Form 8-K

8-K — ARCH CAPITAL GROUP LTD.

Accession: 0000947484-26-000051

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0000947484

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — acgl-20260428.htm (Primary)

EX-99.1 (ex-991release33126.htm)

EX-99.2 (ex-992supplement33126.htm)

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8-K

8-K (Primary)

Filename: acgl-20260428.htm · Sequence: 1

acgl-20260428

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 28, 2026

Date of Report (Date of earliest event reported)

Arch Capital Group Ltd.

(Exact name of registrant as specified in its charter)

Bermuda 001-16209 98-0374481

(State or other

jurisdiction of

incorporation or

organization) (Commission File Number) (I.R.S. Employer

Identification No.)

Waterloo House, Ground Floor, 100 Pitts Bay Road, Pembroke HM 08, Bermuda

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:

(441) 278-9250

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class Trading Symbol (s) Name of each exchange on which registered

Common shares, $0.0011 par value per share ACGL NASDAQ Stock Market

Depositary shares, each representing a 1/1,000th interest in a 5.45% Series F preferred share

ACGLO

NASDAQ Stock Market

Depositary shares, each representing a 1/1,000th interest in a 4.55% Series G preferred share ACGLN NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. o

ITEM 2.02 Results of Operations and Financial Condition.

On April 28, 2026 Arch Capital Group Ltd. issued a press release reporting its earnings and the availability of its financial supplement for the quarter ended March 31, 2026. The press release and financial supplement are attached to this Current Report on Form 8-K as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 Financial Statements and Exhibits.

(d): The following exhibits are being filed herewith.

EXHIBIT NO. DESCRIPTION

99.1

Press Release dated April 28, 2026 announcing the earnings of Arch Capital Group Ltd. for the quarter ended March 31, 2026

99.2

2026 First Quarter Financial Supplement

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ARCH CAPITAL GROUP LTD.

Date: April 28, 2026 By: /s/ François Morin

Name: François Morin

Title: Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Filename: ex-991release33126.htm · Sequence: 2

Document

EXHIBIT 99.1

PRESS RELEASE Arch Capital Group Ltd.

NASDAQ Symbol: ACGL Waterloo House, Ground Floor

For Immediate Release 100 Pitts Bay Road

April 28, 2026

Pembroke HM 08 Bermuda

ARCH CAPITAL GROUP LTD. REPORTS 2026 FIRST QUARTER RESULTS

PEMBROKE, BERMUDA--(BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ: ACGL; “Arch,” “our” or “the Company”) announces its 2026 first quarter results. The results included:

•Net income available to Arch common shareholders of $1.0 billion, or $2.88 per share, representing a 17.8% annualized net income return on average common equity, compared to net income available to Arch common shareholders of $564 million, or $1.48 per share, for the 2025 first quarter.

•After-tax operating income available to Arch common shareholders(1) of $901 million, or $2.50 per share, representing a 15.4% annualized operating return on average common equity(1), compared to $587 million, or $1.54 per share, for the 2025 first quarter.

•Pre-tax current accident year catastrophic losses for the Company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, of $174 million.

•Favorable development in prior year loss reserves, net of related adjustments, of $200 million.

•Combined ratio excluding catastrophic activity and prior year development(1) of 82.3%, compared to 81.0% for the 2025 first quarter.

•Share repurchases of $783 million.

•Book value per common share of $66.19 at March 31, 2026, a 1.7% increase from December 31, 2025.

“We started the year on an excellent note, delivering an annualized operating return on average common equity of 15.4%, which reflects our disciplined approach to underwriting and capital allocation,” said Arch CEO Nicolas Papadopoulo. “Our underwriting and cycle management expertise, supported by a strong balance sheet, continue to differentiate Arch and position us to generate best-in-class returns through the cycle.”

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 March 31,

2026 2025 % Change

Gross premiums written $ 6,425 $ 6,463 (0.6)

Net premiums written 4,348 4,515 (3.7)

Net premiums earned 3,986 4,188 (4.8)

Underwriting income (1)

728 417 74.6

Underwriting Ratios % Point Change

Loss ratio 52.4 % 61.8 % (9.4)

Underwriting expense ratio (2)

29.3 % 28.3 % 1.0

Combined ratio 81.7 % 90.1 % (8.4)

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

82.3 % 81.0 % 1.3

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

(2) The ‘Underwriting expense ratio’ 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

March 31,

2026 2025

Net income available to Arch common shareholders $ 1,037 $ 564

Net realized (gains) losses (1) 87 (3)

Equity in net (income) of investments accounted for using the equity method (160) (53)

Net foreign exchange (gains) losses (21) 27

Transaction costs and other 18 10

Income tax expense (benefit) (2) (60) 42

After-tax operating income available to Arch common shareholders $ 901 $ 587

Diluted per common share results:

Net income available to Arch common shareholders $ 2.88 $ 1.48

Net realized (gains) losses (1) 0.24 (0.01)

Equity in net (income) of investments accounted for using the equity method (0.44) (0.14)

Net foreign exchange (gains) losses (0.06) 0.07

Transaction costs and other 0.05 0.03

Income tax expense (benefit) (2) (0.17) 0.11

After-tax operating income available to Arch common shareholders $ 2.50 $ 1.54

Weighted average common shares and common share equivalents outstanding — diluted 359.7 381.9

Beginning common shareholders’ equity $ 23,376 $ 19,990

Ending common shareholders’ equity 23,358 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 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 2026 first quarter performance by reportable segments. For additional details regarding the Company’s reportable segments, please refer to the Company’s Financial Supplement dated March 31, 2026. 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 March 31,

(U.S. Dollars in millions) 2026 2025 % Change

Gross premiums written $ 2,697 $ 2,645 2.0

Net premiums written 1,906 1,933 (1.4)

Net premiums earned 1,871 1,860 0.6

Other underwriting income 11 3 266.7

Underwriting income $ 66 $ (2) 3,400.0

Underwriting Ratios % Point Change

Loss ratio 60.2 % 66.0 % (5.8)

Underwriting expense ratio 36.3 % 34.1 % 2.2

Combined ratio 96.5 % 100.1 % (3.6)

Catastrophic activity and prior year development:

Current accident year catastrophic events, net of reinsurance and reinstatement premiums 4.2 % 9.5 % (5.3)

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

Loss ratio impact (0.7) % (0.9) % 0.2

Underwriting expense ratio impact 0.3 % 0.4 % (0.1)

Total impact (0.4) % (0.5) % 0.1

Combined ratio excluding catastrophic activity and prior year development 92.7 % 91.1 % 1.6

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 in the 2026 first quarter were 0.6% higher than in the 2025 first quarter and reflect changes in net premiums written over the previous five quarters.

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. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 0.7 points in the 2026 first quarter, compared to 0.9 points in the 2025 first quarter. The balance of the change in the loss ratio resulted, in part, from changes in the mix of business.

The 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 to the 2025 first quarter and transitional expenses associated with the MCE Acquisition.

Reinsurance Segment

Three Months Ended March 31,

(U.S. Dollars in millions) 2026 2025 % Change

Gross premiums written $ 3,414 $ 3,494 (2.3)

Net premiums written 2,176 2,316 (6.0)

Net premiums earned 1,831 2,028 (9.7)

Other underwriting income 37 39 (5.1)

Underwriting income $ 441 $ 167 164.1

Underwriting Ratios % Point Change

Loss ratio 51.7 % 66.9 % (15.2)

Underwriting expense ratio 24.2 % 24.9 % (0.7)

Combined ratio 75.9 % 91.8 % (15.9)

Catastrophic activity and prior year development:

Current accident year catastrophic events, net of reinsurance and reinstatement premiums 5.2 % 18.3 % (13.1)

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

Loss ratio impact (8.3) % (5.9) % (2.4)

Underwriting expense ratio impact 0.9 % 1.4 % (0.5)

Total impact (7.4) % (4.5) % (2.9)

Combined ratio excluding catastrophic activity and prior year development 78.1 % 78.0 % 0.1

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 in the 2026 first quarter were 9.7% lower than in the 2025 first quarter and reflect changes in net premiums written over the previous five quarters.

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. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 8.3 points in the 2026 first quarter, compared to 5.9 points in the 2025 first quarter. The balance of the change in the loss ratio resulted, in part, from changes in the mix of business.

The underwriting expense ratio 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

Three Months Ended March 31,

(U.S. Dollars in millions) 2026 2025 % Change

Gross premiums written $ 316 $ 326 (3.1)

Net premiums written 266 266 —

Net premiums earned 284 300 (5.3)

Other underwriting income 11 11 —

Underwriting income $ 221 $ 252 (12.3)

Underwriting Ratios % Point Change

Loss ratio 5.3 % 1.1 % 4.2

Underwriting expense ratio 17.0 % 15.0 % 2.0

Combined ratio 22.3 % 16.1 % 6.2

Prior year development:

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

Loss ratio impact (19.2) % (20.4) % 1.2

Underwriting expense ratio impact (0.7) % (1.4) % 0.7

Total impact (19.9) % (21.8) % 1.9

Combined ratio excluding prior year development 42.2 % 37.9 % 4.3

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.

Estimated net favorable development of prior year loss reserves, before related adjustments, decreased the loss ratio by 19.2 points, compared to 20.4 points in the 2025 first quarter. Such amounts were primarily related to better than expected cure rates. The 2026 first quarter loss ratio reflected a modestly higher level of delinquencies than in the 2025 first quarter.

The underwriting expense ratio 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 business. The 2026 first quarter ratio also reflected the impact of a lower level of net premiums earned.

Corporate

The Company’s 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 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

March 31, December 31, March 31,

2026 2025 2025

Pre-tax net investment income $ 408 $ 434 $ 378

Per share $ 1.13 $ 1.18 $ 0.99

Equity in net income of investments accounted for using the equity method $ 160 $ 155 $ 53

Per share $ 0.44 $ 0.42 $ 0.14

Pre-tax investment income yield, at amortized cost (1) 3.99 % 4.22 % 4.16 %

Total return on investments (2) 0.10 % 1.36 % 2.02 %

(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 2026 first quarter, compared to the 2025 first quarter, primarily reflected growth in average invested assets, due in part to strong operating cash flows. Net realized losses were $87 million for the 2026 first quarter, compared to net realized gains of $3 million in the 2025 first quarter, and were primarily the result of financial market movements on the Company’s derivatives, equity securities and investments accounted for under the fair value option method.

Corporate expenses for the 2026 first quarter were $31 million, compared to $50 million for the 2025 first 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 decline in the 2026 first quarter primarily reflected the benefit of Bermuda qualified refundable tax credits.

Amortization of intangible assets was $30 million for the 2026 first quarter, compared to $49 million for the 2025 first quarter. Both periods reflected the amortization of intangible assets related to the MCE Acquisition.

