EXHIBIT 99.2
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Arch Capital Group Ltd.
Waterloo House, Ground Floor
100 Pitts Bay Road
Pembroke HM 08 Bermuda


Financial Supplement
September 30, 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.

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Arch Capital Group Ltd.Investor Relations
François Morin: (441) 278-9250Donald 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
e.Book Value, Tangible Book Value and Share Repurchase Activity

1
Arch Capital Group Ltd. and Subsidiaries
Basis of Presentation
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.
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.
2
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 EndedNine Months Ended
September 30,September 30,
20262025Change20262025Change
Underwriting results:
Gross premiums written$5,391 $5,410 (0.4)%$17,942 $18,069 (0.7)%
Net premiums written3,845 3,964 (3.0)%12,242 12,827 (4.6)%
Net premiums earned4,014 4,285 (6.3)%11,985 12,810 (6.4)%
Underwriting income (loss) (1)702 871 (19.4)%2,087 2,106 (0.9)%
Loss ratio55.0 %51.4 %3.6 54.2 %55.4 %(1.2)
Acquisition expense ratio17.7 %18.4 %(0.7)18.0 %18.5 %(0.5)
Other operating expense ratio (2)9.8 %10.0 %(0.2)10.4 %9.7 %0.7 
Combined ratio82.5 %79.8 %2.7 82.6 %83.6 %(1.0)
Pre-tax net investment income$451 $408 10.5 %$1,276 $1,191 7.1 %
Per diluted share$1.32 $1.08 22.2 %$3.65 $3.14 16.2 %
Net income available to Arch common shareholders$1,025 $1,340 (23.5)%$3,109 $3,131 (0.7)%
Per diluted share$3.00 $3.56 (15.7)%$8.89 $8.26 7.6 %
After-tax operating income available to Arch common shareholders (1)$910 $1,042 (12.7)%$2,704 $2,608 3.7 %
Per diluted share$2.67 $2.77 (3.6)%$7.73 $6.88 12.4 %
Comprehensive income (loss) available to Arch$372 $1,398 (73.4)%$2,058 $3,881 (47.0)%
Net cash provided by operating activities$1,759 $2,186 (19.5)%$4,269 $4,768 (10.5)%
Weighted average common shares and common share equivalents outstanding — diluted341.4 376.1 (9.2)%349.7 379.1 (7.8)%
Financial measures:
Change in book value per common share during period(0.2)%5.3 %(5.5)4.3 %17.3 %(13.0)
Annualized net income return on average common equity18.1 %23.8 %(5.7)18.2 %19.5 %(1.3)
Annualized operating return on average common equity (1)16.0 %18.5 %(2.5)15.8 %16.2 %(0.4)
Total return on investments (3)(0.42)%1.80 %-222 bps1.29 %7.07 %-578 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.
3
Arch Capital Group Ltd. and Subsidiaries
Consolidated Statements of Income
(U.S. Dollars and shares in millions, except per share data)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Revenues
Net premiums earned$4,014 $3,985 $3,986 $4,255 $4,285 $11,985 $12,810 
Net investment income451 417 408 434 408 1,276 1,191 
Net realized gains (losses)(99)(17)(87)22 210 (203)442 
Other underwriting income (1)61 57 59 52 50 177 165 
Equity in net income of investments accounted for using the equity method224 196 160 155 134 580 349 
Other income (loss)4 30 (5)16 22 29 38 
Total revenues4,655 4,668 4,521 4,934 5,109 13,844 14,995 
Expenses
Losses and loss adjustment expenses(2,206)(2,196)(2,089)(2,280)(2,200)(6,491)(7,090)
Acquisition expenses(712)(718)(730)(779)(786)(2,160)(2,374)
Other operating expenses(455)(471)(498)(421)(478)(1,424)(1,405)
Corporate benefit (expenses)(22)(44)(49)24 (49)(115)(156)
Amortization of intangible assets(30)(30)(30)(47)(49)(90)(146)
Interest expense(62)(44)(37)(38)(37)(143)(110)
Net foreign exchange gains (losses)18 10 21 (6)(7)49 (122)
Total expenses(3,469)(3,493)(3,412)(3,547)(3,606)(10,374)(11,403)
Income (loss) before income taxes and income (loss) from operating affiliates1,186 1,175 1,109 1,387 1,503 3,470 3,592 
Income tax (expense) benefit(184)(164)(98)(210)(215)(446)(550)
Income (loss) from operating affiliates33 46 36 61 62 115 119 
Net income (loss) attributable to Arch1,035 1,057 1,047 1,238 1,350 3,139 3,161 
Preferred dividends(10)(10)(10)(10)(10)(30)(30)
Net income (loss) available to Arch common shareholders$1,025 $1,047 $1,037 $1,228 $1,340 $3,109 $3,131 
Comprehensive income (loss) available to Arch$372 $977 $709 $1,243 $1,398 $2,058 $3,881 
Net income (loss) per common share and common share equivalent
Basic$3.05 $3.05 $2.94 $3.42 $3.63 $9.04 $8.43 
Diluted$3.00 $3.00 $2.88 $3.35 $3.56 $8.89 $8.26 
Weighted average common shares and common share equivalents outstanding
Basic335.8 343.2 353.2 359.4 369.0 344.0 371.4 
Diluted341.4 348.8 359.7 366.6 376.1 349.7 379.1 

(1)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
4
Arch Capital Group Ltd. and Subsidiaries
Consolidated Balance Sheets

(U.S. Dollars and shares in millions, except per share data)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Assets
Investments:
Fixed maturities available for sale, at fair value$32,119 $33,155 $32,399 $32,426 $31,908 
Short-term investments available for sale, at fair value3,253 3,298 2,638 2,625 2,351 
Equity securities, at fair value2,396 2,280 1,766 1,864 1,805 
Other investments3,364 3,381 3,331 3,136 3,027 
Investments accounted for using the equity method7,126 6,852 6,652 6,453 6,232 
Total investments48,258 48,966 46,786 46,504 45,323 
Cash1,152 1,109 914 993 1,063 
Accrued investment income334 325 302 338 307 
Investment in operating affiliates1,338 1,323 1,330 1,313 1,417 
Premiums receivable6,919 7,160 6,526 5,723 6,450 
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses10,253 9,964 9,732 9,526 9,070 
Contractholder receivables2,357 2,264 2,253 2,270 2,287 
Ceded unearned premiums3,557 3,669 3,183 2,659 3,079 
Deferred acquisition costs1,767 1,794 1,774 1,717 1,786 
Receivable for securities sold123 564 643 180 695 
Goodwill and intangible assets1,133 1,163 1,190 1,222 1,268 
Other assets6,885 6,878 6,813 6,796 6,440 
Total assets$84,076 $85,179 $81,446 $79,241 $79,185 
Liabilities
Reserve for losses and loss adjustment expenses$35,505 $34,775 $34,105 $33,547 $32,822 
Unearned premiums11,208 11,493 10,939 10,100 11,124 
Reinsurance balances payable3,045 3,234 2,737 2,320 2,638 
Contractholder payables2,364 2,270 2,260 2,277 2,293 
Collateral held for insured obligations244 240 260 237 239 
Senior notes4,286 4,286 2,729 2,729 2,728 
Payable for securities purchased325 1,136 798 308 335 
Other liabilities4,107 3,715 3,430 3,517 3,287 
Total liabilities61,084 61,149 57,258 55,035 55,466 
Shareholders’ equity
Non-cumulative preferred shares830 830 830 830 830 
Common shares1 1 1 1 1 
Additional paid-in capital2,906 2,873 2,831 2,735 2,682 
Retained earnings30,154 29,129 28,082 27,045 25,817 
Accumulated other comprehensive income (loss), net of deferred income tax(1,076)(413)(333)5 — 
Common shares held in treasury, at cost(9,823)(8,390)(7,223)(6,410)(5,611)
Total shareholders’ equity22,992 24,030 24,188 24,206 23,719 
Total liabilities and shareholders’ equity$84,076 $85,179 $81,446 $79,241 $79,185 
Common shares and common share equivalents outstanding, net of treasury shares326.4 341.0 352.9 359.0 367.3 
Book value per common share (1)$67.90 $68.04 $66.19 $65.11 $62.32 
(1) Excludes the effects of stock options and restricted stock units outstanding.
5
Arch Capital Group Ltd. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity

