Arch Capital Group Ltd. Reports 2025 Fourth Quarter Results

PEMBROKE, Bermuda--( BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ: ACGL; “Arch,” “our” or “the Company”) announces its 2025 fourth quarter results. The results included:

“Our 2025 financial performance was outstanding, once again demonstrating the value of our diversified platform and our ability to effectively execute our cycle management strategy. I want to thank each of our 8,000+ employees for making these fantastic results possible,” Arch CEO Nicolas Papadopoulo said. “We enter 2026 with optimism in our ability to continue delivering superior results for our shareholders.”

All earnings per share amounts discussed in this release are on a diluted basis. The following table summarizes the Company’s underwriting results:

(U.S. Dollars in millions)

Three Months Ended December 31,

2025

2024

% Change

Gross premiums written

4,809

4,756

1.1

Net premiums written

3,649

3,819

(4.5)

Net premiums earned

4,255

4,143

2.7

Underwriting income

827

625

32.3

Underwriting Ratios

% Point

Change

Loss ratio

53.6%

57.5%

(3.9)

Underwriting expense ratio (2)

27.0%

27.5%

(0.5)

Combined ratio

80.6%

85.0%

(4.4)

Combined ratio excluding catastrophic activity and prior year development (1)

79.5%

79.0%

0.5

(1)

See ‘Comments on Non-GAAP Financial Measures’ for further details.

(2)

The ‘Underwriting expense ratio’ for the 2025 period includes ‘Other underwriting income.’ See ‘Comments on Non-GAAP Financial Measures’ for further details.

The following table summarizes the Company’s 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 and related diluted per share results (see ‘Comments on Non-GAAP Financial Measures’ for further details):

(U.S. Dollars in millions, except per share data)

Three Months Ended

December 31,

2025

2024

Net income available to Arch common shareholders

1,228

925

Net realized (gains) losses (1)

(22)

161

Equity in net (income) of investments accounted for using the equity method

(155)

(143)

Net foreign exchange (gains) losses

(106)

Transaction costs and other

Income tax expense (benefit) (2)

After-tax operating income available to Arch common shareholders

1,092

866

Diluted per common share results:

Net income available to Arch common shareholders

3.35

2.42

Net realized (gains) losses (1)

(0.06)

0.41

Equity in net (income) of investments accounted for using the equity method

(0.42)

(0.37)

Net foreign exchange (gains) losses

0.02

(0.28)

Transaction costs and other

0.07

Income tax expense (benefit) (2)

0.02

0.01

After-tax operating income available to Arch common shareholders

2.98

2.26

Weighted average common shares and common share equivalents outstanding — diluted

366.6

382.8

Beginning common shareholders’ equity

22,889

21,444

Ending common shareholders’ equity

23,376

19,990

Average common shareholders’ equity

23,133

20,717

Annualized net income return on average common equity

21.2%

17.9%

Annualized operating return on average common equity

18.9%

16.7%

(1)

Net realized gains or losses include realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from the acquisition or disposition of subsidiaries.

(2)

Income tax expense (benefit) on net realized gains or losses, equity in net income 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

The following section provides analysis on the Company’s 2025 fourth quarter performance by reportable segments. For additional details regarding the Company’s reportable segments, please refer to the Company’s Financial Supplement dated December 31, 2025. On August 1, 2024, the insurance segment completed the acquisition of the U.S. MidCorp and Entertainment insurance businesses from Allianz (“MCE Acquisition”). The Company’s segment information includes the use of underwriting income (loss) and a combined ratio excluding catastrophic activity and prior year development (see ‘Comments on Non-GAAP Financial Measures’ for further details).

Insurance Segment

Three Months Ended December 31,

(U.S. Dollars in millions)

2025

2024

% Change

Gross premiums written

2,542

2,484

2.3

Net premiums written

1,876

1,954

(4.0)

Net premiums earned

1,973

1,933

2.1

Other underwriting income

—

n/m

Underwriting income

119

296.7

Underwriting Ratios

% Point

Change

Loss ratio

60.6%

66.3%

(5.7)

Underwriting expense ratio

33.4%

32.2%

1.2

Combined ratio

94.0%

98.5%

(4.5)

Catastrophic activity and prior year development:

Current accident year catastrophic events, net of reinsurance and reinstatement premiums

3.3%

8.3%

(5.0)