On a pre-tax basis, net foreign exchange gains were $21 million for the 2026 first quarter, compared to net foreign exchange losses of $27 million for the 2025 first 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 (based on the Company’s annual effective tax rate) was 8.6% for the 2026 first quarter, compared to 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. The Company’s effective tax rate on pre-tax operating income available to Arch common shareholders was 14.8% for the 2026 first quarter, compared to 11.7% for the 2025 first 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.

Income from operating affiliates for the 2026 first quarter was $36 million, or $0.10 per share, compared to $17 million, or $0.04 per share, for the 2025 first 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 a.m. Eastern Time on April 29, 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 March 31, 2026, 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 March 31, 2026. 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 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 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 2026 first quarter and 2025 first 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

March 31, 2026

Insurance Reinsurance Mortgage Total

Gross premiums written (1) $ 2,697 $ 3,414 $ 316 $ 6,425

Premiums ceded (1) (791) (1,238) (50) (2,077)

Net premiums written 1,906 2,176 266 4,348

Change in unearned premiums (35) (345) 18 (362)

Net premiums earned 1,871 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 (315) (132) (51) (498)

Underwriting income (loss) $ 66 $ 441 $ 221 728

Net investment income 408

Net realized gains (losses) (87)

Equity in net income of investments accounted for using the equity method 160

Other income (loss) (5)

Corporate benefit (expenses) (3) (31)

Transaction costs and other (3) (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 affiliates 1,109

Income tax benefit (expense) (98)

Income (loss) from operating affiliates 36

Net income (loss) available to Arch 1,047

Preferred dividends (10)

Net income (loss) available to Arch common shareholders $ 1,037

Underwriting Ratios

Loss ratio 60.2 % 51.7 % 5.3 % 52.4 %

Acquisition expense ratio 20.0 % 19.0 % 2.9 % 18.3 %

Other operating expense ratio (4) 16.3 % 5.2 % 14.1 % 11.0 %

Combined ratio 96.5 % 75.9 % 22.3 % 81.7 %

Net premiums written to gross premiums written 70.7 % 63.7 % 84.2 % 67.7 %

(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’ includes ‘Other underwriting income.’

(U.S. Dollars in millions) Three Months Ended

March 31, 2025

Insurance Reinsurance Mortgage Total

Gross premiums written (1) $ 2,645 $ 3,494 $ 326 $ 6,463

Premiums ceded (1) (712) (1,178) (60) (1,948)

Net premiums written 1,933 2,316 266 4,515

Change in unearned premiums (73) (288) 34 (327)

Net premiums earned 1,860 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 (294) (127) (52) (473)

Underwriting income (loss) $ (2) $ 167 $ 252 417

Net investment income 378

Net realized gains (losses) 3

Equity in net income of investments accounted for using the equity method 53

Other income (loss) (2)

Corporate benefit (expenses) (3) (50)

Transaction costs and other (3) (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 affiliates 678

Income tax benefit (expense) (121)

Income (loss) from operating affiliates 17

Net income (loss) available to Arch 574

Preferred dividends (10)

Net income (loss) available to Arch common shareholders $ 564

Underwriting Ratios

Loss ratio 66.0 % 66.9 % 1.1 % 61.8 %

Acquisition expense ratio 18.5 % 20.6 % 1.3 % 18.3 %

Other operating expense ratio (4) 15.6 % 4.3 % 13.7 % 10.0 %

Combined ratio 100.1 % 91.8 % 16.1 % 90.1 %

Net premiums written to gross premiums written 73.1 % 66.3 % 81.6 % 69.9 %

(2) ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(4) The ‘Other operating expense ratio’ includes ‘Other underwriting income.’

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:

•the Company’s ability to successfully implement its business strategy during “soft” as well as “hard” markets;

•acceptance of the Company’s business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and its insureds and reinsureds;

•the Company’s ability to consummate acquisitions and integrate any businesses it has acquired or may acquire into its existing operations;

•the Company’s ability to maintain or improve its ratings, which may be affected by its 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 the Company operates;

•competition, including increased competition, on the basis of pricing, capacity (including alternative sources of capital), coverage terms or other factors;

•developments in the world’s financial and capital markets and the Company’s access to such markets;

•the Company’s ability to successfully enhance, integrate and maintain operating procedures (including information technology) to effectively support its 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 the Company’s financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, deferred tax assets, contingencies and litigation, and any determination to use the deposit method of accounting;

•greater than expected loss ratios on business written by the Company and adverse development on claim and/or claim expense liabilities related to business written by its insurance and reinsurance 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 the Company’s insurance, reinsurance and mortgage businesses could cause large losses and substantial volatility in the Company’s results of operations;

•availability to the Company of reinsurance to manage our net exposures and the cost of such reinsurance;

•the failure of reinsurers, managing general agents, third party administrators or others to meet their obligations to the Company;

•the timing of loss payments being faster or the receipt of reinsurance recoverables being slower than anticipated by the Company;

•the Company’s investment performance, including legislative or regulatory developments that may adversely affect the fair value of the Company’s investments;

•changes in general economic conditions, resulting in downgrades of U.S. securities or sovereign debt by credit rating agencies, which could affect the Company’s business, financial condition and results of operations;

•an incident, disruption in operations or other cyber event caused by cyber attacks, the use of artificial intelligence technologies or other technology on the Company’s systems or those of the Company’s business partners and service providers, which could negatively impact the Company’s business and/or expose the Company to litigation;

•the effect of climate change on the Company’s business;

•the effect of contagious diseases or a pandemic on the Company’s business;

•acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events caused by humans;

•the volatility of the Company’s shareholders’ equity from foreign currency fluctuations, which could increase due to us not matching portions of the Company’s projected liabilities in foreign currencies with investments in the same currencies;

•changes in accounting principles or policies or in the Company’s application of such accounting principles or policies;

•changes in the political environment of certain countries in which the Company 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 the Company, its subsidiaries, brokers or customers, including the implementation of the Organization for Economic Cooperation and Development (“OECD”) Pillar I and Pillar II initiative and the enactment of the 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 the Company’s 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 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.

Contacts

Arch Capital Group Ltd. Investor Relations

François Morin: (441) 278-9250 Donald Watson: (914) 872-3616; dwatson@archgroup.com

Source: Arch Capital Group Ltd.

arch-corporate

EX-99.2

Filename: ex-992supplement33126.htm · Sequence: 3

Document

EXHIBIT 99.2

Arch Capital Group Ltd.

Waterloo House, Ground Floor

100 Pitts Bay Road

Pembroke HM 08 Bermuda

Financial Supplement

March 31, 2026

The following financial supplement is provided to assist in your understanding of Arch Capital Group Ltd. (“Arch”) and its subsidiaries (collectively, the “Company”).

This report is for informational purposes only. It should be read in conjunction with documents filed by Arch with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and the Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.archgroup.com for further information describing Arch.

Arch Capital Group Ltd. Investor Relations

François Morin: (441) 278-9250 Donald Watson: (914) 872-3616; dwatson@archgroup.com

Arch Capital Group Ltd. and Subsidiaries

Table of Contents

Page

I. Financial Highlights

II. Consolidated Financial Statements

a. Consolidated Statements of Income

b. Consolidated Balance Sheets

c. Consolidated Statements of Changes in Shareholders’ Equity

d. Consolidated Statements of Cash Flows

III. Segment Information

a. Overview

b. Consolidated Results

c. Insurance Segment Results

d. Reinsurance Segment Results

e. Mortgage Segment Results

f. Segment Consolidated Results

g. Selected Information on Losses and Loss Adjustment Expenses

IV. Investment Information

a. Investable Asset Summary and Investment Portfolio Metrics

b. Composition of Net Investment Income, Yield and Total Return

c. Composition of Fixed Maturities

d. Credit Quality Distribution and Maturity Profile

e. Analysis of Corporate Exposures

f. Structured Securities

V. Other

a. Comments on Non-GAAP Financial Measures

b. Operating Income Reconciliation and Annualized Operating Return on Average Common Equity

c. Operating Income and Effective Tax Rate Calculations

d. Capital Structure and Share Repurchase Activity

Arch Capital Group Ltd. and Subsidiaries

Basis of Presentation

All financial information contained herein is unaudited, however, certain information relating to the consolidated balance sheet at December 31, 2025 is derived from or agrees to audited financial information. Unless otherwise noted, all amounts are in millions, except for per share amounts and ratio information. Amounts presented have been rounded for presentation purposes and may not reconcile due to rounding differences.

Cautionary Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch and its subsidiaries 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 can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” 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. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve the Company’s ratings; investment performance; the loss and addition of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage gross and net exposures; the failure of others to meet their obligations to the Company; an incident, disruption in operations or other cyber event caused by cyber attacks, the use of artificial intelligence technologies or other technology on the Company’s systems or those of the Company’s business partners and service providers, which could negatively impact the Company’s business and/or expose the Company to litigation; and 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 the Company’s 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.

Arch Capital Group Ltd. and Subsidiaries

Financial Highlights

The following table presents financial highlights:

(U.S. Dollars and shares in millions, except per share data) Three Months Ended

March 31,

2026 2025 Change

Underwriting results:

Gross premiums written $ 6,425 $ 6,463 (0.6) %

Net premiums written 4,348 4,515 (3.7) %

Net premiums earned 3,986 4,188 (4.8) %

Underwriting income (loss) (1) 728 417 74.6 %

Loss ratio 52.4 % 61.8 % (9.4)

Acquisition expense ratio 18.3 % 18.3 % —

Other operating expense ratio (2) 11.0 % 10.0 % 1.0

Combined ratio 81.7 % 90.1 % (8.4)

Pre-tax net investment income $ 408 $ 378 7.9 %

Per diluted share $ 1.13 $ 0.99 14.1 %

Net income available to Arch common shareholders $ 1,037 $ 564 83.9 %

Per diluted share $ 2.88 $ 1.48 94.6 %

After-tax operating income available to Arch common shareholders (1) $ 901 $ 587 53.5 %

Per diluted share $ 2.50 $ 1.54 62.3 %

Comprehensive income (loss) available to Arch $ 709 $ 886 (20.0) %

Net cash provided by operating activities $ 1,188 $ 1,458 (18.5) %

Weighted average common shares and common share equivalents outstanding — diluted 359.7 381.9 (5.8) %

Financial measures:

Change in book value per common share during period 1.7 % 3.8 % (2.1)

Annualized net income return on average common equity 17.8 % 11.1 % 6.7

Annualized operating return on average common equity (1) 15.4 % 11.5 % 3.9

Total return on investments (3) 0.10 % 2.02 % -192 bps

(1)See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of consolidated underwriting income or loss, after-tax operating income or loss available to Arch common shareholders and annualized operating return on average common equity.

(2)The ‘Other operating expense ratio’ includes ‘Other underwriting income.’

(3)Total return on investments includes investment income, equity in net income of investments accounted for using the equity method, net realized gains and losses and the change in unrealized gains and losses and is calculated on a pre-tax basis and before investment expenses. See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of the presentation of total return on investments.

