures for our U.S. primary mortgage insurance business related to insured loans and loss metrics:
(U.S. Dollars in thousands, except policy, loan and claim count)Three Months Ended
March 31,
20262025
Roll-forward of insured loans in default:
Beginning delinquent number of loans22,985 22,982 
New notices
11,938 11,529 
Cures
(12,969)(12,920)
Paid claims
(348)(292)
Ending delinquent number of loans (1)21,606 21,299 
Ending number of policies in force (1)1,049,661 1,085,927 
Ending percentage of loans in default (1)2.06 %1.96 %
Losses:
Number of claims paid348 292 
Total paid claims$15,557 $11,950 
Average per claim$44.7 $40.9 
Severity (2)77.9 %76.8 %
Average case reserve per default (1)$16.6 $16.7 
(1)Includes first lien primary and pool policies.
(2)Represents total direct first lien paid claims divided by RIF of loans for which claims were paid, excluding paid claim settlements.
The risk to capital ratio, which represents total current (non-delinquent) risk in force, net of reinsurance, divided by total statutory capital, for Arch MI U.S. was approximately 8.4 to 1 at March 31, 2026, compared to 8.2 to 1 at December 31, 2025.
Shareholders’ Equity and Book Value per Share
The following table presents the calculation of book value per share:
March 31,
2026		December 31,
2025
Total shareholders’ equity available to Arch$24,188 $24,206 
Less preferred shareholders’ equity830 830 
Common shareholders’ equity available to Arch$23,358 $23,376 
Common shares and common share equivalents outstanding, net of treasury shares (1)352.9 359.0 
Book value per share$66.19 $65.11 
(1)Excludes the effects of 9.3 million and 10.2 million stock options and 0.4 million and 0.3 million restricted and performance share units outstanding at March 31, 2026 and December 31, 2025, respectively.
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2026 FIRST QUARTER FORM 10-Q
LIQUIDITY
Liquidity is a measure of our ability to access sufficient cash flows to meet the short-term and long-term cash requirements of our business operations.
Arch Capital is a holding company whose assets primarily consist of shares in its subsidiaries. Generally, Arch Capital depends on its available cash resources, liquid investments and dividends or other distributions from its subsidiaries to make payments, including the payment of debt service obligations and operating expenses it may incur and any dividends or liquidation amounts with respect to our preferred and common shares.
For the three months ended March 31, 2026, Arch Capital received dividends of $690 million from Arch Reinsurance Ltd. (“Arch Re Bermuda”), our Bermuda based reinsurer and insurer, which can pay approximately $5.7 billion to Arch Capital during the remainder of 2026 without providing an affidavit to the Bermuda Monetary Authority.
We expect that our liquidity needs, including our anticipated (re)insurance obligations and operating and capital expenditure needs, for the next 12 months and for the foreseeable future thereafter, will be met by funds generated from underwriting activities and investment income, as well as by our balance of cash, short-term investments, proceeds on the sale or maturity of our investments, and our credit facilities.
Cash Flows
The following table summarizes our cash flows from operating, investing and financing activities:
Three Months Ended
March 31,
 20262025
Total cash provided by (used for):  
Operating activities$1,188 $1,458 
Investing activities(639)(1,008)
Financing activities(827)(241)
Effects of exchange rate changes on foreign currency cash and restricted cash(8)16 
Increase (decrease) in cash and restricted cash$(286)$225 
Cash provided by operating activities for the three months ended March 31, 2026 was lower than in the 2025 period. Activity for the three months ended March 31, 2026 primarily reflected a lower level of premium collected than in the 2025 period.
Cash used for investing activities for the three months ended March 31, 2026 was lower than in the 2025 period. Activity for the three months ended March 31, 2026 reflected lower net purchases of investments than in the 2025 period, due in part to a higher level of repurchases under our share repurchase program than in the 2025 period.
Cash used for financing activities for the three months ended March 31, 2026 was higher than in the 2025 period, primarily due to the higher level of repurchases under our share repurchase program. We repurchased approximately $783 million of our common shares in the 2026 period, compared to $196 million in the 2025 period.