Net (favorable) adverse development in prior year loss reserves, net of related adjustments

Loss ratio impact

(0.2)%

(0.3)%

0.1

Underwriting expense ratio impact

0.1%

0.2%

(0.1)

Total impact

(0.1)%

—

Combined ratio excluding catastrophic activity and prior year development

90.8%

90.3%

0.5

Gross premiums written by the insurance segment in the 2025 fourth quarter were 2.3% higher than in the 2024 fourth quarter, while net premiums written were 4.0% lower than in the 2024 fourth quarter. In North America, we grew our gross premiums written in long-tail lines such as other liability-occurrence, other liability-claims made, and commercial automobile, while gross premium volume decreased for property and short-tail specialty. Changes in net premiums written were impacted by the timing of ceded written premium accruals related to the MCE acquisition in the prior year quarter, and changes in business mix resulting from different levels of net-to-gross retention ratios. We grew our gross and our net premium volume in our International operations, as increases in casualty and other lines were partially offset by small reductions in property and short-tail specialty. Net premiums earned in the 2025 fourth quarter were 2.1% higher than in the 2024 fourth quarter and reflect changes in net premiums written over the previous five quarters.

The 2025 fourth quarter loss ratio reflected 3.3 points of current year catastrophic activity, compared to 8.3 points of catastrophic activity in the 2024 fourth quarter. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 0.2 points in the 2025 fourth quarter, compared to 0.3 points in the 2024 fourth quarter.

The underwriting expense ratio was 33.4% in the 2025 fourth quarter, compared to 32.2% in the 2024 fourth quarter. In the 2024 fourth quarter, the impact of the MCE Acquisition lowered the underwriting expense ratio by approximately 290 basis 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.

Reinsurance Segment

Three Months Ended December 31,

(U.S. Dollars in millions)

2025

2024

% Change

Gross premiums written

1,944

1,941

0.2

Net premiums written

1,506

1,588

(5.2)

Net premiums earned

1,992

1,904

4.6

Other underwriting income

800.0

Underwriting income

458

328

39.6

Underwriting Ratios

% Point

Change

Loss ratio

54.5%

58.9%

(4.4)

Underwriting expense ratio

22.5%

24.1%

(1.6)

Combined ratio

77.0%

83.0%

(6.0)

Catastrophic activity and prior year development:

Current accident year catastrophic events, net of reinsurance and reinstatement premiums

5.0%

12.2%

(7.2)

Net (favorable) adverse development in prior year loss reserves, net of related adjustments

Loss ratio impact

(3.5)%

(3.8)%

0.3

Underwriting expense ratio impact

0.6%

(0.2)%

0.8

Total impact

(2.9)%

(4.0)%

1.1

Combined ratio excluding catastrophic activity and prior year development

74.9%

74.8%

0.1

Gross premiums written by the reinsurance segment in the 2025 fourth quarter were 0.2% higher than in the 2024 fourth quarter, while net premiums written were 5.2% lower than in the 2024 fourth quarter. We grew our gross premiums written in most lines of business, as a result of new business opportunities and share increases. The only exception was in other specialty, primarily due to the non-renewal of a large transaction. Changes in net premiums written this quarter followed a similar direction to gross premiums written, with the exception of property catastrophe that was impacted by a change in the timing of certain retrocession purchases. Net premiums earned in the 2025 fourth quarter were 4.6% higher than in the 2024 fourth quarter and reflect changes in net premiums written over the previous five quarters.

The 2025 fourth quarter loss ratio reflected 5.4 points of current year catastrophic activity, compared to 12.9 points of current year catastrophic activity in the 2024 fourth quarter. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 3.5 points in the 2025 fourth quarter, compared to 3.8 points in the 2024 fourth quarter. The balance of the change in the loss ratio resulted, in part, from a higher level of attritional losses and changes in the mix of business.

The underwriting expense ratio was 22.5% in the 2025 fourth quarter, compared to 24.1% in the 2024 fourth quarter, with the decrease primarily reflecting a full year benefit of qualified refundable tax credits (“QRTCs”) under the recently enacted Bermuda Tax Credit Act 2025.