(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Non-cumulative preferred shares
Balance at beginning and end of period$830 $830 $830 $830 $830 $830 $830 
Common shares
Balance at beginning and end of period1 1 1 1 1 1 1 
Additional paid-in capital
Balance at beginning of period2,873 2,831 2,735 2,682 2,660 2,735 2,510 
Amortization of share-based compensation20 15 82 24 25 117 124 
All other13 27 14 29 (3)54 48 
Balance at end of period2,906 2,873 2,831 2,735 2,682 2,906 2,682 
Retained earnings
Balance at beginning of period29,129 28,082 27,045 25,817 24,477 27,045 22,686 
Net income1,035 1,057 1,047 1,238 1,350 3,139 3,161 
Preferred share dividends(10)(10)(10)(10)(10)(30)(30)
Balance at end of period30,154 29,129 28,082 27,045 25,817 30,154 25,817 
Accumulated other comprehensive income (loss), net of deferred income tax
Balance at beginning of period(413)(333)5 — (48)5 (720)
Change in unrealized appreciation (decline) in value of available-for-sale investments(657)(71)(338)12 47 (1,066)629 
Change in foreign currency translation adjustments(6)(9)— (7)1 (15)91 
Balance at end of period(1,076)(413)(333)5 — (1,076)— 
Common shares held in treasury, at cost
Balance at beginning of period(8,390)(7,223)(6,410)(5,611)(4,879)(6,410)(4,487)
Shares repurchased for treasury(1,433)(1,167)(813)(799)(732)(3,413)(1,124)
Balance at end of period(9,823)(8,390)(7,223)(6,410)(5,611)(9,823)(5,611)
Total shareholders’ equity$22,992 $24,030 $24,188 $24,206 $23,719 $22,992 $23,719 

6
Arch Capital Group Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Operating Activities
Net income (loss)$1,035 $1,057 $1,047 $1,238 $1,350 $3,139 $3,161 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized (gains) losses115 (134)91 (7)(202)72 (433)
Equity in net (income) of investments accounted for using the equity method and other income or loss(184)(126)(137)(194)(158)(447)(265)
Amortization of intangible assets30 30 30 47 49 90 146 
Share-based compensation20 15 82 24 25 117 124 
Changes in:
Reserve for losses and loss adjustment expenses, net439 499 540 330 634 1,478 2,020 
Unearned premiums, net(169)64 362 (606)(321)257 17 
Premiums receivable234 (630)(820)731 601 (1,216)(693)
Deferred acquisition costs21 4 (48)53 14 (23)33 
Reinsurance balances payable(187)496 419 (319)(207)728 456 
Deferred income tax assets, net104 59 20 19 46 183 155 
Other items, net301 (12)(398)88 355 (109)47 
Net cash provided by operating activities1,759 1,322 1,188 1,404 2,186 4,269 4,768 
Investing Activities
Purchases of fixed maturity investments(9,119)(9,875)(9,288)(8,293)(10,619)(28,282)(28,187)
Purchases of equity securities(217)(472)(185)(184)(277)(874)(1,264)
Purchases of other investments(424)(453)(499)(493)(513)(1,376)(1,745)
Proceeds from sales of fixed maturity investments8,212 8,383 7,984 7,055 8,435 24,579 22,258 
Proceeds from sales of equity securities195 253 202 183 281 650 1,324 
Proceeds from sales, redemptions and maturities of other investments272 306 240 759 336 818 1,427 
Proceeds from redemptions and maturities of fixed maturity investments717 1,082 957 693 475 2,756 1,801 
Net settlements of derivative instruments(24)(80)(26)35 35 (130)275 
Net (purchases) sales of short-term investments48 (644)(11)(272)478 (607)530 
Purchases of fixed assets(11)(14)(8)(11)(12)(33)(33)
Other— (21)(5)111 (2)(26)(5)
Net cash provided by (used for) investing activities(351)(1,535)(639)(417)(1,383)(2,525)(3,619)
Financing Activities
Purchases of common shares under share repurchase program(1,433)(1,166)(783)(798)(732)(3,382)(1,091)
Proceeds from common shares issued, net12 26 (17)30 1 21 20 
Proceeds from borrowings, net(6)1,977 — — — 1,971 — 
Repayments of borrowings— (398)— — — (398)— 
Common dividends paid— — (5)— — (5)(7)
Preferred dividends paid(10)(10)(10)(10)(10)(30)(30)
Other(7)— (12)— (2)(19)(4)
Net cash provided by (used for) financing activities(1,444)429 (827)(778)(743)(1,842)(1,112)
Effects of exchange rate changes on foreign currency cash and restricted cash7 9 (8)4 (14)8 57 
Increase (decrease) in cash and restricted cash(29)225 (286)213 46 (90)94 
Cash and restricted cash, beginning of period2,006 1,781 2,067 1,854 1,808 2,067 1,760 
Cash and restricted cash, end of period$1,977 $2,006 $1,781 $2,067 $1,854 $1,977 $1,854 
Income taxes paid (received)$112 $169 $22 $143 $166 $303 $315 
Interest paid$— $65 $— $63 $— $65 $64 
7
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.
8
Arch Capital Group Ltd. and Subsidiaries
Segment Information
(U.S. Dollars in millions)Three Months Ended
September 30, 2026
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$2,766 $2,313 $316 $5,391 
Premiums ceded (1)(760)(737)(53)(1,546)
Net premiums written2,006 1,576 263 3,845 
Change in unearned premiums(69)231 7 169 
Net premiums earned1,937 1,807 270 4,014 
Other underwriting income (2)15 43 3 61 
Losses and loss adjustment expenses(1,178)(1,010)(18)(2,206)
Acquisition expenses(371)(334)(7)(712)
Other operating expenses(295)(113)(47)(455)
Underwriting income (loss)$108 $393 $201 702 
Net investment income451 
Net realized gains (losses)(99)
Equity in net income of investments accounted for using the equity method224 
Other income (loss)4 
Corporate benefit (expenses) (3)(5)
Transaction costs and other (3)(17)
Amortization of intangible assets(30)
Interest expense(62)
Net foreign exchange gains (losses)18 
Income (loss) before income taxes and income (loss) from operating affiliates1,186 
Income tax (expense) benefit(184)
Income (loss) from operating affiliates33 
Net income (loss) available to Arch1,035 
Preferred dividends(10)
Net income (loss) available to Arch common shareholders$1,025 
Underwriting Ratios
Loss ratio60.8 %55.9 %6.9 %55.0 %
Acquisition expense ratio19.2 %18.5 %2.4 %17.7 %
Other operating expense ratio (4)14.4 %3.9 %16.2 %9.8 %
Combined ratio94.4 %78.3 %25.5 %82.5 %
Net premiums written to gross premiums written72.5 %68.1 %83.2 %71.3 %
Total investable assets$49,208 
Total assets84,076 
Total liabilities61,084 