CAPITAL RESOURCES
The following table provides an analysis of our capital structure:
March 31,
2026		December 31,
2025
Senior notes$2,729 $2,729 
Shareholders’ equity available to Arch:
Series F non-cumulative preferred shares$330 $330 
Series G non-cumulative preferred shares500 500 
Common shareholders’ equity23,358 23,376 
Total$24,188 $24,206 
Total capital available to Arch$26,917 $26,935 
Debt to total capital (%)10.1 10.1 
Preferred to total capital (%)3.1 3.1 
Debt and preferred to total capital (%)13.2 13.2 
Arch MI U.S. is required to maintain compliance with the GSEs requirements, known as the Private Mortgage Insurer Eligibility Requirements or “PMIERs.” The financial requirements require an eligible mortgage insurer’s available assets, which generally include only the most liquid assets of an insurer, to meet or exceed “minimum required assets” as of each quarter end. Minimum required assets are calculated from PMIERs tables with several risk dimensions (including origination year, original loan-to-value and original credit score of performing loans, and the delinquency status of non-performing loans) and are subject to a minimum amount. Arch MI U.S. satisfied the PMIERs’ financial requirements with an estimated PMIERs sufficiency ratio of 175% at March 31, 2026, compared to 179% at December 31, 2025. On August 21, 2024, Fannie Mae and Freddie Mac each updated their PMIERs to incorporate new deductions to available assets for investment risk. This update became effective on March 31, 2025, but the impact will be phased in through September 30, 2026. If the GSEs had fully implemented this update to PMIERs as of March 31, 2026, the changes would have reduced the available assets by 2% and resulted in a pro-forma PMIERs sufficiency ratio of 173%.
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As part of our capital management program, we may seek to raise additional capital or may seek to return capital to our shareholders through share repurchases, cash dividends or other methods (or a combination of such methods). We may also seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Any such determination will be at the discretion of the Board and will be dependent upon our profits, financial requirements and other factors, including legal restrictions, rating agency requirements, prevailing market conditions and such other factors as our Board deems relevant. The amounts involved may be material.
Arch Capital, through its subsidiaries, provides financial support to certain of its insurance subsidiaries and affiliates, through certain reinsurance arrangements beneficial to the ratings of such subsidiaries. Historically, our insurance, reinsurance and mortgage insurance subsidiaries have entered into separate reinsurance arrangements with Arch Re Bermuda covering individual lines of business.
GUARANTOR INFORMATION
The below table provides a description of our senior notes payable at March 31, 2026:
Interest
Principal
Carrying
Issuer/Due
(Fixed)
Amount
Amount
Arch Capital:
May 1, 2034
7.350 %$300 $298 
June 30, 2050
3.635 %1,000990
Arch-U.S.:
Nov. 1, 2043 (1)
5.144 %500496
Arch Finance:
Dec. 15, 2026 (1)
4.011 %500499
Dec. 15, 2046 (1)
5.031 %450446
Total
$2,750 $2,729 
(1)Fully and unconditionally guaranteed by Arch Capital.
Our senior notes were issued by Arch Capital, Arch Capital Group (U.S.) Inc. (“Arch-U.S.”) and Arch Capital Finance LLC (“Arch Finance”). Arch-U.S. is a wholly-owned subsidiary of Arch Capital and Arch Finance is a wholly-owned finance subsidiary of Arch-U.S. Our 2034 senior notes and 2050 senior notes issued by Arch Capital are unsecured and unsubordinated obligations of Arch Capital and ranked equally with all of its existing and future unsecured and unsubordinated indebtedness. The 2043 senior notes issued by Arch-U.S. are unsecured and unsubordinated obligations of Arch-U.S. and Arch Capital and rank equally and ratably with the other unsecured and unsubordinated indebtedness of Arch-U.S. and Arch Capital. The 2026 senior notes and 2046 senior notes issued by Arch Finance are unsecured and unsubordinated obligations of Arch Finance and Arch Capital and rank equally and ratably with the other unsecured and unsubordinated indebtedness of Arch Finance and Arch
Capital.
Arch-U.S. and Arch Finance depend on their available cash resources, liquid investments and dividends or other distributions from their subsidiaries or affiliates to make payments, including the payment of debt service obligations and operating expenses they may incur.
The following tables present condensed financial information for Arch Capital (parent guarantor) and Arch-U.S. (subsidiary issuer):
March 31, 2026December 31, 2025
Arch CapitalArch-U.S.Arch CapitalArch-U.S.