Mortgage Segment

Three Months Ended December 31,

(U.S. Dollars in millions)

2025

2024

% Change

Gross premiums written

326

331

(1.5)

Net premiums written

267

277

(3.6)

Net premiums earned

290

306

(5.2)

Other underwriting income

150.0

Underwriting income

250

267

(6.4)

Underwriting Ratios

% Point

Change

Loss ratio

(0.8)%

(5.9)%

5.1

Underwriting expense ratio

14.5%

19.3%

(4.8)

Combined ratio

13.7%

13.4%

0.3

Prior year development:

Net (favorable) adverse development in prior year loss reserves, net of related adjustments

Loss ratio impact

(19.4)%

(20.2)%

0.8

Underwriting expense ratio impact

(0.9)%

(2.1)%

1.2

Total impact

(20.3)%

(22.3)%

2.0

Combined ratio excluding prior year development

34.0%

35.7%

(1.7)

Gross premiums written by the mortgage segment in the 2025 fourth quarter were 1.5% lower than in the 2024 fourth quarter, while net premiums written were 3.6% lower than in the 2024 fourth quarter. The reduction in net premiums written in the 2025 fourth quarter primarily reflected lower U.S. monthly premium volume.

Estimated net favorable development of prior year loss reserves, before related adjustments, decreased the loss ratio by 19.4 points, compared to 20.2 points in the 2024 fourth quarter. Such amounts were primarily related to better than expected cure rates.

The underwriting expense ratio was 14.5% in the 2025 fourth quarter, compared to 19.3% in the 2024 fourth quarter. The 2024 fourth quarter reflected a higher level of operating expenses related to a one-time voluntary separation program costs.

Corporate

The Company’s results include net investment income, net realized gains or losses (which includes realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and 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 benefit (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.

Investment returns were as follows:

(U.S. Dollars in millions, except per share data)

Three Months Ended

December 31,

September 30,

December 31,

2025

2024

Pre-tax net investment income

434

408

405

Per share

1.18

1.08

1.06

Equity in net income of investments accounted for using the equity method

155

134

143

Per share

0.42

0.36

0.37

Pre-tax investment income yield, at amortized cost (1)

4.22%

4.07%

4.32%

Total return on investments (2)

1.36%

1.80%

(1.05)%

(1)

Presented on an annualized basis and excluding the impact of investments for which returns are not included within investment income, such as investments accounted for using the equity method and certain equities.

(2)

See ‘Comments on Non-GAAP Financial Measures’ for further details.

Net investment income for the 2025 fourth quarter primarily reflected growth in average invested assets, due in part to strong operating cash flows. Net realized gains were $22 million for the 2025 fourth quarter, compared to net realized loss of $161 million in the 2024 fourth quarter, and were primarily the result of financial market movements on the Company’s equity securities, investments accounted for under the fair value option method and derivatives.

Corporate expenses for the 2025 fourth quarter were a benefit of $50 million, compared to an expense of $31 million for the 2024 fourth quarter. Such expenses primarily represent certain holding company costs necessary to support our worldwide operations and costs associated with operating as a publicly traded company. The 2025 fourth quarter benefit reflected a full year impact of QRTCs.

Amortization of intangible assets was $47 million for the 2025 fourth quarter, compared to $99 million for the 2024 fourth quarter. Both periods reflected the amortization of intangible assets related to the MCE Acquisition, including intangible assets attributed to value of business acquired and distribution relationships.

On a pre-tax basis, net foreign exchange losses were $6 million for the 2025 fourth quarter, compared to net foreign exchange gains of $106 million for the 2024 fourth quarter. For both periods, such amounts were primarily unrealized and resulted from the effects of revaluing the Company’s net insurance liabilities required to be settled in foreign currencies at each balance sheet date. Changes in the value of available-for-sale investments held in foreign currencies due to foreign currency rate movements are reflected as a direct increase or decrease to shareholders’ equity and are not included in the consolidated statements of income.

The Company’s effective tax rate on income before income taxes was 14.5% for the 2025 fourth quarter, compared to 6.6% for the 2024 fourth quarter. The Company’s effective tax rate on pre-tax operating income available to Arch common shareholders was 15.4% for the 2025 fourth quarter, compared to 6.7% for the 2024 fourth quarter. The effective tax rate may fluctuate from period to period based upon the relative mix of income or loss reported by jurisdiction, the level of catastrophic loss activity incurred, and the varying tax rates in each jurisdiction. The higher rates for the 2025 fourth quarter primarily reflected the impact of Bermuda’s Corporate Income Tax Act 2023.