(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.’
9
Arch Capital Group Ltd. and Subsidiaries
Segment Information
(U.S. Dollars in millions)Three Months Ended
September 30, 2025
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$2,567 $2,515 $330 $5,410 
Premiums ceded (1)(614)(778)(56)(1,446)
Net premiums written1,953 1,737 274 3,964 
Change in unearned premiums16 278 27 321 
Net premiums earned1,969 2,015 301 4,285 
Other underwriting income (2)9 38 3 50 
Losses and loss adjustment expenses(1,162)(1,040)2 (2,200)
Acquisition expenses(386)(398)(2)(786)
Other operating expenses(301)(133)(44)(478)
Underwriting income (loss)$129 $482 $260 871 
Net investment income408 
Net realized gains (losses)210 
Equity in net income of investments accounted for using the equity method134 
Other income (loss)22 
Corporate benefit (expenses) (3)(28)
Transaction costs and other (3)(21)
Amortization of intangible assets(49)
Interest expense(37)
Net foreign exchange gains (losses)(7)
Income (loss) before income taxes and income (loss) from operating affiliates1,503 
Income tax (expense) benefit(215)
Income (loss) from operating affiliates62 
Net income (loss) available to Arch1,350 
Preferred dividends(10)
Net income (loss) available to Arch common shareholders$1,340 
Underwriting Ratios
Loss ratio59.0 %51.6 %(0.5)%51.4 %
Acquisition expense ratio19.6 %19.8 %0.7 %18.4 %
Other operating expense ratio (4)14.8 %4.7 %13.3 %10.0 %
Combined ratio93.4 %76.1 %13.5 %79.8 %
Net premiums written to gross premiums written76.1 %69.1 %83.0 %73.3 %
Total investable assets$46,746 
Total assets79,185 
Total liabilities55,466 
(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.’
10
Arch Capital Group Ltd. and Subsidiaries
Segment Information
(U.S. Dollars in millions)Nine Months Ended
September 30, 2026
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$8,066 $8,929 $956 $17,942 
Premiums ceded (1)(2,221)(3,333)(155)(5,700)
Net premiums written5,845 5,596 801 12,242 
Change in unearned premiums(157)(138)38 (257)
Net premiums earned5,688 5,458 839 11,985 
Other underwriting income (2)41 117 19 177 
Losses and loss adjustment expenses(3,489)(2,950)(52)(6,491)
Acquisition expenses(1,121)(1,022)(17)(2,160)
Other operating expenses(918)(359)(147)(1,424)
Underwriting income (loss)$201 $1,244 $642 2,087 
Net investment income1,276 
Net realized gains (losses)(203)
Equity in net income of investments accounted for using the equity method580 
Other income (loss)29 
Corporate benefit (expenses) (3)(48)
Transaction costs and other (3)(67)
Amortization of intangible assets(90)
Interest expense(143)
Net foreign exchange gains (losses)49 
Income (loss) before income taxes and income (loss) from operating affiliates3,470 
Income tax (expense) benefit(446)
Income (loss) from operating affiliates115 
Net income (loss) available to Arch3,139 
Preferred dividends(30)
Net income (loss) available to Arch common shareholders$3,109 
Underwriting Ratios
Loss ratio61.3 %54.1 %6.2 %54.2 %
Acquisition expense ratio19.7 %18.7 %2.0 %18.0 %
Other operating expense ratio (4)15.4 %4.4 %15.2 %10.4 %
Combined ratio96.4 %77.2 %23.4 %82.6 %
Net premiums written to gross premiums written72.5 %62.7 %83.8 %68.2 %
 
(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.’
11
Arch Capital Group Ltd. and Subsidiaries
Segment Information
(U.S. Dollars in millions)Nine Months Ended
September 30, 2025
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$7,893 $9,205 $979 $18,069 
Premiums ceded (1)(1,971)(3,093)(186)(5,242)
Net premiums written5,922 6,112 793 12,827 
Change in unearned premiums(124)18 89 (17)
Net premiums earned5,798 6,130 882 12,810 
Other underwriting income (2)25 123 17 165 
Losses and loss adjustment expenses(3,568)(3,524)2 (7,090)
Acquisition expenses(1,116)(1,251)(7)(2,374)
Other operating expenses(883)(378)(144)(1,405)
Underwriting income (loss)$256 $1,100 $750 2,106 
Net investment income1,191 
Net realized gains (losses)442 
Equity in net income of investments accounted for using the equity method349 
Other income (loss)38 
Corporate benefit (expenses) (3)(107)
Transaction costs and other (3)(49)
Amortization of intangible assets(146)
Interest expense(110)
Net foreign exchange gains (losses)(122)
Income (loss) before income taxes and income (loss) from operating affiliates3,592 
Income tax (expense) benefit(550)
Income (loss) from operating affiliates119 
Net income (loss) available to Arch3,161 
Preferred dividends(30)
Net income (loss) available to Arch common shareholders$3,131 
Underwriting Ratios
Loss ratio61.5 %57.5 %(0.2)%55.4 %
Acquisition expense ratio19.3 %20.4 %0.8 %18.5 %
Other operating expense ratio (4)14.8 %4.2 %14.3 %9.7 %
Combined ratio95.6 %82.1 %14.9 %83.6 %
Net premiums written to gross premiums written75.0 %66.4 %81.0 %71.0 %
 