Assets
Total investments$45 $391 $40 $442 
Cash9 4 13 4 
Investment in operating affiliates2 — 3 — 
Due from subsidiaries and affiliates6 56 16 14 
Other assets234 118 194 129 
Total assets$296 $569 $266 $589 
Liabilities
Senior notes1,288 496 1,288 496 
Due to subsidiaries and affiliates39 1,007 6 993 
Other liabilities45 97 41 58 
Total liabilities$1,372 $1,600 $1,335 $1,547 
Non-cumulative preferred shares$830 — $830 — 
Three Months Ended
March 31, 2026
Arch CapitalArch-U.S.
Revenues
Net investment income$1 $5 
Net realized gains (losses)— (2)
Equity in net income (loss) of investments accounted for using the equity method— (5)
Total revenues1 (2)
Expenses
Corporate expenses29 2 
Interest expense15 6 
Interest expense (intercompany)— 14 
Total expenses44 22 
Income (loss) before income taxes and income (loss) from operating affiliates(43)(24)
Income tax (expense) benefit18 4 
Net income available to Arch(25)(20)
Preferred dividends(10)— 
Net income (loss) available to Arch common shareholders$(35)$(20)
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CATASTROPHIC AND SEVERE ECONOMIC EVENTS
We have large aggregate exposures to natural and man-made catastrophic events, pandemic events and severe economic events. Natural catastrophes can be caused by various events, including hurricanes, floods, windstorms, earthquakes, hailstorms, tornadoes, explosions, severe winter weather, fires, droughts and other natural disasters. Man-made catastrophic events may include acts of war, acts of terrorism and political instability. Catastrophes can also cause losses in non-property business such as mortgage insurance, workers’ compensation or general liability. In addition to the nature of property business, we believe that economic and geographic trends affecting insured property, including inflation, property value appreciation and geographic concentration, tend to generally increase the size of losses from catastrophic events over time.
Our models employ both proprietary and vendor-based systems and include cross-line correlations for property, marine, offshore energy, aviation, workers compensation and personal accident. We seek to limit the probable maximum pre-tax loss to a specific level for severe catastrophic events. Currently, we seek to limit our 1-in-250 year return period net probable maximum loss from a severe catastrophic event in any geographic zone to approximately 25% of tangible shareholders’ equity available to Arch (total shareholders’ equity available to Arch less goodwill and intangible assets). We reserve the right to change this threshold at any time.
Based on in-force exposure estimated as of April 1, 2026, our modeled peak zone catastrophe exposure was a windstorm affecting the Florida Tri-County regions, with a net probable maximum pre-tax loss of $1.9 billion, or 8.2% of tangible shareholders’ equity available to Arch, followed by windstorms affecting the Northeastern U.S. and the Gulf of Mexico regions with net probable maximum pre-tax losses of $1.6 billion and $1.5 billion, respectively. Our exposures to other perils, such as U.S. earthquake and international events, were less than the exposures arising from U.S. windstorms and hurricanes. As of April 1, 2026, our modeled peak zone earthquake exposure (San Francisco earthquake) represented approximately 48% of our peak zone catastrophe exposure, and our modeled peak zone international exposure (Germany windstorm) was substantially less than both our peak zone windstorm and earthquake exposures.
We also have significant exposure to losses due to mortgage defaults resulting from severe economic events in the future. For our U.S. and Australian mortgage insurance business, we have developed a proprietary risk model (“Realistic Disaster Scenario” or “RDS”) that simulates the maximum loss resulting from a severe economic downturn impacting the housing market. The RDS models the
collective impact of adverse conditions for key economic indicators, the most significant of which is a decline in home prices. The RDS model projects paths of future home prices, unemployment rates, income levels and interest rates and assumes correlation across states and geographic regions. The resulting future performance of our in-force portfolio is then estimated under the economic stress scenario, reflecting loan and borrower information.
Currently, we seek to limit our modeled RDS loss from a severe economic event to approximately 25% of tangible shareholders’ equity available to Arch. We reserve the right to change this threshold at any time. Based on in-force exposure estimated as of April 1, 2026, our modeled RDS loss was approximately $924 million, or 4.0% of tangible shareholders’ equity available to Arch.