Income from operating affiliates for the 2025 fourth quarter was $61 million, or $0.17 per share, compared to $64 million, or $0.17 per share, for the 2024 fourth quarter, and primarily reflects amounts related to the Company’s investment in Somers Group Holdings Ltd. and Coface SA.

Conference Call

The Company will hold a conference call for investors and analysts at 10:00 a.m. Eastern Time on February 10, 2026. A live webcast of this call will be available via the Investors section of the Company’s website at http://www.archgroup.com/investors. A recording of the webcast will be available in the Investors section of the Company’s website approximately two hours after the event concludes. A transcript of the webcast will also be available in the Investors section of the Company’s website approximately 24 hours after the posting of the recording. Both the recording and the transcript will be archived on the site for one year.

Please refer to the Company’s Financial Supplement dated December 31, 2025, which is available via the Investors section of the Company’s website at http://www.archgroup.com/investors. The Financial Supplement provides additional detail regarding the financial performance of the Company. From time to time, the Company posts additional financial information and presentations to its website, including information with respect to its subsidiaries. Investors and other recipients of this information are encouraged to check the Company’s website regularly for additional information regarding the Company.

Arch Capital Group Ltd., is a publicly listed Bermuda exempted company with approximately $26.9 billion in capital at December 31, 2025. Arch, which is part of the S&P 500 index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.

Comments on Non-GAAP Financial Measures

Throughout this release, the Company presents its operations in the way it believes will be the most meaningful and useful to investors, analysts, rating agencies and others who use the Company’s financial information in evaluating the performance of the Company and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP financial measures in assessing the Company’s overall financial performance.

This presentation includes the use of “after-tax operating income or loss available to Arch common shareholders,” which is defined as net income available to Arch common shareholders, excluding net realized gains or losses (which includes realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and 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, net of 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 on page 2 of this release.

The Company believes 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, the Company’s business performance. 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 the Company’s 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 the Company’s 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 the Company’s investments represent other-than-temporary declines in expected recovery values on securities without actual realization.

The use of the equity method on certain of the Company’s investments in certain 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 the Company’s proportionate share of the net income or loss of the funds (which include changes in the fair value of the underlying securities in the funds). This method of accounting is different from the way the Company accounts for its other fixed maturity securities 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 costs directly related to acquisitions. The Company believes that transaction costs and other, due to their non-recurring nature, are not indicative of the performance of, or trends in, the Company’s business performance.

The Company believes that showing net income available to Arch common shareholders exclusive of the items referred to above reflects the underlying fundamentals of the Company’s business since the Company evaluates the performance of and manages its business to produce an underwriting profit. In addition to presenting net income available to Arch common shareholders, the Company believes that this presentation enables investors and other users of the Company’s financial information to analyze the Company’s performance in a manner similar to how the Company’s management analyzes performance. The Company also believes that this measure follows industry practice and, therefore, allows the users of the Company’s financial information to compare the Company’s performance with its industry peer group. The Company believes that the equity analysts and certain rating agencies that follow the Company and the insurance industry as a whole generally exclude these items from their analyses for the same reasons.

The Company’s segment information includes the presentation of consolidated underwriting income or loss and a subtotal of underwriting income or loss. Such measures represent the pre-tax profitability of its 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 the Company’s individual underwriting operations. Underwriting income or loss does not include certain income and expense items which are included in corporate. While these measures are presented in the Segment Information footnote to the Company’s 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 on the following pages.

Management measures segment performance for its three underwriting segments based on underwriting income or loss. The Company does not manage its assets by underwriting segment and, accordingly, investment income, income from operating affiliates and other items are not allocated to each underwriting segment.

In addition, the Company’s segment information includes the use of a combined ratio excluding catastrophic activity and prior year development, for the insurance and reinsurance segments, and a combined ratio excluding prior year development, for the mortgage segment. These ratios are non-GAAP financial measures as defined in Regulation G. The reconciliation of such measures to the combined ratio (the most directly comparable GAAP financial measure) in accordance with Regulation G are shown on the individual segment pages. The Company’s management utilizes the adjusted combined ratios excluding current accident year catastrophic events and favorable or adverse development in prior year loss reserves in its analysis of the underwriting performance of each of its 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 and losses (excluding changes in the allowance for credit losses on non-investment related financial assets) and the change in unrealized gains and 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. Management uses total return on investments as a key measure of the return generated to Arch common shareholders, and compares the return generated by the Company’s investment portfolio against benchmark returns during the periods presented.