(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.’
12
Arch Capital Group Ltd. and Subsidiaries
Segment Information — Insurance Segment
(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Gross premiums written$2,766 $2,603 $2,697 $2,542 $2,567 $8,066 $7,893 
Premiums ceded(760)(670)(791)(666)(614)(2,221)(1,971)
Net premiums written2,006 1,933 1,906 1,876 1,953 5,845 5,922 
Change in unearned premiums(69)(53)(35)97 16 (157)(124)
Net premiums earned1,937 1,880 1,871 1,973 1,969 5,688 5,798 
Other underwriting income (1)15 15 11 11 9 41 25 
Losses and loss adjustment expenses(1,178)(1,185)(1,126)(1,196)(1,162)(3,489)(3,568)
Acquisition expenses(371)(375)(375)(380)(386)(1,121)(1,116)
Other operating expenses(295)(308)(315)(289)(301)(918)(883)
Underwriting income (loss)$108 $27 $66 $119 $129 $201 $256 
Underwriting Ratios
Loss ratio60.8 %63.0 %60.2 %60.6 %59.0 %61.3 %61.5 %
Acquisition expense ratio19.2 %19.9 %20.0 %19.3 %19.6 %19.7 %19.3 %
Other operating expense ratio (2)14.4 %15.6 %16.3 %14.1 %14.8 %15.4 %14.8 %
Combined ratio94.4 %98.5 %96.5 %94.0 %93.4 %96.4 %95.6 %
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums5.7 %8.0 %4.2 %3.3 %2.2 %6.0 %4.8 %
Net (favorable) adverse development in prior year loss reserves, net of related adjustments:
Loss ratio impact(0.7)%(1.4)%(0.7)%(0.2)%(0.7)%(1.0)%(0.7)%
Acquisition expense ratio impact0.2 %0.3 %0.3 %0.1 %0.6 %0.3 %0.5 %
Total impact(0.5)%(1.1)%(0.4)%(0.1)%(0.1)%(0.7)%(0.2)%
Combined ratio excluding catastrophic activity and prior year development (3)89.2 %91.6 %92.7 %90.8 %91.3 %91.1 %91.0 %
Net premiums written to gross premiums written72.5 %74.3 %70.7 %73.8 %76.1 %72.5 %75.0 %
 
(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.

13
Arch Capital Group Ltd. and Subsidiaries
Segment Information — Insurance Segment
(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Net Premiums Written by Line of Business
North America
Other liability - occurrence$363 18.1 %$364 18.8 %$315 16.5 %$309 16.5 %$297 15.2 %$1,042 17.8 %$993 16.8 %
Property and short-tail specialty303 15.1 %362 18.7 %322 16.9 %273 14.6 %339 17.4 %987 16.9 %1,056 17.8 %
Other liability - claims made192 9.6 %212 11.0 %175 9.2 %229 12.2 %209 10.7 %579 9.9 %564 9.5 %
Workers compensation172 8.6 %121 6.3 %157 8.2 %142 7.6 %151 7.7 %450 7.7 %434 7.3 %
Commercial automobile167 8.3 %158 8.2 %149 7.8 %126 6.7 %150 7.7 %474 8.1 %476 8.0 %
Commercial multi-peril128 6.4 %130 6.7 %173 9.1 %184 9.8 %194 9.9 %431 7.4 %597 10.1 %
Other92 4.6 %87 4.5 %74 3.9 %90 4.8 %86 4.4 %253 4.3 %251 4.2 %
Total North America $1,417 70.6 %$1,434 74.2 %$1,365 71.6 %$1,353 72.1 %$1,426 73.0 %$4,216 72.1 %$4,371 73.8 %
International
Property and short-tail specialty$314 15.7 %$280 14.5 %$282 14.8 %$251 13.4 %$284 14.5 %$876 15.0 %$851 14.4 %
Casualty and other275 13.7 %219 11.3 %259 13.6 %272 14.5 %243 12.4 %753 12.9 %700 11.8 %
Total International $589 29.4 %$499 25.8 %$541 28.4 %$523 27.9 %$527 27.0 %$1,629 27.9 %$1,551 26.2 %
Total$2,006 100.0 %$1,933 100.0 %$1,906 100.0 %$1,876 100.0 %$1,953 100.0 %$5,845 100.0 %$5,922 100.0 %
Net Premiums Earned by Line of Business
North America
Other liability - occurrence$307 15.8 %$289 15.4 %$300 16.0 %$325 16.5 %$329 16.7 %$896 15.8 %$996 17.2 %
Property and short-tail specialty333 17.2 %334 17.8 %315 16.8 %338 17.1 %339 17.2 %982 17.3 %1,035 17.9 %
Other liability - claims made205 10.6 %199 10.6 %200 10.7 %203 10.3 %205 10.4 %604 10.6 %583 10.1 %
Workers compensation153 7.9 %135 7.2 %135 7.2 %153 7.8 %160 8.1 %423 7.4 %438 7.6 %
Commercial automobile148 7.6 %148 7.9 %146 7.8 %146 7.4 %143 7.3 %442 7.8 %435 7.5 %
Commercial multi-peril136 7.0 %185 9.8 %195 10.4 %193 9.8 %195 9.9 %516 9.1 %599 10.3 %
Other74 3.8 %76 4.0 %69 3.7 %78 4.0 %70 3.6 %219 3.9 %213 3.7 %
Total North America$1,356 70.0 %$1,366 72.7 %$1,360 72.7 %$1,436 72.8 %$1,441 73.2 %$4,082 71.8 %$4,299 74.1 %
International
Property and short-tail specialty$329 17.0 %$277 14.7 %$279 14.9 %$283 14.3 %$292 14.8 %$885 15.6 %$816 14.1 %
Casualty and other252 13.0 %237 12.6 %232 12.4 %254 12.9 %236 12.0 %721 12.7 %683 11.8 %
Total International$581 30.0 %$514 27.3 %$511 27.3 %$537 27.2 %$528 26.8 %$1,606 28.2 %$1,499 25.9 %
Total$1,937 100.0 %$1,880 100.0 %$1,871 100.0 %$1,973 100.0 %$1,969 100.0 %$5,688 100.0 %$5,798 100.0 %
14
Arch Capital Group Ltd. and Subsidiaries
Segment Information — Reinsurance Segment
(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Gross premiums written$2,313 $3,202 $3,414 $1,944 $2,515 $8,929 $9,205 
Premiums ceded(737)(1,358)(1,238)(438)(778)(3,333)(3,093)
Net premiums written1,576 1,844 2,176 1,506 1,737 5,596 6,112 
Change in unearned premiums231 (24)(345)486 278 (138)18 
Net premiums earned1,807 1,820 1,831 1,992 2,015 5,458 6,130 
Other underwriting income (1)43 37 37 36 38 117 123 
Losses and loss adjustment expenses(1,010)(992)(948)(1,086)(1,040)(2,950)(3,524)
Acquisition expenses(334)(341)(347)(393)(398)(1,022)(1,251)
Other operating expenses(113)(114)(132)(91)(133)(359)(378)
Underwriting income (loss)$393 $410 $441 $458 $482 $1,244 $1,100 
Underwriting Ratios
Loss ratio55.9 %54.6 %51.7 %54.5 %51.6 %54.1 %57.5 %
Acquisition expense ratio18.5 %18.7 %19.0 %19.7 %19.8 %18.7 %20.4 %
Other operating expense ratio (2)3.9 %4.2 %5.2 %2.8 %4.7 %4.4 %4.2 %
Combined ratio78.3 %77.5 %75.9 %77.0 %76.1 %77.2 %82.1 %
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums6.9 %2.8 %5.2 %5.0 %1.5 %4.9 %8.1 %
Net (favorable) adverse development in prior year loss reserves, net of related adjustments:
Loss ratio impact(7.4)%(5.3)%(8.3)%(3.5)%(2.6)%(7.0)%(4.1)%
Acquisition expense ratio impact0.4 %0.1 %0.9 %0.6 %0.4 %0.5 %0.8 %
Total impact(7.0)%(5.2)%(7.4)%(2.9)%(2.2)%(6.5)%(3.3)%
Combined ratio excluding catastrophic activity and prior year development (3)78.4 %79.9 %78.1 %74.9 %76.8 %78.8 %77.3 %
Net premiums written to gross premiums written68.1 %57.6 %63.7 %77.5 %69.1 %62.7 %66.4 %
 