Arch Capital Group Ltd. and Subsidiaries

Consolidated Statements of Income

(U.S. Dollars and shares in millions, except per share data) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Revenues

Net premiums earned $ 3,986 $ 4,255 $ 4,285 $ 4,337 $ 4,188

Net investment income 408 434 408 405 378

Net realized gains (losses) (87) 22 210 229 3

Other underwriting income (1) 59 52 50 62 53

Equity in net income of investments accounted for using the equity method 160 155 134 162 53

Other income (loss) (5) 16 22 18 (2)

Total revenues 4,521 4,934 5,109 5,213 4,673

Expenses

Losses and loss adjustment expenses (2,089) (2,280) (2,200) (2,303) (2,587)

Acquisition expenses (730) (779) (786) (824) (764)

Other operating expenses (498) (421) (478) (454) (473)

Corporate benefit (expenses) (49) 24 (49) (47) (60)

Amortization of intangible assets (30) (47) (49) (48) (49)

Interest expense (37) (38) (37) (38) (35)

Net foreign exchange gains (losses) 21 (6) (7) (88) (27)

Total expenses (3,412) (3,547) (3,606) (3,802) (3,995)

Income (loss) before income taxes and income (loss) from operating affiliates 1,109 1,387 1,503 1,411 678

Income tax (expense) benefit (98) (210) (215) (214) (121)

Income (loss) from operating affiliates 36 61 62 40 17

Net income (loss) attributable to Arch 1,047 1,238 1,350 1,237 574

Preferred dividends (10) (10) (10) (10) (10)

Net income (loss) available to Arch common shareholders $ 1,037 $ 1,228 $ 1,340 $ 1,227 $ 564

Comprehensive income (loss) available to Arch $ 709 $ 1,243 $ 1,398 $ 1,597 $ 886

Net income (loss) per common share and common share equivalent

Basic $ 2.94 $ 3.42 $ 3.63 $ 3.30 $ 1.51

Diluted $ 2.88 $ 3.35 $ 3.56 $ 3.23 $ 1.48

Weighted average common shares and common share equivalents outstanding

Basic 353.2 359.4 369.0 372.2 372.9

Diluted 359.7 366.6 376.1 379.9 381.9

(1) ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

Arch Capital Group Ltd. and Subsidiaries

Consolidated Balance Sheets

(U.S. Dollars and shares in millions, except per share data) March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Assets

Investments:

Fixed maturities available for sale, at fair value $ 32,399 $ 32,426 $ 31,908 $ 30,332 $ 28,798

Short-term investments available for sale, at fair value 2,638 2,625 2,351 2,788 2,477

Equity securities, at fair value 1,766 1,864 1,805 1,715 1,618

Other investments 3,331 3,136 3,027 2,892 2,888

Investments accounted for using the equity method 6,652 6,453 6,232 6,566 6,340

Total investments 46,786 46,504 45,323 44,293 42,121

Cash 914 993 1,063 983 1,187

Accrued investment income 302 338 307 329 267

Investment in operating affiliates 1,330 1,313 1,417 1,356 1,305

Premiums receivable 6,526 5,723 6,450 7,067 6,607

Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses 9,732 9,526 9,070 9,044 8,969

Contractholder receivables 2,253 2,270 2,287 2,280 2,212

Ceded unearned premiums 3,183 2,659 3,079 3,229 2,895

Deferred acquisition costs 1,774 1,717 1,786 1,814 1,785

Receivable for securities sold 643 180 695 390 324

Goodwill and intangible assets 1,190 1,222 1,268 1,319 1,308

Other assets 6,813 6,796 6,440 6,684 6,196

Total assets $ 81,446 $ 79,241 $ 79,185 $ 78,788 $ 75,176

Liabilities

Reserve for losses and loss adjustment expenses $ 34,105 $ 33,547 $ 32,822 $ 32,089 $ 30,946

Unearned premiums 10,939 10,100 11,124 11,625 11,090

Reinsurance balances payable 2,737 2,320 2,638 2,841 2,661

Contractholder payables 2,260 2,277 2,293 2,286 2,218

Collateral held for insured obligations 260 237 239 225 245

Senior notes 2,729 2,729 2,728 2,728 2,728

Payable for securities purchased 798 308 335 728 578

Other liabilities 3,430 3,517 3,287 3,225 3,165

Total liabilities 57,258 55,035 55,466 55,747 53,631

Shareholders’ equity

Non-cumulative preferred shares 830 830 830 830 830

Common shares 1 1 1 1 1

Additional paid-in capital 2,831 2,735 2,682 2,660 2,588

Retained earnings 28,082 27,045 25,817 24,477 23,250

Accumulated other comprehensive income (loss), net of deferred income tax (333) 5 — (48) (408)

Common shares held in treasury, at cost (7,223) (6,410) (5,611) (4,879) (4,716)

Total shareholders’ equity 24,188 24,206 23,719 23,041 21,545

Total liabilities and shareholders’ equity $ 81,446 $ 79,241 $ 79,185 $ 78,788 $ 75,176

Common shares and common share equivalents outstanding, net of treasury shares 352.9 359.0 367.3 375.4 375.6

Book value per common share (1) $ 66.19 $ 65.11 $ 62.32 $ 59.17 $ 55.15

(1) Excludes the effects of stock options and restricted stock units outstanding.

Arch Capital Group Ltd. and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Non-cumulative preferred shares

Balance at beginning and end of period $ 830 $ 830 $ 830 $ 830 $ 830

Common shares

Balance at beginning and end of period 1 1 1 1 1

Additional paid-in capital

Balance at beginning of period 2,735 2,682 2,660 2,588 2,510

Amortization of share-based compensation 82 24 25 25 74

All other 14 29 (3) 47 4

Balance at end of period 2,831 2,735 2,682 2,660 2,588

Retained earnings

Balance at beginning of period 27,045 25,817 24,477 23,250 22,686

Net income 1,047 1,238 1,350 1,237 574

Preferred share dividends (10) (10) (10) (10) (10)

Balance at end of period 28,082 27,045 25,817 24,477 23,250

Accumulated other comprehensive income (loss), net of deferred income tax

Balance at beginning of period 5 — (48) (408) (720)

Change in unrealized appreciation (decline) in value of available-for-sale investments (338) 12 47 296 286

Change in foreign currency translation adjustments — (7) 1 64 26

Balance at end of period (333) 5 — (48) (408)

Common shares held in treasury, at cost

Balance at beginning of period (6,410) (5,611) (4,879) (4,716) (4,487)

Shares repurchased for treasury (813) (799) (732) (163) (229)

Balance at end of period (7,223) (6,410) (5,611) (4,879) (4,716)

Total shareholders’ equity $ 24,188 $ 24,206 $ 23,719 $ 23,041 $ 21,545

Arch Capital Group Ltd. and Subsidiaries

Consolidated Statements of Cash Flows

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Operating Activities

Net income (loss) $ 1,047 $ 1,238 $ 1,350 $ 1,237 $ 574

Adjustments to reconcile net income to net cash provided by operating activities:

Net realized (gains) losses 91 (7) (202) (225) (6)

Equity in net (income) of investments accounted for using the equity method and other income or loss (137) (194) (158) (95) (12)

Amortization of intangible assets 30 47 49 48 49

Share-based compensation 82 24 25 25 74

Changes in:

Reserve for losses and loss adjustment expenses, net 540 330 634 560 826

Unearned premiums, net 362 (606) (321) 11 327

Premiums receivable (820) 731 601 (352) (942)

Deferred acquisition costs (48) 53 14 33 (14)

Reinsurance balances payable 419 (319) (207) 159 504

Deferred income tax assets, net 20 19 46 80 29

Other items, net (398) 88 355 (357) 49

Net cash provided by operating activities 1,188 1,404 2,186 1,124 1,458

Investing Activities

Purchases of fixed maturity investments (9,288) (8,293) (10,619) (8,150) (9,418)

Purchases of equity securities (185) (184) (277) (179) (808)

Purchases of other investments (499) (493) (513) (535) (697)

Proceeds from sales of fixed maturity investments 7,984 7,055 8,435 6,522 7,301

Proceeds from sales of equity securities 202 183 281 223 820

Proceeds from sales, redemptions and maturities of other investments 240 759 336 431 660

Proceeds from redemptions and maturities of fixed maturity investments 957 693 475 568 758

Net settlements of derivative instruments (26) 35 35 147 93

Net (purchases) sales of short-term investments (11) (272) 478 (242) 294

Purchases of fixed assets (8) (11) (12) (12) (9)

Other (5) 111 (2) (1) (2)

Net cash provided by (used for) investing activities (639) (417) (1,383) (1,228) (1,008)

Financing Activities

Purchases of common shares under share repurchase program (783) (798) (732) (163) (196)

Proceeds from common shares issued, net (17) 30 1 47 (28)

Common dividends paid (5) — — (2) (5)

Preferred dividends paid (10) (10) (10) (10) (10)

Other (12) — (2) — (2)

Net cash provided by (used for) financing activities (827) (778) (743) (128) (241)

Effects of exchange rate changes on foreign currency cash and restricted cash (8) 4 (14) 55 16

Increase (decrease) in cash and restricted cash (286) 213 46 (177) 225

Cash and restricted cash, beginning of period 2,067 1,854 1,808 1,985 1,760

Cash and restricted cash, end of period $ 1,781 $ 2,067 $ 1,854 $ 1,808 $ 1,985

Income taxes paid (received) $ 22 $ 143 $ 166 $ 131 $ 18

Interest paid $ — $ 63 $ — $ 64 $ —

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Overview

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, the Chief Executive Officer and the Chief Financial Officer and Treasurer. The chief operating decision-makers 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 underwriting segments based on underwriting income or loss. The Company does not manage its assets by underwriting segment and, accordingly, investment income is not allocated to each underwriting segment.

The Company determined its reportable operating 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.

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.

Reinsurance Segment

The Company’s reinsurance segment offers reinsurance products on a worldwide basis. Lines of business include: casualty; marine and aviation; specialty; property catastrophe; property excluding property catastrophe; and other.

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 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 and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from 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 taxes items, income or loss from operating affiliates and items related to the Company’s non-cumulative preferred shares.

Arch Capital Group Ltd. and Subsidiaries

Segment Information

(U.S. Dollars in millions) Three Months Ended

March 31, 2026

Insurance Reinsurance Mortgage Total

Gross premiums written (1) $ 2,697 $ 3,414 $ 316 $ 6,425

Premiums ceded (1) (791) (1,238) (50) (2,077)

Net premiums written 1,906 2,176 266 4,348

Change in unearned premiums (35) (345) 18 (362)

Net premiums earned 1,871 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 (315) (132) (51) (498)

Underwriting income (loss) $ 66 $ 441 $ 221 728

Net investment income 408

Net realized gains (losses) (87)

Equity in net income of investments accounted for using the equity method 160

Other income (loss) (5)

Corporate benefit (expenses) (3) (31)

Transaction costs and other (3) (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 affiliates 1,109

Income tax (expense) benefit (98)

Income (loss) from operating affiliates 36

Net income (loss) available to Arch 1,047

Preferred dividends (10)

Net income (loss) available to Arch common shareholders $ 1,037

Underwriting Ratios

Loss ratio 60.2 % 51.7 % 5.3 % 52.4 %

Acquisition expense ratio 20.0 % 19.0 % 2.9 % 18.3 %

Other operating expense ratio (4) 16.3 % 5.2 % 14.1 % 11.0 %

Combined ratio 96.5 % 75.9 % 22.3 % 81.7 %

Net premiums written to gross premiums written 70.7 % 63.7 % 84.2 % 67.7 %

Total investable assets $ 47,545

Total assets 81,446

Total liabilities 57,258

(2) ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(4) The ‘Other operating expense ratio’ includes ‘Other underwriting income.’