The following tables summarize the Company’s results by segment for the 2025 fourth quarter and 2024 fourth quarter and a reconciliation of underwriting income or loss to income or loss before income taxes and net income or loss available to Arch common shareholders:

(U.S. Dollars in millions)

Three Months Ended

December 31, 2025

Insurance

Reinsurance

Mortgage

Total

Gross premiums written (1)

2,542

1,944

326

4,809

Premiums ceded (1)

(666)

(438)

(59)

(1,160)

Net premiums written

1,876

1,506

267

3,649

Change in unearned premiums

486

606

Net premiums earned

1,973

1,992

290

4,255

Other underwriting income (2)

Losses and loss adjustment expenses

(1,196)

(1,086)

(2,280)

Acquisition expenses

(380)

(393)

(6)

(779)

Other operating expenses

(289)

(91)

(41)

(421)

Underwriting income (loss)

119

458

250

827

Net investment income

434

Net realized gains (losses)

Equity in net income of investments accounted for using the equity method

155

Other income (loss)

Corporate benefit (expenses) (3)

Transaction costs and other (3)

(26)

Amortization of intangible assets

(47)

Interest expense

(38)

Net foreign exchange gains (losses)

(6)

Income (loss) before income taxes and income (loss) from operating affiliates

1,387

Income tax benefit (expense)

(210)

Income (loss) from operating affiliates

Net income (loss) available to Arch

1,238

Preferred dividends

(10)

Net income (loss) available to Arch common shareholders

1,228

Underwriting Ratios

Loss ratio

60.6%

54.5%

(0.8)%

53.6%

Acquisition expense ratio

19.3%

19.7%

1.9%

18.3%

Other operating expense ratio (4)

14.1%

2.8%

12.6%

8.7%

Combined ratio

94.0%

77.0%

13.7%

80.6%

Net premiums written to gross premiums written

73.8%

77.5%

81.9%

75.9%

(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)

Certain expenses have been excluded from ‘Corporate benefit (expenses)’ and reflected in ‘Transaction costs and other.’ See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of such items.

(4)

The ‘Other operating expense ratio’ for the 2025 period includes ‘Other underwriting income.’

(U.S. Dollars in millions)

Three Months Ended

December 31, 2024

Insurance

Reinsurance

Mortgage

Total

Gross premiums written (1)

2,484

1,941

331

4,756

Premiums ceded (1)

(530)

(353)

(54)

(937)

Net premiums written

1,954

1,588

277

3,819

Change in unearned premiums

(21)

316

324

Net premiums earned

1,933

1,904

306

4,143

Other underwriting income

—

Losses and loss adjustment expenses

(1,281)

(1,121)

(2,384)

Acquisition expenses

(345)

(382)

(3)

(730)

Other operating expenses

(277)

(77)

(56)

(410)

Underwriting income (loss)

328

267

625

Net investment income

405

Net realized gains (losses)

(161)

Equity in net income of investments accounted for using the equity method

143

Other income (loss)

Corporate benefit (expenses) (2)

(31)

Transaction costs and other (2)

(26)

Amortization of intangible assets

(99)

Interest expense

(37)

Net foreign exchange gains (losses)

106

Income (loss) before income taxes and income (loss) from operating affiliates

937

Income tax benefit (expense)

(66)

Income (loss) from operating affiliates

Net income (loss) available to Arch

935

Preferred dividends

(10)

Net income (loss) available to Arch common shareholders

925

Underwriting Ratios

Loss ratio

66.3%

58.9%

(5.9)%

57.5%

Acquisition expense ratio

17.9%

20.0%

1.0%

17.6%

Other operating expense ratio

14.3%

4.1%

18.3%

9.9%

Combined ratio

98.5%

83.0%

13.4%

85.0%

Net premiums written to gross premiums written

78.7%

81.8%

83.7%

80.3%

(1)

(2)

Cautionary Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (“PSLRA”) provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s 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 release 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 involve the Company’s 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 release and in the Company’s periodic reports filed with the Securities and Exchange Commission (the “SEC”), and include:

All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its 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 press release or as of the date they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Source: Arch Capital Group Ltd.

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