(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.
15
Arch Capital Group Ltd. and Subsidiaries
Segment Information — Reinsurance Segment
(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Net Premiums Written by Line of Business
Specialty$527 33.4 %$563 30.5 %$687 31.6 %$587 39.0 %$633 36.4 %$1,777 31.8 %$1,956 32.0 %
Property excluding property catastrophe477 30.3 %451 24.5 %548 25.2 %475 31.5 %557 32.1 %1,476 26.4 %1,568 25.7 %
Casualty428 27.2 %312 16.9 %478 22.0 %301 20.0 %399 23.0 %1,218 21.8 %1,206 19.7 %
Marine and aviation54 3.4 %58 3.1 %78 3.6 %52 3.5 %60 3.5 %190 3.4 %249 4.1 %
Property catastrophe42 2.7 %392 21.3 %307 14.1 %48 3.2 %64 3.7 %741 13.2 %1,025 16.8 %
Other48 3.0 %68 3.7 %78 3.6 %43 2.9 %24 1.4 %194 3.5 %108 1.8 %
Total$1,576 100.0 %$1,844 100.0 %$2,176 100.0 %$1,506 100.0 %$1,737 100.0 %$5,596 100.0 %$6,112 100.0 %
Net Premiums Earned by Line of Business
Specialty$604 33.4 %$617 33.9 %$586 32.0 %$700 35.1 %$719 35.7 %$1,807 33.1 %$2,206 36.0 %
Property excluding property catastrophe502 27.8 %489 26.9 %519 28.3 %536 26.9 %581 28.8 %1,510 27.7 %1,716 28.0 %
Casualty401 22.2 %367 20.2 %353 19.3 %392 19.7 %360 17.9 %1,121 20.5 %1,040 17.0 %
Marine and aviation61 3.4 %71 3.9 %70 3.8 %78 3.9 %77 3.8 %202 3.7 %239 3.9 %
Property catastrophe191 10.6 %208 11.4 %226 12.3 %246 12.3 %253 12.6 %625 11.5 %819 13.4 %
Other48 2.7 %68 3.7 %77 4.2 %40 2.0 %25 1.2 %193 3.5 %110 1.8 %
Total$1,807 100.0 %$1,820 100.0 %$1,831 100.0 %$1,992 100.0 %$2,015 100.0 %$5,458 100.0 %$6,130 100.0 %
Net Premiums Written by Underwriting Location
Bermuda$654 41.5 %$997 54.1 %$962 44.2 %$697 46.3 %$761 43.8 %$2,613 46.7 %$2,975 48.7 %
United States448 28.4 %389 21.1 %512 23.5 %386 25.6 %488 28.1 %1,349 24.1 %1,412 23.1 %
Europe and other474 30.1 %458 24.8 %702 32.3 %423 28.1 %488 28.1 %1,634 29.2 %1,725 28.2 %
Total$1,576 100.0 %$1,844 100.0 %$2,176 100.0 %$1,506 100.0 %$1,737 100.0 %$5,596 100.0 %$6,112 100.0 %
                    
16
Arch Capital Group Ltd. and Subsidiaries
Segment Information — Mortgage Segment
(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Gross premiums written$316 $324 $316 $326 $330 $956 $979 
Premiums ceded(53)(52)(50)(59)(56)(155)(186)
Net premiums written263 272 266 267 274 801 793 
Change in unearned premiums7 13 18 23 27 38 89 
Net premiums earned270 285 284 290 301 839 882 
Other underwriting income (1)3 5 11 5 3 19 17 
Losses and loss adjustment expenses(18)(19)(15)2 2 (52)2 
Acquisition expenses(7)(2)(8)(6)(2)(17)(7)
Other operating expenses(47)(49)(51)(41)(44)(147)(144)
Underwriting income$201 $220 $221 $250 $260 $642 $750 
Underwriting Ratios
Loss ratio6.9 %6.5 %5.3 %(0.8)%(0.5)%6.2 %(0.2)%
Acquisition expense ratio2.4 %0.9 %2.9 %1.9 %0.7 %2.0 %0.8 %
Other operating expense ratio (2)16.2 %15.4 %14.1 %12.6 %13.3 %15.2 %14.3 %
Combined ratio25.5 %22.8 %22.3 %13.7 %13.5 %23.4 %14.9 %
Net (favorable) adverse development in prior year loss reserves, net of related adjustments:
Loss ratio impact(15.4)%(15.7)%(19.2)%(19.4)%(18.1)%(16.8)%(20.4)%
Acquisition expense ratio impact(0.7)%(1.3)%(0.7)%(0.9)%(1.1)%(0.9)%(1.3)%
Total impact(16.1)%(17.0)%(19.9)%(20.3)%(19.2)%(17.7)%(21.7)%
Combined ratio excluding prior year development (3)41.6 %39.8 %42.2 %34.0 %32.7 %41.1 %36.6 %
Net premiums written to gross premiums written83.2 %84.0 %84.2 %81.9 %83.0 %83.8 %81.0 %

(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.