Arch Capital Group Ltd. and Subsidiaries

Segment Information

(U.S. Dollars in millions) Three Months Ended

March 31, 2025

Insurance Reinsurance Mortgage Total

Gross premiums written (1) $ 2,645 $ 3,494 $ 326 $ 6,463

Premiums ceded (1) (712) (1,178) (60) (1,948)

Net premiums written 1,933 2,316 266 4,515

Change in unearned premiums (73) (288) 34 (327)

Net premiums earned 1,860 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 (294) (127) (52) (473)

Underwriting income (loss) $ (2) $ 167 $ 252 417

Net investment income 378

Net realized gains (losses) 3

Equity in net income of investments accounted for using the equity method 53

Other income (loss) (2)

Corporate benefit (expenses) (3) (50)

Transaction costs and other (3) (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 affiliates 678

Income tax (expense) benefit (121)

Income (loss) from operating affiliates 17

Net income (loss) available to Arch 574

Preferred dividends (10)

Net income (loss) available to Arch common shareholders $ 564

Underwriting Ratios

Loss ratio 66.0 % 66.9 % 1.1 % 61.8 %

Acquisition expense ratio 18.5 % 20.6 % 1.3 % 18.3 %

Other operating expense ratio (4) 15.6 % 4.3 % 13.7 % 10.0 %

Combined ratio 100.1 % 91.8 % 16.1 % 90.1 %

Net premiums written to gross premiums written 73.1 % 66.3 % 81.6 % 69.9 %

Total investable assets $ 43,054

Total assets 75,176

Total liabilities 53,631

(2) ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(4) The ‘Other operating expense ratio’ includes ‘Other underwriting income.’

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Insurance Segment

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Gross premiums written $ 2,697 $ 2,542 $ 2,567 $ 2,681 $ 2,645

Premiums ceded (791) (666) (614) (645) (712)

Net premiums written 1,906 1,876 1,953 2,036 1,933

Change in unearned premiums (35) 97 16 (67) (73)

Net premiums earned 1,871 1,973 1,969 1,969 1,860

Other underwriting income (1) 11 11 9 13 3

Losses and loss adjustment expenses (1,126) (1,196) (1,162) (1,178) (1,228)

Acquisition expenses (375) (380) (386) (387) (343)

Other operating expenses (315) (289) (301) (288) (294)

Underwriting income (loss) $ 66 $ 119 $ 129 $ 129 $ (2)

Underwriting Ratios

Loss ratio 60.2 % 60.6 % 59.0 % 59.8 % 66.0 %

Acquisition expense ratio 20.0 % 19.3 % 19.6 % 19.6 % 18.5 %

Other operating expense ratio (2) 16.3 % 14.1 % 14.8 % 14.0 % 15.6 %

Combined ratio 96.5 % 94.0 % 93.4 % 93.4 % 100.1 %

Catastrophic activity and prior year development:

Current accident year catastrophic events, net of reinsurance and reinstatement premiums 4.2 % 3.3 % 2.2 % 2.9 % 9.5 %

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

Loss ratio impact (0.7) % (0.2) % (0.7) % (0.4) % (0.9) %

Acquisition expense ratio impact 0.3 % 0.1 % 0.6 % 0.3 % 0.4 %

Total impact (0.4) % (0.1) % (0.1) % (0.1) % (0.5) %

Combined ratio excluding catastrophic activity and prior year development (3) 92.7 % 90.8 % 91.3 % 90.6 % 91.1 %

Net premiums written to gross premiums written 70.7 % 73.8 % 76.1 % 75.9 % 73.1 %

(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.’

(3)See ‘Comments on Non-GAAP Financial Measures’ for further discussion.

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Insurance Segment

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Net Premiums Written by Line of Business

North America

Property and short-tail specialty $ 322 16.9 % $ 273 14.6 % $ 339 17.4 % $ 369 18.1 % $ 348 18.0 %

Other liability - occurrence 315 16.5 % 309 16.5 % 297 15.2 % 366 18.0 % 330 17.1 %

Other liability - claims made 175 9.2 % 229 12.2 % 209 10.7 % 206 10.1 % 149 7.7 %

Commercial multi-peril 173 9.1 % 184 9.8 % 194 9.9 % 205 10.1 % 198 10.2 %

Workers compensation 157 8.2 % 142 7.6 % 151 7.7 % 130 6.4 % 153 7.9 %

Commercial automobile 149 7.8 % 126 6.7 % 150 7.7 % 165 8.1 % 161 8.3 %

Other 74 3.9 % 90 4.8 % 86 4.4 % 89 4.4 % 76 3.9 %

Total North America $ 1,365 71.6 % $ 1,353 72.1 % $ 1,426 73.0 % $ 1,530 75.1 % $ 1,415 73.2 %

International

Property and short-tail specialty $ 282 14.8 % $ 251 13.4 % $ 284 14.5 % $ 296 14.5 % $ 271 14.0 %

Casualty and other 259 13.6 % 272 14.5 % 243 12.4 % 210 10.3 % 247 12.8 %

Total International $ 541 28.4 % $ 523 27.9 % $ 527 27.0 % $ 506 24.9 % $ 518 26.8 %

Total $ 1,906 100.0 % $ 1,876 100.0 % $ 1,953 100.0 % $ 2,036 100.0 % $ 1,933 100.0 %

Net Premiums Earned by Line of Business

North America

Property and short-tail specialty $ 315 16.8 % $ 338 17.1 % $ 339 17.2 % $ 363 18.4 % $ 333 17.9 %

Other liability - occurrence 300 16.0 % 325 16.5 % 329 16.7 % 338 17.2 % 329 17.7 %

Other liability - claims made 200 10.7 % 203 10.3 % 205 10.4 % 186 9.4 % 192 10.3 %

Commercial multi-peril 195 10.4 % 193 9.8 % 195 9.9 % 203 10.3 % 201 10.8 %

Workers compensation 135 7.2 % 153 7.8 % 160 8.1 % 147 7.5 % 131 7.0 %

Commercial automobile 146 7.8 % 146 7.4 % 143 7.3 % 147 7.5 % 145 7.8 %

Other 69 3.7 % 78 4.0 % 70 3.6 % 71 3.6 % 72 3.9 %

Total North America $ 1,360 72.7 % $ 1,436 72.8 % $ 1,441 73.2 % $ 1,455 73.9 % $ 1,403 75.4 %

International

Property and short-tail specialty $ 279 14.9 % $ 283 14.3 % $ 292 14.8 % $ 278 14.1 % $ 246 13.2 %

Casualty and other 232 12.4 % 254 12.9 % 236 12.0 % 236 12.0 % 211 11.3 %

Total International $ 511 27.3 % $ 537 27.2 % $ 528 26.8 % $ 514 26.1 % $ 457 24.6 %

Total $ 1,871 100.0 % $ 1,973 100.0 % $ 1,969 100.0 % $ 1,969 100.0 % $ 1,860 100.0 %

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Reinsurance Segment

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Gross premiums written $ 3,414 $ 1,944 $ 2,515 $ 3,196 $ 3,494

Premiums ceded (1,238) (438) (778) (1,137) (1,178)

Net premiums written 2,176 1,506 1,737 2,059 2,316

Change in unearned premiums (345) 486 278 28 (288)

Net premiums earned 1,831 1,992 2,015 2,087 2,028

Other underwriting income (1) 37 36 38 46 39

Losses and loss adjustment expenses (948) (1,086) (1,040) (1,128) (1,356)

Acquisition expenses (347) (393) (398) (436) (417)

Other operating expenses (132) (91) (133) (118) (127)

Underwriting income (loss) $ 441 $ 458 $ 482 $ 451 $ 167

Underwriting Ratios

Loss ratio 51.7 % 54.5 % 51.6 % 54.1 % 66.9 %

Acquisition expense ratio 19.0 % 19.7 % 19.8 % 20.9 % 20.6 %

Other operating expense ratio (2) 5.2 % 2.8 % 4.7 % 3.5 % 4.3 %

Combined ratio 75.9 % 77.0 % 76.1 % 78.5 % 91.8 %

Catastrophic activity and prior year development:

Current accident year catastrophic events, net of reinsurance and reinstatement premiums 5.2 % 5.0 % 1.5 % 4.6 % 18.3 %

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

Loss ratio impact (8.3) % (3.5) % (2.6) % (3.9) % (5.9) %

Acquisition expense ratio impact 0.9 % 0.6 % 0.4 % 0.6 % 1.4 %

Total impact (7.4) % (2.9) % (2.2) % (3.3) % (4.5) %

Combined ratio excluding catastrophic activity and prior year development (3) 78.1 % 74.9 % 76.8 % 77.2 % 78.0 %

Net premiums written to gross premiums written 63.7 % 77.5 % 69.1 % 64.4 % 66.3 %

(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.’

(3)See ‘Comments on Non-GAAP Financial Measures’ for further discussion.