Net probable maximum loss estimates are net of expected reinsurance recoveries, before income tax and before excess reinsurance reinstatement premiums. RDS loss estimates are net of expected reinsurance recoveries and before income tax. Catastrophe loss estimates are reflective of the zone indicated and not the entire portfolio. Since hurricanes and windstorms can affect more than one zone and make multiple landfalls, our catastrophe loss estimates include clash estimates from other zones. Our catastrophe loss estimates and RDS loss estimates do not represent our maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates. There can be no assurances that we will not suffer pre-tax losses greater than 25% of our tangible shareholders’ equity from one or more catastrophic events or severe economic events due to several factors. These factors include the inherent uncertainties in estimating the frequency and severity of such events and the margin of error in making such determinations resulting from potential inaccuracies and inadequacies in the data provided by clients and brokers, the modeling techniques and the application of such techniques or as a result of a decision to change the percentage of shareholders' equity exposed to a single catastrophic event or severe economic event. In addition, actual losses may increase if our reinsurers fail to meet their obligations to us or the reinsurance protections purchased by us are exhausted or are otherwise unavailable. See “Risk Factors—Risks Relating to Our Industry” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Catastrophic Events and Severe Economic Events” in our 2025 Form 10-K.
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MARKET SENSITIVE INSTRUMENTS AND RISK MANAGEMENT
In accordance with the SEC’s Financial Reporting Release No. 48, we performed a sensitivity analysis to determine the effects that market risk exposures could have on the future earnings, fair values or cash flows of our financial instruments as of March 31, 2026. Market risk represents the risk of changes in the fair value of a financial instrument and is comprised of several components, including liquidity, basis and price risks.
An analysis of material changes in market risk exposures at March 31, 2026 that affect the quantitative and qualitative disclosures presented in our 2025 Form 10-K (see section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Market Sensitive Instruments and Risk Management”) were as follows: 
Investment Market Risk
Fixed Income Securities. We invest in interest rate sensitive securities, which are primarily debt securities. We consider the effect of interest rate movements on the fair value of our fixed maturities, short-term investments and certain of our other investments, equity securities and investments accounted for using the equity method which invest in fixed income securities (collectively, “Fixed Income Securities”) and the corresponding change in unrealized appreciation. As interest rates rise, the fair value of our Fixed Income Securities falls, and the converse is also true. Based on historical observations, there is a low probability that all interest rate yield curves would shift in the same direction at the same time. Furthermore, at times interest rate movements in certain credit sectors exhibit a much lower correlation to changes in U.S. Treasury yields. Accordingly, the actual effect of interest rate movements may differ materially from the amounts set forth in the following tables.
The following table summarizes the effect that an immediate, parallel shift in the interest rate yield curve would have had on our Fixed Income Securities:
(U.S. dollars in 
billions)		Interest Rate Shift in Basis Points
-100-50—+50+100
March 31, 2026
    
Total fair value$46.1 $45.5 $44.8 $44.2 $43.6 
Change from base2.8 %1.4 %(1.4)%(2.7)%
Change in unrealized value$1.3 $0.6 $(0.6)$(1.2)
December 31, 2025
Total fair value$45.8 $45.2 $44.6 $44.0 $43.3 
Change from base2.8 %1.4 %(1.4)%(2.8)%
Change in unrealized value$1.2 $0.6 $(0.6)$(1.2)
In addition, we consider the effect of credit spread movements on the market value of our Fixed Income Securities and the corresponding change in unrealized value. As credit spreads widen, the fair value of our Fixed Income Securities falls, and the converse is also true. In periods where the spreads on our Fixed Income Securities are much higher than their historical average due to short-term market dislocations, a parallel shift in credit spread levels would result in a much more pronounced change in unrealized value.
The following table summarizes the effect that an immediate, parallel shift in credit spreads in a static interest rate environment would have had on our Fixed Income Securities:
(U.S. dollars in 
billions)		Credit Spread Shift in Percentage Points
-100-50—+50+100
March 31, 2026
Total fair value$46.0 $45.4 $44.8 $44.2 $43.6 
Change from base2.7 %1.3 %(1.3)%(2.7)%
Change in unrealized value$1.2 $0.6 $(0.6)$(1.2)
December 31, 2025
Total fair value$45.8 $45.2 $44.6 $44.0 $43.3 
Change from base2.8 %1.4 %(1.4)%(2.8)%
Change in unrealized value$1.2 $0.6 $(0.6)$(1.2)
Another method that attempts to measure portfolio risk is Value-at-Risk (“VaR”). VaR measures the worst expected loss under normal market conditions over a specific time interval at a given confidence level. The 1-year 95th percentile parametric VaR reported herein estimates that 95% of the time, the portfolio loss in a one-year horizon would be less than or equal to the calculated number, stated as a percentage of the measured portfolio’s initial value. The VaR is a variance-covariance based estimate, based on linear sensitivities of a portfolio to a broad set of systematic market risk factors and idiosyncratic risk factors mapped to the portfolio exposures. The relationships between the risk
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2026 FIRST QUARTER FORM 10-Q
factors are estimated using historical data, and the most recent data points are generally given more weight. As of March 31, 2026, our portfolio’s 95th percentile VaR was estimated to be 6.2%, compared to an estimated 6.5% at December 31, 2025. In periods where the volatility of the risk factors mapped to our portfolio’s exposures is higher due to market conditions, the resulting VaR is higher than in other periods.