17
Arch Capital Group Ltd. and Subsidiaries
Segment Information — Mortgage Segment
(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Net Premiums Written by Underwriting Unit
U.S. primary mortgage insurance$197 74.9 %$202 74.3 %$204 76.7 %$195 73.0 %$197 71.9 %$603 75.3 %$584 73.6 %
U.S. credit risk transfer (CRT) and other35 13.3 %35 12.9 %37 13.9 %51 19.1 %55 20.1 %107 13.4 %156 19.7 %
International mortgage insurance/reinsurance31 11.8 %35 12.9 %25 9.4 %21 7.9 %22 8.0 %91 11.4 %53 6.7 %
Total$263 100.0 %$272 100.0 %$266 100.0 %$267 100.0 %$274 100.0 %$801 100.0 %$793 100.0 %
Net Premiums Earned by Underwriting Unit
U.S. primary mortgage insurance$201 74.4 %$206 72.3 %$209 73.6 %$201 69.3 %$204 67.8 %$616 73.4 %$601 68.1 %
U.S. credit risk transfer (CRT) and other35 13.0 %35 12.3 %37 13.0 %51 17.6 %55 18.3 %107 12.8 %156 17.7 %
International mortgage insurance/reinsurance34 12.6 %44 15.4 %38 13.4 %38 13.1 %42 14.0 %116 13.8 %125 14.2 %
Total$270 100.0 %$285 100.0 %$284 100.0 %$290 100.0 %$301 100.0 %$839 100.0 %$882 100.0 %
Net Premiums Written by Underwriting Location
United States$197 74.9 %$202 74.3 %$204 76.7 %$196 73.4 %$197 71.9 %$603 75.3 %$584 73.6 %
Other66 25.1 %70 25.7 %62 23.3 %71 26.6 %77 28.1 %198 24.7 %209 26.4 %
Total$263 100.0 %$272 100.0 %$266 100.0 %$267 100.0 %$274 100.0 %$801 100.0 %$793 100.0 %
(U.S. Dollars in millions)
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
Insurance In Force (IIF) (1)
U.S. primary mortgage insurance$285,488 59.8 %$286,399 59.8 %$286,523 59.7 %$286,318 59.1 %$286,785 57.9 %
U.S. credit risk transfer (CRT) and other125,322 26.3 %128,228 26.8 %128,338 26.7 %132,205 27.3 %141,889 28.7 %
International mortgage insurance/reinsurance66,417 13.9 %64,254 13.4 %65,223 13.6 %66,084 13.6 %66,277 13.4 %
Total$477,227 100.0 %$478,881 100.0 %$480,084 100.0 %$484,607 100.0 %$494,951 100.0 %
Risk In Force (RIF) (2)
U.S. primary mortgage insurance$73,611 83.4 %$73,978 84.3 %$74,281 84.8 %$74,679 85.0 %$74,952 84.9 %
U.S. credit risk transfer and other5,038 5.7 %5,194 5.9 %5,214 6.0 %5,358 6.1 %5,688 6.4 %
International mortgage insurance/reinsurance9,648 10.9 %8,599 9.8 %8,120 9.3 %7,864 8.9 %7,633 8.6 %
Total$88,297 100.0 %$87,771 100.0 %$87,615 100.0 %$87,901 100.0 %$88,273 100.0 %
(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.
18
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)
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
Total RIF by credit quality:
>=740$48,273 65.6 %$48,123 65.1 %$47,842 64.4 %$47,757 63.9 %$47,575 63.5 %
680-73921,911 29.8 %22,351 30.2 %22,861 30.8 %23,271 31.2 %23,638 31.5 %
620-6793,139 4.3 %3,208 4.3 %3,274 4.4 %3,340 4.5 %3,419 4.6 %
<620288 0.4 %296 0.4 %304 0.4 %311 0.4 %320 0.4 %
Total$73,611 100.0 %$73,978 100.0 %$74,281 100.0 %$74,679 100.0 %$74,952 100.0 %
Weighted average credit score751 751 750 749 749 
Total RIF by Loan-To-Value (LTV):
95.01% and above$7,474 10.2 %$7,417 10.0 %$7,436 10.0 %$7,314 9.8 %$7,362 9.8 %
90.01% to 95.00%43,916 59.7 %43,944 59.4 %44,147 59.4 %44,494 59.6 %44,720 59.7 %
85.01% to 90.00%19,194 26.1 %19,727 26.7 %19,951 26.9 %20,195 27.0 %20,251 27.0 %
85.00% and below3,027 4.1 %2,890 3.9 %2,747 3.7 %2,676 3.6 %2,619 3.5 %
Total$73,611 100.0 %$73,978 100.0 %$74,281 100.0 %$74,679 100.0 %$74,952 100.0 %
Weighted average LTV93.2 %93.2 %93.2 %93.2 %93.2 %
Total RIF by State:
California$5,958 8.1 %$5,945 8.0 %$5,922 8.0 %$5,901 7.9 %$5,892 7.9 %
Texas5,382 7.3 %5,385 7.3 %5,376 7.2 %5,382 7.2 %5,393 7.2 %
North Carolina3,241 4.4 %3,266 4.4 %3,285 4.4 %3,343 4.5 %3,358 4.5 %
Illinois3,090 4.2 %3,067 4.1 %3,037 4.1 %3,042 4.1 %3,046 4.1 %
Minnesota3,080 4.2 %3,099 4.2 %3,100 4.2 %3,129 4.2 %3,137 4.2 %
Georgia2,865 3.9 %2,927 4.0 %2,966 4.0 %3,005 4.0 %3,043 4.1 %
Michigan2,764 3.8 %2,766 3.7 %2,785 3.7 %2,816 3.8 %2,822 3.8 %
Florida2,707 3.7 %2,678 3.6 %2,659 3.6 %2,672 3.6 %2,690 3.6 %
Ohio2,655 3.6 %2,648 3.6 %2,670 3.6 %2,666 3.6 %2,697 3.6 %
Massachusetts2,579 3.5 %2,635 3.6 %2,704 3.6 %2,780 3.7 %2,829 3.8 %
Other39,290 53.4 %39,562 53.5 %39,777 53.5 %39,943 53.5 %40,045 53.4 %
Total$73,611 100.0 %$73,978 100.0 %$74,281 100.0 %$74,679 100.0 %$74,952 100.0 %
Weighted average coverage (end of period RIF divided by IIF)25.8 %25.8 %25.9 %26.1 %26.1 %
U.S. mortgage insurance total RIF, net of reinsurance (1)$61,548 $61,982 $62,366 $60,259 $60,662 
Analysts’ persistency (2)79.2 %79.9 %80.7 %81.8 %82.3 %
Risk-to-capital ratio — Arch MI U.S. (3)8.4:1 8.8:1 8.4:1 8.2:1 7.9:1
PMIER sufficiency ratio — Arch MI U.S. (4)169 %165 %175 %179 %176 %
(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 September 30, 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 and the impact was phased in as of September 30, 2026.
19
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
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
Total new insurance written (NIW) (1)$13,593 $15,624 $14,812 $14,296 $12,965 
Total NIW by credit quality:
>=740$10,992 80.9 %$12,637 80.9 %$11,720 79.1 %$11,239 78.6 %$9,850 76.0 %
680-7392,294 16.9 %2,619 16.8 %2,698 18.2 %2,759 19.3 %2,753 21.2 %
620-679299 2.2 %357 2.3 %371 2.5 %293 2.0 %359 2.8 %
<6208 0.1 %11 0.1 %23 0.2 %5 0.0 %3 0.0 %
  Total$13,593 100.0 %$15,624 100.0 %$14,812 100.0 %$14,296 100.0 %$12,965 100.0 %
Total NIW by LTV:
95.01% and above$1,012 7.4 %$1,108 7.1 %$2,064 13.9 %$779 5.4 %$1,038 8.0 %
90.01% to 95.00%5,937 43.7 %6,560 42.0 %5,804 39.2 %5,894 41.2 %5,668 43.7 %
85.01% to 90.00%4,414 32.5 %5,359 34.3 %4,690 31.7 %5,337 37.3 %4,323 33.3 %
85.00% and below2,230 16.4 %2,597 16.6 %2,254 15.2 %2,286 16.0 %1,936 14.9 %
  Total$13,593 100.0 %$15,624 100.0 %$14,812 100.0 %$14,296 100.0 %$12,965 100.0 %
Total NIW monthly vs. single:
Monthly$12,894 94.9 %$14,941 95.6 %$14,273 96.4 %$13,653 95.5 %$12,267 94.6 %
Single699 5.1 %683 4.4 %539 3.6 %643 4.5 %698 5.4 %
  Total$13,593 100.0 %$15,624 100.0 %$14,812 100.0 %$14,296 100.0 %$12,965 100.0 %
Total NIW purchase vs. refinance:
Purchase$12,883 94.8 %$13,854 88.7 %$11,754 79.4 %$11,640 81.4 %$12,319 95.0 %
Refinance710 5.2 %1,770 11.3 %3,058 20.6 %2,656 18.6 %646 5.0 %
  Total$13,593 100.0 %$15,624 100.0 %$14,812 100.0 %$14,296 100.0 %$12,965 100.0 %
Ending number of policies in force (PIF) (2)1,026,816 1,039,751 1,049,661 1,058,907 1,067,147 
Rollforward of insured loans in default:
Beginning delinquent number of loans21,519 21,606 22,985 21,821 20,762 
Plus: new notices12,526 11,122 11,938 12,825 12,168 
Less: cures(10,988)(10,824)(12,969)(11,337)(10,715)
Less: paid claims(449)(385)(348)(324)(394)
Ending delinquent number of loans (2)22,608 21,519 21,606 22,985 21,821 
Ending percentage of loans in default (2)2.20 %2.07 %2.06 %2.17 %2.04 %
Losses:
Number of claims paid449 385 348 324 394 
Total paid claims (in thousands)$18,763 $19,091 $15,557 $15,917 $12,934 
Average paid per claim (in thousands)$41.8 $49.6 $44.7 $49.1 $32.8 
Severity (3)80.0 %78.8 %77.9 %81.6 %73.2 %
Average case reserve per default (in thousands)$16.4 $16.9 $16.6 $15.3 $16.1 
(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.
20
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)
September 30, 2026December 31, 2025
Loss Reserves, Net (1)Primary IIF (2)Primary RIF (3)Delinquency RateLoss Reserves, Net (1)Primary IIF (2)Primary RIF (3)Delinquency Rate
% of TotalTotal% of TotalTotal% of Total% of TotalTotal% of TotalTotal% of Total
Policy year:
2016 and prior18.2 %$17,686 6.2 %$4,502 6.1 %4.75 %24.9 %$19,384 6.8 %$4,923 6.6 %5.08 %
20173.1 %2,664 0.9 %677 0.9 %5.27 %3.9 %4,250 1.5 %1,127 1.5 %3.87 %
20185.4 %4,671 1.6 %1,217 1.7 %4.93 %6.1 %5,673 2.0 %1,479 2.0 %4.48 %
20196.0 %8,262 2.9 %2,182 3.0 %3.33 %7.3 %10,553 3.7 %2,770 3.7 %3.08 %
202011.3 %23,303 8.2 %6,483 8.8 %2.20 %12.3 %30,968 10.8 %8,487 11.4 %1.85 %
202116.9 %42,375 14.8 %11,737 15.9 %2.07 %17.4 %50,141 17.5 %13,767 18.4 %1.88 %
202217.6 %43,666 15.3 %11,834 16.1 %2.15 %14.5 %49,492 17.3 %13,236 17.7 %1.87 %
202311.0 %26,464 9.3 %6,841 9.3 %2.41 %7.9 %31,049 10.8 %8,006 10.7 %1.93 %
20247.5 %33,873 11.9 %8,511 11.6 %1.73 %5.0 %39,306 13.7 %9,840 13.2 %1.17 %
20252.6 %40,587 14.2 %9,856 13.4 %0.62 %0.7 %45,502 15.9 %11,044 14.8 %0.20 %
20260.4 %41,937 14.7 %9,771 13.3 %0.11 %
Total100.0 %$285,488 100.0 %$73,611 100.0 %2.20 %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 $346.3 million at September 30, 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.