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Reinsurance Segment

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Net Premiums Written by Line of Business

Specialty $ 687 31.6 % $ 587 39.0 % $ 633 36.4 % $ 729 35.4 % $ 594 25.6 %

Property excluding property catastrophe 548 25.2 % 475 31.5 % 557 32.1 % 430 20.9 % 581 25.1 %

Casualty 478 22.0 % 301 20.0 % 399 23.0 % 308 15.0 % 499 21.5 %

Property catastrophe 307 14.1 % 48 3.2 % 64 3.7 % 484 23.5 % 477 20.6 %

Marine and aviation 78 3.6 % 52 3.5 % 60 3.5 % 68 3.3 % 121 5.2 %

Other 78 3.6 % 43 2.9 % 24 1.4 % 40 1.9 % 44 1.9 %

Total $ 2,176 100.0 % $ 1,506 100.0 % $ 1,737 100.0 % $ 2,059 100.0 % $ 2,316 100.0 %

Net Premiums Earned by Line of Business

Specialty $ 586 32.0 % $ 700 35.1 % $ 719 35.7 % $ 760 36.4 % $ 727 35.8 %

Property excluding property catastrophe 519 28.3 % 536 26.9 % 581 28.8 % 587 28.1 % 548 27.0 %

Casualty 353 19.3 % 392 19.7 % 360 17.9 % 355 17.0 % 325 16.0 %

Property catastrophe 226 12.3 % 246 12.3 % 253 12.6 % 260 12.5 % 306 15.1 %

Marine and aviation 70 3.8 % 78 3.9 % 77 3.8 % 82 3.9 % 80 3.9 %

Other 77 4.2 % 40 2.0 % 25 1.2 % 43 2.1 % 42 2.1 %

Total $ 1,831 100.0 % $ 1,992 100.0 % $ 2,015 100.0 % $ 2,087 100.0 % $ 2,028 100.0 %

Net Premiums Written by Underwriting Location

Bermuda $ 962 44.2 % $ 697 46.3 % $ 761 43.8 % $ 1,060 51.5 % $ 1,154 49.8 %

United States 512 23.5 % 386 25.6 % 488 28.1 % 447 21.7 % 477 20.6 %

Europe and other 702 32.3 % 423 28.1 % 488 28.1 % 552 26.8 % 685 29.6 %

Total $ 2,176 100.0 % $ 1,506 100.0 % $ 1,737 100.0 % $ 2,059 100.0 % $ 2,316 100.0 %

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Gross premiums written $ 316 $ 326 $ 330 $ 323 $ 326

Premiums ceded (50) (59) (56) (70) (60)

Net premiums written 266 267 274 253 266

Change in unearned premiums 18 23 27 28 34

Net premiums earned 284 290 301 281 300

Other underwriting income (1) 11 5 3 3 11

Losses and loss adjustment expenses (15) 2 2 3 (3)

Acquisition expenses (8) (6) (2) (1) (4)

Other operating expenses (51) (41) (44) (48) (52)

Underwriting income $ 221 $ 250 $ 260 $ 238 $ 252

Underwriting Ratios

Loss ratio 5.3 % (0.8) % (0.5) % (1.2) % 1.1 %

Acquisition expense ratio 2.9 % 1.9 % 0.7 % 0.4 % 1.3 %

Other operating expense ratio (2) 14.1 % 12.6 % 13.3 % 16.0 % 13.7 %

Combined ratio 22.3 % 13.7 % 13.5 % 15.2 % 16.1 %

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

Loss ratio impact (19.2) % (19.4) % (18.1) % (22.8) % (20.4) %

Acquisition expense ratio impact (0.7) % (0.9) % (1.1) % (1.3) % (1.4) %

Total impact (19.9) % (20.3) % (19.2) % (24.1) % (21.8) %

Combined ratio excluding prior year development (3) 42.2 % 34.0 % 32.7 % 39.3 % 37.9 %

Net premiums written to gross premiums written 84.2 % 81.9 % 83.0 % 78.3 % 81.6 %

(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.’

(3) See ‘Comments on Non-GAAP Financial Measures’ for further discussion.

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Net Premiums Written by Underwriting Unit

U.S. primary mortgage insurance $ 204 76.7 % $ 195 73.0 % $ 197 71.9 % $ 184 72.7 % $ 203 76.3 %

U.S. credit risk transfer (CRT) and other 37 13.9 % 51 19.1 % 55 20.1 % 51 20.2 % 50 18.8 %

International mortgage insurance/reinsurance 25 9.4 % 21 7.9 % 22 8.0 % 18 7.1 % 13 4.9 %

Total $ 266 100.0 % $ 267 100.0 % $ 274 100.0 % $ 253 100.0 % $ 266 100.0 %

Net Premiums Earned by Underwriting Unit

U.S. primary mortgage insurance $ 209 73.6 % $ 201 69.3 % $ 204 67.8 % $ 188 66.9 % $ 209 69.7 %

U.S. credit risk transfer (CRT) and other 37 13.0 % 51 17.6 % 55 18.3 % 51 18.1 % 50 16.7 %

International mortgage insurance/reinsurance 38 13.4 % 38 13.1 % 42 14.0 % 42 14.9 % 41 13.7 %

Total $ 284 100.0 % $ 290 100.0 % $ 301 100.0 % $ 281 100.0 % $ 300 100.0 %

Net Premiums Written by Underwriting Location

United States $ 204 76.7 % $ 196 73.4 % $ 197 71.9 % $ 184 72.7 % $ 203 76.3 %

Other 62 23.3 % 71 26.6 % 77 28.1 % 69 27.3 % 63 23.7 %

Total $ 266 100.0 % $ 267 100.0 % $ 274 100.0 % $ 253 100.0 % $ 266 100.0 %

(U.S. Dollars in millions)

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

Insurance In Force (IIF) (1)

U.S. primary mortgage insurance $ 286,523 59.7 % $ 286,318 59.1 % $ 286,785 57.9 % $ 286,410 57.7 % $ 287,768 58.2 %

U.S. credit risk transfer (CRT) and other 128,338 26.7 % 132,205 27.3 % 141,889 28.7 % 145,883 29.4 % 144,517 29.2 %

International mortgage insurance/reinsurance 65,223 13.6 % 66,084 13.6 % 66,277 13.4 % 64,374 13.0 % 62,487 12.6 %

Total $ 480,084 100.0 % $ 484,607 100.0 % $ 494,951 100.0 % $ 496,667 100.0 % $ 494,772 100.0 %

Risk In Force (RIF) (2)

U.S. primary mortgage insurance $ 74,281 84.8 % $ 74,679 85.0 % $ 74,952 84.9 % $ 74,948 85.1 % $ 75,300 85.5 %

U.S. credit risk transfer and other 5,214 6.0 % 5,358 6.1 % 5,688 6.4 % 5,892 6.7 % 5,842 6.6 %

International mortgage insurance/reinsurance 8,120 9.3 % 7,864 8.9 % 7,633 8.6 % 7,221 8.2 % 6,896 7.8 %

Total $ 87,615 100.0 % $ 87,901 100.0 % $ 88,273 100.0 % $ 88,061 100.0 % $ 88,038 100.0 %

(1) 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 transactions. Such amounts are shown before external reinsurance.

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

The following table provides supplemental disclosures for the Company’s U.S. primary mortgage insurance operations:

(U.S. Dollars in millions)

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

Total RIF by credit quality:

>=740 $ 47,842 64.4 % $ 47,757 63.9 % $ 47,575 63.5 % $ 47,261 63.1 % $ 47,130 62.6 %

680-739 22,861 30.8 % 23,271 31.2 % 23,638 31.5 % 23,880 31.9 % 24,274 32.2 %

620-679 3,274 4.4 % 3,340 4.5 % 3,419 4.6 % 3,479 4.6 % 3,558 4.7 %

<620 304 0.4 % 311 0.4 % 320 0.4 % 328 0.4 % 338 0.4 %

Total $ 74,281 100.0 % $ 74,679 100.0 % $ 74,952 100.0 % $ 74,948 100.0 % $ 75,300 100.0 %

Weighted average credit score 750 749 749 749 748

Total RIF by Loan-To-Value (LTV):

95.01% and above $ 7,436 10.0 % $ 7,314 9.8 % $ 7,362 9.8 % $ 7,361 9.8 % $ 7,383 9.8 %

90.01% to 95.00% 44,147 59.4 % 44,494 59.6 % 44,720 59.7 % 44,711 59.7 % 44,901 59.6 %

85.01% to 90.00% 19,951 26.9 % 20,195 27.0 % 20,251 27.0 % 20,293 27.1 % 20,420 27.1 %

85.00% and below 2,747 3.7 % 2,676 3.6 % 2,619 3.5 % 2,583 3.4 % 2,596 3.4 %

Total $ 74,281 100.0 % $ 74,679 100.0 % $ 74,952 100.0 % $ 74,948 100.0 % $ 75,300 100.0 %

Weighted average LTV 93.2 % 93.2 % 93.2 % 93.2 % 93.2 %

Total RIF by State:

California $ 5,922 8.0 % $ 5,901 7.9 % $ 5,892 7.9 % $ 5,894 7.9 % $ 5,909 7.8 %

Texas 5,376 7.2 % 5,382 7.2 % 5,393 7.2 % 5,432 7.2 % 5,506 7.3 %

North Carolina 3,285 4.4 % 3,343 4.5 % 3,358 4.5 % 3,347 4.5 % 3,340 4.4 %

Minnesota 3,100 4.2 % 3,129 4.2 % 3,137 4.2 % 3,147 4.2 % 3,085 4.1 %

Illinois 3,037 4.1 % 3,042 4.1 % 3,046 4.1 % 3,033 4.0 % 3,025 4.0 %

Georgia 2,966 4.0 % 3,005 4.0 % 3,043 4.1 % 3,063 4.1 % 3,104 4.1 %

Michigan 2,785 3.7 % 2,816 3.8 % 2,822 3.8 % 2,816 3.8 % 2,838 3.8 %

Massachusetts 2,704 3.6 % 2,780 3.7 % 2,829 3.8 % 2,841 3.8 % 2,853 3.8 %

Ohio 2,670 3.6 % 2,666 3.6 % 2,697 3.6 % 2,702 3.6 % 2,701 3.6 %

Florida 2,659 3.6 % 2,672 3.6 % 2,690 3.6 % 2,714 3.6 % 2,758 3.7 %

Other 39,777 53.5 % 39,943 53.5 % 40,045 53.4 % 39,959 53.3 % 40,181 53.4 %

Total $ 74,281 100.0 % $ 74,679 100.0 % $ 74,952 100.0 % $ 74,948 100.0 % $ 75,300 100.0 %

Weighted average coverage (end of period RIF divided by IIF) 25.9 % 26.1 % 26.1 % 26.2 % 26.2 %

U.S. mortgage insurance total RIF, net of reinsurance (1) $ 62,366 $ 60,259 $ 60,662 $ 60,436 $ 60,226

Analysts’ persistency (2) 80.7 % 81.8 % 82.3 % 81.9 % 81.9 %

Risk-to-capital ratio — Arch MI U.S. (3) 8.4:1 8.2:1 7.9:1 8.3:1 7.8:1

PMIER sufficiency ratio — Arch MI U.S. (4) 175 % 179 % 176 % 168 % 186 %

(1) Total RIF for the U.S. mortgage insurance operations after external reinsurance.

(2) Represents the % of IIF at the beginning of a 12 month period that remained in force at the end of the period.

(3) Represents current (non-delinquent) RIF, net of reinsurance, divided by statutory capital (estimate for March 31, 2026).

(4) On August 21, 2024, Fannie Mae and Freddie Mac (collectively the GSEs) each updated their Private Mortgage Insurer Eligibility Requirements (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%.