Equity Securities. At March 31, 2026 and December 31, 2025, the fair value of our investments in equity securities and certain investments accounted for using the equity method with underlying equity strategies totaled $1.8 billion and $1.8 billion, respectively. These investments are exposed to price risk, which is the potential loss arising from decreases in fair value. An immediate hypothetical 10% decline in the value of each position would reduce the fair value of such investments by approximately $180 million and $178 million at March 31, 2026 and December 31, 2025, respectively, and would have decreased book value per share by approximately $0.51 and $0.50, respectively. An immediate hypothetical 10% increase in the value of each position would increase the fair value of such investments by approximately $180 million and $178 million at March 31, 2026 and December 31, 2025, respectively, and would have increased book value per share by approximately $0.51 and $0.50, respectively.
Investment-Related Derivatives. At March 31, 2026, the notional value of all derivative instruments (excluding foreign currency forward contracts which are included in the foreign currency exchange risk analysis below) was $10.0 billion, compared to $8.0 billion at December 31, 2025. If the underlying exposure of each investment-related derivative held at March 31, 2026 depreciated by 100 basis points, it would have resulted in a reduction in net income of approximately $100 million, and a decrease in book value per share of approximately $0.28 per share, compared to $80 million and $0.22 per share, respectively, on investment-related derivatives held at December 31, 2025. If the underlying exposure of each investment-related derivative held at March 31, 2026 appreciated by 100 basis points, it would have resulted in an increase in net income of approximately $100 million, and an increase in book value per share of approximately $0.28 per share, compared to $80 million and $0.22 per share, respectively, on investment-related derivatives held at December 31, 2025. See note 10, “Derivative Instruments,” to our consolidated financial statements for additional disclosures concerning derivatives.
For further discussion on investment activity, please refer to “Financial Condition—Investable Assets.”
Foreign Currency Exchange Risk
Foreign currency rate risk is the potential change in value, income and cash flow arising from adverse changes in foreign currency exchange rates. Through our subsidiaries and branches located in various foreign countries, we conduct our insurance and reinsurance operations in a variety of local currencies other than the U.S. Dollar. We generally hold investments in foreign currencies which are intended to mitigate our exposure to foreign currency fluctuations in our net insurance liabilities. We may also utilize foreign currency forward contracts and currency options as part of our investment strategy. See note 10, “Derivative Instruments,” to our consolidated financial statements for additional information.
The following table provides a summary of our net foreign currency exchange exposures, as well as foreign currency derivatives in place to manage these exposures:
March 31,
2026		December 31,
2025
Net assets (liabilities), denominated in foreign currencies, excluding shareholders’ equity and derivatives$(677)$(498)
Shareholders’ equity denominated in foreign currencies (1)1,204 1,220 
Net foreign currency forward contracts outstanding (2)777 478 
Net exposures denominated in foreign currencies$1,304 $1,200 
Pre-tax impact of a hypothetical 10% appreciation of the U.S. Dollar against foreign currencies:  
Shareholders’ equity$(130)$(120)
Book value per share$(0.37)$(0.33)
Pre-tax impact of a hypothetical 10% decline of the U.S. Dollar against foreign currencies:  
Shareholders’ equity$130 $120 
Book value per share$0.37 $0.33 
(1)    Represents capital contributions held in the foreign currencies of our operating units.
(2)    Represents the net notional value of outstanding foreign currency forward contracts.
Although we generally attempt to match the currency of our projected liabilities with investments in the same currencies, from time to time we may elect to over or underweight one or more currencies, which could increase our exposure to foreign currency fluctuations and increase the volatility of our shareholders’ equity. Historical observations indicate a low probability that all foreign currency exchange rates would shift against the U.S. Dollar in the same direction and at the same time and, accordingly, the actual effect of foreign currency rate movements may differ materially from the amounts set forth above. For further discussion on foreign exchange activity, please refer to “Results of Operations.”