21
Arch Capital Group Ltd. and Subsidiaries
Segment Information — Consolidated

(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Gross premiums written$5,391 $6,126 $6,425 $4,809 $5,410 $17,942 $18,069 
Premiums ceded(1,546)(2,077)(2,077)(1,160)(1,446)(5,700)(5,242)
Net premiums written3,845 4,049 4,348 3,649 3,964 12,242 12,827 
Change in unearned premiums169 (64)(362)606 321 (257)(17)
Net premiums earned4,014 3,985 3,986 4,255 4,285 11,985 12,810 
Other underwriting income (1)61 57 59 52 50 177 165 
Losses and loss adjustment expenses(2,206)(2,196)(2,089)(2,280)(2,200)(6,491)(7,090)
Acquisition expenses(712)(718)(730)(779)(786)(2,160)(2,374)
Other operating expenses(455)(471)(498)(421)(478)(1,424)(1,405)
Underwriting income (loss) (2)$702 $657 $728 $827 $871 $2,087 $2,106 
Underwriting Ratios
Loss ratio55.0 %55.1 %52.4 %53.6 %51.4 %54.2 %55.4 %
Acquisition expense ratio17.7 %18.0 %18.3 %18.3 %18.4 %18.0 %18.5 %
Other operating expense ratio (3)9.8 %10.4 %11.0 %8.7 %10.0 %10.4 %9.7 %
Combined ratio82.5 %83.5 %81.7 %80.6 %79.8 %82.6 %83.6 %
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums5.8 %5.1 %4.4 %3.9 %1.7 %5.1 %6.0 %
Net (favorable) adverse development in prior year loss reserves, net of related adjustments:
Loss ratio impact(4.7)%(4.2)%(5.5)%(3.0)%(2.8)%(4.8)%(3.7)%
Acquisition expense ratio impact0.2 %0.1 %0.5 %0.2 %0.4 %0.3 %0.5 %
Total impact(4.5)%(4.1)%(5.0)%(2.8)%(2.4)%(4.5)%(3.2)%
Combined ratio excluding catastrophic activity and prior year development (2)81.2 %82.5 %82.3 %79.5 %80.5 %82.0 %80.8 %
Components of losses and loss adjustment expenses incurred
Paid losses and loss adjustment expenses$1,765 $1,697 $1,549 $1,951 $1,569 $5,011 $5,074 
Change in unpaid losses and loss adjustment expenses441 499 540 329 631 1,480 2,016 
Total losses and loss adjustment expenses$2,206 $2,196 $2,089 $2,280 $2,200 $6,491 $7,090 
Net premiums written to gross premiums written71.3 %66.1 %67.7 %75.9 %73.3 %68.2 %71.0 %
 
(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.’