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

The following table provides supplemental disclosures for the Company’s U.S. primary mortgage insurance operations:

(U.S. Dollars in millions, except policy/loan/claim count) Three Months Ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

Total new insurance written (NIW) (1) $ 14,812 $ 14,296 $ 12,965 $ 12,254 $ 9,190

Total NIW by credit quality:

>=740 $ 11,720 79.1 % $ 11,239 78.6 % $ 9,850 76.0 % $ 9,411 76.8 % $ 6,835 74.4 %

680-739 2,698 18.2 % 2,759 19.3 % 2,753 21.2 % 2,527 20.6 % 2,103 22.9 %

620-679 371 2.5 % 293 2.0 % 359 2.8 % 313 2.6 % 249 2.7 %

<620 23 0.2 % 5 0.0 % 3 0.0 % 3 0.0 % 3 0.0 %

Total $ 14,812 100.0 % $ 14,296 100.0 % $ 12,965 100.0 % $ 12,254 100.0 % $ 9,190 100.0 %

Total NIW by LTV:

95.01% and above $ 2,064 13.9 % $ 779 5.4 % $ 1,038 8.0 % $ 814 6.6 % $ 756 8.2 %

90.01% to 95.00% 5,804 39.2 % 5,894 41.2 % 5,668 43.7 % 5,632 46.0 % 4,374 47.6 %

85.01% to 90.00% 4,690 31.7 % 5,337 37.3 % 4,323 33.3 % 3,945 32.2 % 2,920 31.8 %

85.00% and below 2,254 15.2 % 2,286 16.0 % 1,936 14.9 % 1,863 15.2 % 1,140 12.4 %

Total $ 14,812 100.0 % $ 14,296 100.0 % $ 12,965 100.0 % $ 12,254 100.0 % $ 9,190 100.0 %

Total NIW monthly vs. single:

Monthly $ 14,273 96.4 % $ 13,653 95.5 % $ 12,267 94.6 % $ 11,779 96.1 % $ 8,497 92.5 %

Single 539 3.6 % 643 4.5 % 698 5.4 % 475 3.9 % 693 7.5 %

Total $ 14,812 100.0 % $ 14,296 100.0 % $ 12,965 100.0 % $ 12,254 100.0 % $ 9,190 100.0 %

Total NIW purchase vs. refinance:

Purchase $ 11,754 79.4 % $ 11,640 81.4 % $ 12,319 95.0 % $ 11,633 94.9 % $ 8,795 95.7 %

Refinance 3,058 20.6 % 2,656 18.6 % 646 5.0 % 621 5.1 % 395 4.3 %

Total $ 14,812 100.0 % $ 14,296 100.0 % $ 12,965 100.0 % $ 12,254 100.0 % $ 9,190 100.0 %

Ending number of policies in force (PIF) (2) 1,049,661 1,058,907 1,067,147 1,073,477 1,085,927

Rollforward of insured loans in default:

Beginning delinquent number of loans 22,985 21,821 20,762 21,299 22,982

Plus: new notices 11,938 12,825 12,168 10,856 11,529

Less: cures (12,969) (11,337) (10,715) (11,085) (12,920)

Less: paid claims (348) (324) (394) (308) (292)

Ending delinquent number of loans (2) 21,606 22,985 21,821 20,762 21,299

Ending percentage of loans in default (2) 2.06 % 2.17 % 2.04 % 1.93 % 1.96 %

Losses:

Number of claims paid 348 324 394 308 292

Total paid claims (in thousands) $ 15,557 $ 15,917 $ 12,934 $ 12,703 $ 11,950

Average paid per claim (in thousands) $ 44.7 $ 49.1 $ 32.8 $ 41.2 $ 40.9

Severity (3) 77.9 % 81.6 % 73.2 % 75.3 % 76.8 %

Average case reserve per default (in thousands) $ 16.6 $ 15.3 $ 16.1 $ 16.8 $ 16.7

(1) The original principal balance of all loans that received coverage during the period.

(2) Includes first lien primary and pool policies.

(3) Represents total direct first lien paid claims divided by RIF of loans for which claims were paid, excluding paid claim settlements.

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

The following table provides supplemental disclosures for the Company’s U.S. primary mortgage insurance operations:

(U.S. Dollars in millions)

March 31, 2026 December 31, 2025

Loss Reserves, Net (1) Primary IIF (2) Primary RIF (3) Delinquency Rate Loss Reserves, Net (1) Primary IIF (2) Primary RIF (3) Delinquency Rate

% of Total Total % of Total Total % of Total % of Total Total % of Total Total % of Total

Policy year:

2016 and prior 20.7 % $ 18,794 6.6 % $ 4,776 6.4 % 4.71 % 24.9 % $ 19,384 6.8 % $ 4,923 6.6 % 5.08 %

2017 3.6 % 3,825 1.3 % 1,008 1.4 % 3.93 % 3.9 % 4,250 1.5 % 1,127 1.5 % 3.87 %

2018 5.8 % 5,306 1.9 % 1,384 1.9 % 4.45 % 6.1 % 5,673 2.0 % 1,479 2.0 % 4.48 %

2019 6.7 % 9,901 3.5 % 2,604 3.5 % 2.89 % 7.3 % 10,553 3.7 % 2,770 3.7 % 3.08 %

2020 11.8 % 29,042 10.1 % 7,980 10.7 % 1.76 % 12.3 % 30,968 10.8 % 8,487 11.4 % 1.85 %

2021 16.9 % 47,723 16.7 % 13,152 17.7 % 1.81 % 17.4 % 50,141 17.5 % 13,767 18.4 % 1.88 %

2022 16.7 % 47,648 16.6 % 12,821 17.3 % 1.87 % 14.5 % 49,492 17.3 % 13,236 17.7 % 1.87 %

2023 10.1 % 29,282 10.2 % 7,573 10.2 % 1.95 % 7.9 % 31,049 10.8 % 8,006 10.7 % 1.93 %

2024 6.3 % 36,987 12.9 % 9,296 12.5 % 1.33 % 5.0 % 39,306 13.7 % 9,840 13.2 % 1.17 %

2025 1.4 % 43,389 15.1 % 10,543 14.2 % 0.33 % 0.7 % 45,502 15.9 % 11,044 14.8 % 0.20 %

2026 0.0 % 14,626 5.1 % 3,144 4.2 % 0.03 %

Total 100.0 % $ 286,523 100.0 % $ 74,281 100.0 % 2.06 % 100.0 % $ 286,318 100.0 % $ 74,679 100.0 % 2.17 %

(1) Total reserves for losses and loss adjustment expenses, net of recoverables, was $335.9 million at March 31, 2026, compared to $320.6 million at December 31, 2025.

(2) The aggregate dollar amount of each insured mortgage loan’s current principal balance.

(3) 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 transactions.

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Consolidated

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Gross premiums written $ 6,425 $ 4,809 $ 5,410 $ 6,196 $ 6,463

Premiums ceded (2,077) (1,160) (1,446) (1,848) (1,948)

Net premiums written 4,348 3,649 3,964 4,348 4,515

Change in unearned premiums (362) 606 321 (11) (327)

Net premiums earned 3,986 4,255 4,285 4,337 4,188

Other underwriting income (1) 59 52 50 62 53

Losses and loss adjustment expenses (2,089) (2,280) (2,200) (2,303) (2,587)

Acquisition expenses (730) (779) (786) (824) (764)

Other operating expenses (498) (421) (478) (454) (473)

Underwriting income (loss) (2) $ 728 $ 827 $ 871 $ 818 $ 417

Underwriting Ratios

Loss ratio 52.4 % 53.6 % 51.4 % 53.1 % 61.8 %

Acquisition expense ratio 18.3 % 18.3 % 18.4 % 19.0 % 18.3 %

Other operating expense ratio (3) 11.0 % 8.7 % 10.0 % 9.1 % 10.0 %

Combined ratio 81.7 % 80.6 % 79.8 % 81.2 % 90.1 %

Catastrophic activity and prior year development:

Current accident year catastrophic events, net of reinsurance and reinstatement premiums 4.4 % 3.9 % 1.7 % 3.5 % 13.1 %

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

Loss ratio impact (5.5) % (3.0) % (2.8) % (3.5) % (4.7) %

Acquisition expense ratio impact 0.5 % 0.2 % 0.4 % 0.3 % 0.7 %

Total impact (5.0) % (2.8) % (2.4) % (3.2) % (4.0) %

Combined ratio excluding catastrophic activity and prior year development (2) 82.3 % 79.5 % 80.5 % 80.9 % 81.0 %

Components of losses and loss adjustment expenses incurred

Paid losses and loss adjustment expenses $ 1,549 $ 1,951 $ 1,569 $ 1,744 $ 1,761

Change in unpaid losses and loss adjustment expenses 540 329 631 559 826

Total losses and loss adjustment expenses $ 2,089 $ 2,280 $ 2,200 $ 2,303 $ 2,587

Net premiums written to gross premiums written 67.7 % 75.9 % 73.3 % 70.2 % 69.9 %

(1)‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(2)See ‘Comments on Non-GAAP Financial Measures’ for further discussion.

(3)The ‘Other operating expense ratio’ includes ‘Other underwriting income.’

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Selected Information on Losses and Loss Adjustment Expenses

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

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

Net impact on underwriting results:

Insurance $ (8) $ (1) $ (2) $ (2) $ (10)

Reinsurance (136) (58) (44) (69) (92)

Mortgage (56) (59) (57) (68) (65)

Total $ (200) $ (118) $ (103) $ (139) $ (167)

Impact on losses and loss adjustment expenses:

Insurance $ (14) $ (4) $ (14) $ (8) $ (17)

Reinsurance (152) (69) (53) (81) (119)

Mortgage (54) (56) (54) (64) (61)

Total $ (220) $ (129) $ (121) $ (153) $ (197)

Impact on acquisition expenses:

Insurance $ 6 $ 3 $ 12 $ 6 $ 7

Reinsurance 16 11 9 12 27

Mortgage (2) (3) (3) (4) (4)

Total $ 20 $ 11 $ 18 $ 14 $ 30

Impact on combined ratio:

Insurance (0.4) % (0.1) % (0.1) % (0.1) % (0.5) %

Reinsurance (7.4) % (2.9) % (2.2) % (3.3) % (4.5) %

Mortgage (19.9) % (20.3) % (19.2) % (24.1) % (21.8) %

Total (5.0) % (2.8) % (2.4) % (3.2) % (4.0) %

Impact on loss ratio:

Insurance (0.7) % (0.2) % (0.7) % (0.4) % (0.9) %

Reinsurance (8.3) % (3.5) % (2.6) % (3.9) % (5.9) %

Mortgage (19.2) % (19.4) % (18.1) % (22.8) % (20.4) %

Total (5.5) % (3.0) % (2.8) % (3.5) % (4.7) %

Impact on acquisition expense ratio:

Insurance 0.3 % 0.1 % 0.6 % 0.3 % 0.4 %

Reinsurance 0.9 % 0.6 % 0.4 % 0.6 % 1.4 %

Mortgage (0.7) % (0.9) % (1.1) % (1.3) % (1.4) %

Total 0.5 % 0.2 % 0.4 % 0.3 % 0.7 %

Estimated net losses incurred from current accident year catastrophic events (1)

Insurance $ 79 $ 64 $ 43 $ 58 $ 177

Reinsurance 95 100 29 96 370

Total $ 174 $ 164 $ 72 $ 154 $ 547

Impact on combined ratio:

Insurance 4.2 % 3.3 % 2.2 % 2.9 % 9.5 %

Reinsurance 5.2 % 5.0 % 1.5 % 4.6 % 18.3 %

Total 4.4 % 3.9 % 1.7 % 3.5 % 13.1 %

(1)Equals estimated losses from catastrophic events occurring in the current accident year (e.g. natural catastrophes, man-made events, pandemic events), net of reinsurance and reinstatement premiums. As regards the natural catastrophe estimates included within, amounts shown for the insurance and reinsurance segments generally include (i) North American events with a Property Claim Services ("PCS") code and (ii) named catastrophic events outside of North America. Amounts not applicable for the mortgage segment.