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Effects of Inflation
General economic inflation has increased in recent quarters and may continue to remain at elevated levels for an extended period of time. The potential also exists, after a catastrophe loss or pandemic events, for the development of inflationary pressures in a local economy. This risk may be heightened from time to time by geopolitical tensions, global supply chain disruptions, tariffs, and other contributing factors. This may have a material effect on the adequacy of our reserves for losses and loss adjustment expenses, especially in longer-tailed lines of business, and on the market value of our investment portfolio through rising interest rates. The anticipated effects of inflation are considered in our pricing models, reserving processes and exposure management, across all lines of business and types of loss including natural catastrophe events. The actual effects of inflation on our results cannot be accurately known until claims are ultimately settled and will vary by the specific type of inflation affecting each line of business.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Reference is made to the information appearing above under the subheading “Market Sensitive Instruments and Risk Management” under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which information is hereby incorporated by reference.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
In connection with the filing of this Form 10-Q, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the Company’s disclosure controls and procedures, as of the end of the period covered by this report, for the purposes set forth in the applicable rules under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on that evaluation and subject to the below, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report. Disclosure controls and procedures are the controls and other procedures designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There have been no changes in internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We, in common with the insurance industry in general, are subject to litigation and arbitration in the normal course of our business. As of March 31, 2026, we were not a party to any litigation or arbitration which is expected by management to have a material adverse effect on our results of operations and financial condition and liquidity.
ITEM 1A. RISK FACTORS
There were no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer’s Repurchases of Equity Securities
The following table summarizes our purchases of common shares for the 2026 first quarter:
PeriodTotal Number of Shares
Purchased (1)		Average Price Paid per ShareTotal Number of Shares Purchased as Part of
Publicly Announced
Plans or Programs		Approximate Dollar
Value of Shares that
 May Yet be Purchased
Under the Plan or
Programs ($000’s) (2)
1/1/2026-1/31/20263,615,796 $92.76 3,615,228 $771,717 
2/1/2026-2/28/2026990,885 $97.89 859,811 $687,792 
3/1/2026-3/31/20264,022,334 $94.59 3,853,776 $323,995 
Total8,629,015 $94.20 8,328,815 
(1)This column represents (in whole shares) open market share repurchases, including an aggregate of 568 shares, 131,074 shares and 168,558 shares repurchased by Arch Capital during January, February and March, respectively, other than through publicly announced plans or programs. We repurchased these shares from employees in order to facilitate the payment of withholding taxes on restricted and performance shares granted and the exercise of stock appreciation rights, in each case at their fair value as determined by reference to the closing price of our common shares on the day the restricted shares vested or the stock appreciation rights were exercised.
(2)This column represents the remaining approximate dollar amount available at the end of each applicable period under Arch Capital’s repurchase authorization. On April 19, 2026, the Company increased its authorization for its existing share repurchase program by $3.0 billion, and having no expiration date. Repurchases may be effected from time to time in open market or privately negotiated transactions.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the three months ended March 31, 2026, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).


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Table of Contents
ITEM 6. EXHIBITS
Incorporated by Reference
Exhibit NumberExhibit DescriptionFormOriginal NumberDate FiledFiled Herewith
10.1
Retirement Letter, dated as of March 10, 2026, between Arch Capital Group Ltd. and John Vollaro†
X
10.2
Form of Restricted Share Award Agreement for Named Executive Officers and certain Executive Officers of ACGL and subsidiaries under the Amended and Restated Long Term Incentive and Share Award Plan†
X
10.3
Form of Non-Qualified Stock Option Agreement for Named Executive Officers and certain Executive Officers of ACGL and subsidiaries under the Amended and Restated Long Term Incentive and Share Award Plan†
X
10.4X
31.1X
31.2X
32.1X
32.2X
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
†Management contract or compensatory plan or arrangement

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  ARCH CAPITAL GROUP LTD.
  (REGISTRANT)
   
  /s/ Nicolas Papadopoulo
Date: May 5, 2026 Nicolas Papadopoulo
  Chief Executive Officer (Principal Executive Officer)
   
  /s/ François Morin
Date: May 5, 2026 François Morin
  Executive Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) and Treasurer
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2026 FIRST QUARTER FORM 10-Q

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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