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Investable Asset Summary and Investment Portfolio Metrics

The following table summarizes the Company’s investable assets and portfolio metrics:

(U.S. Dollars in millions) March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Investable assets:

Fixed maturities available for sale, at fair value $ 32,399 68.1 % $ 32,426 68.5 % $ 31,908 68.3 % $ 30,332 67.5 % $ 28,798 66.9 %

Fixed maturities—fair value option (1) 1,129 2.4 % 1,110 2.3 % 1,050 2.2 % 1,009 2.2 % 913 2.1 %

Total fixed maturities 33,528 70.5 % 33,536 70.8 % 32,958 70.5 % 31,341 69.7 % 29,711 69.0 %

Equity securities, at fair value 1,766 3.7 % 1,864 3.9 % 1,805 3.9 % 1,715 3.8 % 1,618 3.8 %

Equity securities—fair value option (1) 4 0.0 % 5 0.0 % 5 0.0 % 5 0.0 % 5 0.0 %

Total equity securities 1,770 3.7 % 1,869 3.9 % 1,810 3.9 % 1,720 3.8 % 1,623 3.8 %

Other investments—fair value option (1) 2,129 4.5 % 1,957 4.1 % 1,911 4.1 % 1,810 4.0 % 1,866 4.3 %

Investments accounted for using the equity method (2) 6,652 14.0 % 6,453 13.6 % 6,232 13.3 % 6,566 14.6 % 6,340 14.7 %

Short-term investments available for sale, at fair value 2,638 5.5 % 2,625 5.5 % 2,351 5.0 % 2,788 6.2 % 2,477 5.8 %

Short-term investments—fair value option (1) 69 0.1 % 64 0.1 % 61 0.1 % 68 0.2 % 104 0.2 %

Total short-term investments 2,707 5.7 % 2,689 5.7 % 2,412 5.2 % 2,856 6.4 % 2,581 6.0 %

Cash 914 1.9 % 993 2.1 % 1,063 2.3 % 983 2.2 % 1,187 2.8 %

Securities transactions entered into but not settled at the balance sheet date (155) (0.3) % (128) (0.3) % 360 0.8 % (338) (0.8) % (254) (0.6) %

Total investable assets held by the Company $ 47,545 100.0 % $ 47,369 100.0 % $ 46,746 100.0 % $ 44,938 100.0 % $ 43,054 100.0 %

Average effective duration of fixed maturities (in years) 3.43 3.34 3.24 3.48 3.32

Average S&P/Moody’s credit ratings (3) AA-/Aa3 AA-/Aa3 AA-/Aa3 AA-/Aa3 AA-/Aa3

(1) Included in “other investments” on the balance sheet.

(2) Changes in the carrying value of investments accounted for using the equity method are recorded as “equity in net income of investments accounted for using the equity method” rather than as an unrealized gain or loss component of accumulated other comprehensive income.

(3) Average credit ratings on the Company’s investment portfolio on securities with ratings assigned by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”).

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Composition of Net Investment Income, Yield and Total Return

The following table summarizes the Company’s net investment income, yield and total return:

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

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Composition of pre-tax net investment income:

Fixed maturities $ 384 $ 384 $ 379 $ 360 $ 342

Short-term investments 24 27 25 24 26

Equity securities (dividends) 8 10 10 10 11

Other (1) 21 27 19 35 28

Gross investment income 437 448 433 429 407

Investment expenses (29) (14) (25) (24) (29)

Pre-tax net investment income $ 408 $ 434 $ 408 $ 405 $ 378

Per share $ 1.13 $ 1.18 $ 1.08 $ 1.07 $ 0.99

Pre-tax equity in net income of investments accounted for using the equity method 160 155 134 162 53

Per share $ 0.44 $ 0.42 $ 0.36 $ 0.43 $ 0.14

Investment income yield, at amortized cost (2):

Pre-tax 3.99 % 4.22 % 4.07 % 4.25 % 4.16 %

After-tax 3.26 % 3.45 % 3.32 % 3.43 % 3.35 %

Total return on investments (3) 0.10 % 1.36 % 1.80 % 3.09 % 2.02 %

(1)Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other.

(2)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.

(3)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 allowance for credit losses on non-investment related financial assets) and the change in unrealized gains or losses and is calculated on a pre-tax basis and before investment expenses. See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of the presentation of total return on investments.

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Composition of Fixed Maturities

The following table summarizes the Company’s fixed maturities:

(U.S. Dollars in millions)

Fair

Value Gross

Unrealized

Gains Gross

Unrealized

Losses Net

Unrealized

Gains (Losses) Allowance

for Credit Losses Amortized

Cost Fair Value /

Amortized Cost Fair Value

% of Total

At March 31, 2026

Corporates $ 14,929 $ 122 $ (218) $ (96) $ (6) $ 15,031 99.3 % 44.5 %

U.S. government and government agencies 7,427 10 (55) (45) — 7,472 99.4 % 22.2 %

Asset-backed securities 3,737 7 (30) (23) (5) 3,765 99.3 % 11.1 %

Non-U.S. government securities 2,997 27 (102) (75) (1) 3,073 97.5 % 8.9 %

Residential mortgage-backed securities 2,892 19 (31) (12) — 2,904 99.6 % 8.6 %

Commercial mortgage-backed securities 1,391 5 (7) (2) (1) 1,394 99.8 % 4.1 %

Municipal bonds 155 — (4) (4) — 159 97.5 % 0.5 %

Total $ 33,528 $ 190 $ (447) $ (257) $ (13) $ 33,798 99.2 % 100.0 %

At December 31, 2025

Corporates $ 15,160 $ 265 $ (142) $ 123 $ (10) $ 15,047 100.8 % 45.2 %

U.S. government and government agencies 7,450 23 (21) 2 — 7,448 100.0 % 22.2 %

Asset-backed securities 3,574 20 (15) 5 (8) 3,577 99.9 % 10.7 %

Non-U.S. government securities 3,273 53 (81) (28) (1) 3,302 99.1 % 9.8 %

Residential mortgage-backed securities 2,705 34 (21) 13 — 2,692 100.5 % 8.1 %

Commercial mortgage-backed securities 1,212 11 (5) 6 (1) 1,207 100.4 % 3.6 %

Municipal bonds 162 — (4) (4) — 166 97.6 % 0.5 %

Total $ 33,536 $ 406 $ (289) $ 117 $ (20) $ 33,439 100.3 % 100.0 %

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Credit Quality Distribution and Maturity Profile

The following table summarizes the credit quality distribution and maturity profile of the Company’s fixed maturities:

(U.S. Dollars in millions) March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Credit quality distribution of total fixed maturities (1):

U.S. government and government agencies (2) $ 9,665 28.8 % $ 9,561 28.5 % $ 8,409 25.5 % $ 8,355 26.7 % $ 7,827 26.3 %

AAA 5,769 17.2 % 5,667 16.9 % 5,425 16.5 % 4,745 15.1 % 4,698 15.8 %

AA 2,554 7.6 % 2,564 7.6 % 2,449 7.4 % 2,491 7.9 % 2,287 7.7 %

A 6,405 19.1 % 6,448 19.2 % 6,904 20.9 % 6,645 21.2 % 5,931 20.0 %

BBB 6,526 19.5 % 6,533 19.5 % 7,167 21.7 % 6,673 21.3 % 6,625 22.3 %

BB 1,340 4.0 % 1,330 4.0 % 1,175 3.6 % 1,110 3.5 % 1,051 3.5 %

B 806 2.4 % 734 2.2 % 685 2.1 % 657 2.1 % 605 2.0 %

Lower than B 35 0.1 % 35 0.1 % 29 0.1 % 30 0.1 % 26 0.1 %

Not rated 428 1.3 % 664 2.0 % 715 2.2 % 635 2.0 % 661 2.2 %

Total fixed maturities, at fair value $ 33,528 100.0 % $ 33,536 100.0 % $ 32,958 100.0 % $ 31,341 100.0 % $ 29,711 100.0 %

Maturity profile of total fixed maturities:

Due in one year or less $ 582 1.7 % $ 412 1.2 % $ 570 1.7 % $ 518 1.7 % $ 533 1.8 %

Due after one year through five years 17,540 52.3 % 17,680 52.7 % 17,379 52.7 % 17,632 56.3 % 16,570 55.8 %

Due after five years through ten years 6,659 19.9 % 7,149 21.3 % 7,047 21.4 % 6,350 20.3 % 6,179 20.8 %

Due after 10 years 727 2.2 % 804 2.4 % 798 2.4 % 847 2.7 % 656 2.2 %

25,508 76.1 % 26,045 77.7 % 25,794 78.3 % 25,347 80.9 % 23,938 80.6 %

Residential mortgage-backed securities 2,892 8.6 % 2,705 8.1 % 2,766 8.4 % 2,386 7.6 % 1,755 5.9 %

Commercial mortgage-backed securities 1,391 4.1 % 1,212 3.6 % 1,249 3.8 % 838 2.7 % 931 3.1 %

Asset-backed securities 3,737 11.1 % 3,574 10.7 % 3,149 9.6 % 2,770 8.8 % 3,087 10.4 %

Total fixed maturities, at fair value $ 33,528 100.0 % $ 33,536 100.0 % $ 32,958 100.0 % $ 31,341 100.0 % $ 29,711 100.0 %

(1) 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.

(2) Includes U.S. government-sponsored agency mortgage backed securities and agency commercial mortgage backed securities.

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Analysis of Corporate Exposures

The following table summarizes the Company’s corporate bonds by sector:

(U.S. Dollars in millions) March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Sector:

Industrials $ 8,286 55.5 % $ 7,840 51.7 % $ 8,262 51.5 % $ 7,974 51.7 % $ 7,157 49.1 %

Financials 5,450 36.5 % 6,066 40.0 % 6,251 39.0 % 5,939 38.5 % 5,881 40.3 %

Utilities 942 6.3 % 949 6.3 % 1,225 7.6 % 1,201 7.8 % 1,039 7.1 %

All other (1) 251 1.7 % 305 2.0 % 306 1.9 % 303 2.0 % 512 3.5 %

Total $ 14,929 100.0 % $ 15,160 100.0 % $ 16,044 100.0 % $ 15,417 100.0 % $ 14,589 100.0 %

Credit quality distribution (2):

AAA $ 176 1.2 % $ 195 1.3 % $ 195 1.2 % $ 180 1.2 % $ 194 1.3 %

AA 1,093 7.3 % 968 6.4 % 807 5.0 % 953 6.2 % 915 6.3 %

A 5,173 34.7 % 5,315 35.1 % 5,882 36.7 % 5,712 37.1 % 5,092 34.9 %

BBB 6,111 40.9 % 6,210 41.0 % 6,891 43.0 % 6,392 41.5 % 6,308 43.2 %

BB 1,266 8.5 % 1,262 8.3 % 1,128 7.0 % 1,054 6.8 % 1,001 6.9 %

B 800 5.4 % 728 4.8 % 676 4.2 % 652 4.2 % 604 4.1 %

Lower than B 35 0.2 % 35 0.2 % 29 0.2 % 30 0.2 % 26 0.2 %

Not rated 275 1.8 % 447 2.9 % 436 2.7 % 444 2.9 % 449 3.1 %

Total $ 14,929 100.0 % $ 15,160 100.0 % $ 16,044 100.0 % $ 15,417 100.0 % $ 14,589 100.0 %

(1) Includes sovereign securities, supranational securities and other.

(2) 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.

The following table summarizes the Company’s top ten exposures to fixed income corporate issuers by fair value at March 31, 2026:

(U.S. Dollars in millions) Fair

Value % of Asset Class % of Investable Assets Credit Quality (1)

Issuer:

Morgan Stanley $ 356 2.4 % 0.7 % A/A1

JPMorgan Chase & Co. 328 2.2 % 0.7 % A/A1

Bank of America Corporation 322 2.2 % 0.7 % A-/A1

The Goldman Sachs Group, Inc. 277 1.9 % 0.6 % BBB+/A2

Amazon.com, Inc. 240 1.6 % 0.5 % AA/A1

Citigroup Inc. 208 1.4 % 0.4 % A-/A2

Wells Fargo & Company 192 1.3 % 0.4 % BBB+/A1

UBS Group AG 181 1.2 % 0.4 % A-/A1

The Toronto-Dominion Bank 179 1.2 % 0.4 % A-/A2

Hyundai Motor Company 156 1.0 % 0.3 % A-/A3

Total $ 2,439 16.3 % 5.1 %

(1) Average credit ratings assigned by S&P and Moody’s, respectively.

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Structured Securities

The following table provides the composition of the Company’s structured securities:

(U.S. Dollars in millions) Agencies AAA AA A BBB Non-Investment Grade Total

At March 31, 2026

Residential mortgage-backed securities $ 2,232 $ 656 $ — $ — $ — $ 4 $ 2,892

Commercial mortgage-backed securities 6 886 139 45 223 92 1,391

Asset-backed securities — 2,117 295 1,007 190 128 3,737

Total $ 2,238 $ 3,659 $ 434 $ 1,052 $ 413 $ 224 $ 8,020

At December 31, 2025

Residential mortgage-backed securities $ 2,105 $ 598 $ 2 $ — $ — $ — $ 2,705

Commercial mortgage-backed securities 6 730 159 47 193 77 1,212

Asset-backed securities — 2,026 310 904 128 206 3,574

Total $ 2,111 $ 3,354 $ 471 $ 951 $ 321 $ 283 $ 7,491

Arch Capital Group Ltd. and Subsidiaries

Comments on Non-GAAP Financial Measures

Throughout this financial supplement, 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. 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 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 the following page.

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. 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.

Transaction costs and other include advisory, financing, legal, severance, incentive compensation and other transaction costs 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’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 the Company’s 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 pages 9 to 10.

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 the Company’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.

Arch Capital Group Ltd. and Subsidiaries

Operating Income Reconciliation and Annualized Operating Return on Average Common Equity

The following table summarizes the Company’s consolidated financial data, including a reconciliation of net income (loss) available to Arch common shareholders to after-tax operating income (loss) available to Arch common shareholders and related diluted per share results:

(U.S. Dollars and shares in millions, except per share data) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Net income available to Arch common shareholders $ 1,037 $ 1,228 $ 1,340 $ 1,227 $ 564

Net realized (gains) losses (1) 87 (22) (210) (229) (3)

Equity in net (income) of investments accounted for using the equity method (160) (155) (134) (162) (53)

Net foreign exchange (gains) losses (21) 6 7 88 27

Transaction costs and other 18 26 21 18 10

Income tax expense (benefit) (2) (60) 9 18 37 42

After-tax operating income available to Arch common shareholders $ 901 $ 1,092 $ 1,042 $ 979 $ 587

Diluted per common share results:

Net income available to Arch common shareholders $ 2.88 $ 3.35 $ 3.56 $ 3.23 $ 1.48

Net realized (gains) losses (1) 0.24 (0.06) (0.56) (0.60) (0.01)

Equity in net (income) of investments accounted for using the equity method (0.44) (0.42) (0.36) (0.43) (0.14)

Net foreign exchange (gains) losses (0.06) 0.02 0.02 0.23 0.07

Transaction costs and other 0.05 0.07 0.06 0.05 0.03

Income tax expense (benefit) (2) (0.17) 0.02 0.05 0.10 0.11

After-tax operating income available to Arch common shareholders $ 2.50 $ 2.98 $ 2.77 $ 2.58 $ 1.54

Weighted average common shares and common share equivalents outstanding - diluted 359.7 366.6 376.1 379.9 381.9

Beginning common shareholders’ equity $ 23,376 $ 22,889 $ 22,211 $ 20,715 $ 19,990

Ending common shareholders’ equity 23,358 23,376 22,889 22,211 20,715

Average common shareholders’ equity $ 23,367 $ 23,133 $ 22,550 $ 21,463 $ 20,353

Annualized net income return on average common equity 17.8 % 21.2 % 23.8 % 22.9 % 11.1 %

Annualized operating return on average common equity 15.4 % 18.9 % 18.5 % 18.2 % 11.5 %

Arch Capital Group Ltd. and Subsidiaries

Operating Income and Effective Tax Rate Calculations

The following table provides a reconciliation of income (loss) before income taxes to after-tax operating income (loss) available to Arch common shareholders and an analysis of the effective tax rate on pre-tax operating income (loss) available to Arch common shareholders:

(U.S. Dollars in millions) Three Months Ended

March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Arch Operating Income Components:

Income (loss) before income taxes and income (loss) from operating affiliates $ 1,109 $ 1,387 $ 1,503 $ 1,411 $ 678

Net realized (gains) losses 87 (22) (210) (229) (3)

Equity in net (income) of investments accounted for using the equity method (160) (155) (134) (162) (53)

Net foreign exchange (gains) losses (21) 6 7 88 27

Transaction costs and other 18 26 21 18 10

Income (loss) from operating affiliates

36 61 62 40 17

Pre-tax operating income available to Arch (b) 1,069 1,303 1,249 1,166 676

Income tax (expense) benefit (a) (158) (201) (197) (177) (79)

After-tax operating income available to Arch 911 1,102 1,052 989 597

Preferred dividends (10) (10) (10) (10) (10)

After-tax operating income available to Arch common shareholders $ 901 $ 1,092 $ 1,042 $ 979 $ 587

Effective tax rate on pre-tax operating income (loss) available to Arch (a)/(b) 14.8 % 15.4 % 15.8 % 15.2 % 11.7 %

Arch Capital Group Ltd. and Subsidiaries

Capital Structure and Share Repurchase Activity

The following table provides an analysis of the Company’s capital structure:

(U.S. Dollars and shares in millions, except per share data) March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025

Debt:

Arch senior notes, due May 1, 2034 ($300 principal, 7.35%) $ 300 $ 300 $ 300 $ 300 $ 300

Arch-U.S. senior notes, due November 1, 2043 ($500 principal, 5.144%) (1) 500 500 500 500 500

Arch Finance senior notes, due December 15, 2026 ($500 principal, 4.011%) (2) 500 500 500 500 500

Arch Finance senior notes, due December 15, 2046 ($450 principal, 5.031%) (2) 450 450 450 450 450

Arch senior notes, due June 30, 2050 ($1,000 principal, 3.635%) 1,000 1,000 1,000 1,000 1,000

Deferred debt costs on senior notes (21) (21) (22) (22) (22)

Revolving credit agreement borrowings, due August 23, 2028 — — — — —

Total debt $ 2,729 $ 2,729 $ 2,728 $ 2,728 $ 2,728

Shareholders’ equity available to Arch:

Series F non-cumulative preferred shares (5.45%) 330 330 330 330 330

Series G non-cumulative preferred shares (4.55%) 500 500 500 500 500

Common shareholders’ equity (a) 23,358 23,376 22,889 22,211 20,715

Total shareholders’ equity available to Arch $ 24,188 $ 24,206 $ 23,719 $ 23,041 $ 21,545

Total capital available to Arch $ 26,917 $ 26,935 $ 26,447 $ 25,769 $ 24,273

Common shares outstanding, net of treasury shares (b) 352.9 359.0 367.3 375.4 375.6

Book value per common share (3) (a)/(b) $ 66.19 $ 65.11 $ 62.32 $ 59.17 $ 55.15

Leverage ratios:

Senior notes/total capital available to Arch 10.1 % 10.1 % 10.3 % 10.6 % 11.2 %

Revolving credit agreement borrowings/total capital available to Arch — % — % — % — % — %

Debt/total capital available to Arch 10.1 % 10.1 % 10.3 % 10.6 % 11.2 %

Preferred/total capital available to Arch 3.1 % 3.1 % 3.1 % 3.2 % 3.4 %

Debt and preferred/total capital available to Arch 13.2 % 13.2 % 13.5 % 13.8 % 14.7 %

(1) Issued by Arch Capital Group (U.S.) Inc. (“Arch-U.S.”), a wholly owned subsidiary of Arch, and fully and unconditionally guaranteed by Arch.

(2) Issued by Arch Capital Finance LLC (“Arch Finance”), a wholly owned subsidiary of Arch U.S. MI Holdings Inc., and fully and unconditionally guaranteed by Arch.

(3) Excludes the effects of stock options, restricted and performance stock units outstanding.

The following table provides the impact of share repurchases under the Company’s share repurchase program:

(U.S. Dollars and shares in millions, except per share data) Three Months Ended Cumulative

March 31, December 31, September 30, June 30, March 31, March 31,

2026 2025 2025 2025 2025 2026

Effect of share repurchases:

Aggregate cost of shares repurchased $ 783.0 $ 797.9 $ 732.3 $ 163.2 $ 196.4 $ 8,566.0

Shares repurchased 8.3 8.9 8.2 1.9 2.2 463.3

Average price per share repurchased $ 94.01 $ 90.04 $ 88.82 $ 87.94 $ 88.89 $ 18.49

Remaining share repurchase authorization (1) $ 324.0

(1) Repurchases under the share repurchase authorization may be effected from time to time in open market or privately negotiated transactions. On April 19, 2026, the Company increased its authorization for its existing share repurchase program by $3.0 billion.

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