22
Arch Capital Group Ltd. and Subsidiaries
Segment Information — Selected Information on Losses and Loss Adjustment Expenses

(U.S. Dollars in millions)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Estimated net (favorable) adverse development in prior year loss reserves, net of related adjustments
Net impact on underwriting results:
Insurance$(9)$(21)$(8)$(1)$(2)$(38)$(14)
Reinsurance(126)(95)(136)(58)(44)(357)(205)
Mortgage(44)(49)(56)(59)(57)(149)(190)
Total $(179)$(165)$(200)$(118)$(103)$(544)$(409)
Impact on losses and loss adjustment expenses:
Insurance$(14)$(27)$(14)$(4)$(14)$(55)$(39)
Reinsurance(133)(97)(152)(69)(53)(382)(253)
Mortgage(42)(45)(54)(56)(54)(141)(179)
Total$(189)$(169)$(220)$(129)$(121)$(578)$(471)
Impact on acquisition expenses:
Insurance$5 $6 $6 $3 $12 $17 $25 
Reinsurance7 2 16 11 9 25 48 
Mortgage(2)(4)(2)(3)(3)(8)(11)
Total$10 $4 $20 $11 $18 $34 $62 
Impact on combined ratio:
Insurance(0.5)%(1.1)%(0.4)%(0.1)%(0.1)%(0.7)%(0.2)%
Reinsurance(7.0)%(5.2)%(7.4)%(2.9)%(2.2)%(6.5)%(3.3)%
Mortgage(16.1)%(17.0)%(19.9)%(20.3)%(19.2)%(17.7)%(21.7)%
Total (4.5)%(4.1)%(5.0)%(2.8)%(2.4)%(4.5)%(3.2)%
Impact on loss ratio:
Insurance(0.7)%(1.4)%(0.7)%(0.2)%(0.7)%(1.0)%(0.7)%
Reinsurance(7.4)%(5.3)%(8.3)%(3.5)%(2.6)%(7.0)%(4.1)%
Mortgage(15.4)%(15.7)%(19.2)%(19.4)%(18.1)%(16.8)%(20.4)%
Total(4.7)%(4.2)%(5.5)%(3.0)%(2.8)%(4.8)%(3.7)%
Impact on acquisition expense ratio:
Insurance0.2 %0.3 %0.3 %0.1 %0.6 %0.3 %0.5 %
Reinsurance0.4 %0.1 %0.9 %0.6 %0.4 %0.5 %0.8 %
Mortgage(0.7)%(1.3)%(0.7)%(0.9)%(1.1)%(0.9)%(1.3)%
Total 0.2 %0.1 %0.5 %0.2 %0.4 %0.3 %0.5 %
Estimated net losses incurred from current accident year catastrophic events (1)
Insurance$110 $151 $79 $64 $43 $340 $278 
Reinsurance124 50 95 100 29 269 495 
Total$234 $201 $174 $164 $72 $609 $773 
Impact on combined ratio:
Insurance5.7 %8.0 %4.2 %3.3 %2.2 %6.0 %4.8 %
Reinsurance6.9 %2.8 %5.2 %5.0 %1.5 %4.9 %8.1 %
Total5.8 %5.1 %4.4 %3.9 %1.7 %5.1 %6.0 %
(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.
23
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)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Investable assets:
Fixed maturities available for sale, at fair value$32,119 65.3 %$33,155 67.0 %$32,399 68.1 %$32,426 68.5 %$31,908 68.3 %
Fixed maturities—fair value option (1)1,164 2.4 %1,175 2.4 %1,129 2.4 %1,110 2.3 %1,050 2.2 %
Total fixed maturities33,283 67.6 %34,330 69.3 %33,528 70.5 %33,536 70.8 %32,958 70.5 %
Equity securities, at fair value2,396 4.9 %2,280 4.6 %1,766 3.7 %1,864 3.9 %1,805 3.9 %
Equity securities—fair value option (1)4 0.0 %5 0.0 %4 0.0 %5 0.0 %5 0.0 %
Total equity securities2,400 4.9 %2,285 4.6 %1,770 3.7 %1,869 3.9 %1,810 3.9 %
Other investments—fair value option (1)2,136 4.3 %2,144 4.3 %2,129 4.5 %1,957 4.1 %1,911 4.1 %
Investments accounted for using the equity method (2)7,126 14.5 %6,852 13.8 %6,652 14.0 %6,453 13.6 %6,232 13.3 %
Short-term investments available for sale, at fair value3,253 6.6 %3,298 6.7 %2,638 5.5 %2,625 5.5 %2,351 5.0 %
Short-term investments—fair value option (1)60 0.1 %57 0.1 %69 0.1 %64 0.1 %61 0.1 %
Total short-term investments3,313 6.7 %3,355 6.8 %2,707 5.7 %2,689 5.7 %2,412 5.2 %
Cash1,152 2.3 %1,109 2.2 %914 1.9 %993 2.1 %1,063 2.3 %
Securities transactions entered into but not settled at the balance sheet date(202)(0.4)%(572)(1.2)%(155)(0.3)%(128)(0.3)%360 0.8 %
Total investable assets held by the Company$49,208 100.0 %$49,503 100.0 %$47,545 100.0 %$47,369 100.0 %$46,746 100.0 %
Average effective duration of fixed maturities (in years)3.25 3.50 3.43 3.34 3.24 
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”).
24
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 EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Composition of pre-tax net investment income:
Fixed maturities$409 $386 $384 $384 $379 $1,179 $1,081 
Short-term investments27 26 24 27 25 77 75 
Equity securities (dividends)10 9 8 10 10 27 31 
Other (1)30 21 21 27 19 72 82 
Gross investment income476 442 437 448 433 1,355 1,269 
Investment expenses(25)(25)(29)(14)(25)(79)(78)
Pre-tax net investment income$451 $417 $408 $434 $408 $1,276 $1,191 
Per share$1.32 $1.20 $1.13 $1.18 $1.08 $3.65 $3.14 
Pre-tax equity in net income of investments accounted for using the equity method224 196 160 155 134 580 349 
Per share$0.66 $0.56 $0.44 $0.42 $0.36 $1.66 $0.92 
Investment income yield, at amortized cost (2):
Pre-tax4.09 %3.91 %3.99 %4.22 %4.07 %4.00 %4.16 %
After-tax3.34 %3.19 %3.26 %3.45 %3.32 %3.27 %3.37 %
Total return on investments (3)(0.42)%1.62 %0.10 %1.36 %1.80 %1.29 %7.07 %
(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.

25
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 September 30, 2026
Corporates$15,447 $51 $(570)$(519)$(13)$15,979 96.7 %46.4 %
U.S. government and government agencies7,234 4 (192)(188)— 7,422 97.5 %21.7 %
Asset-backed securities3,735 3 (69)(66)(5)3,806 98.1 %11.2 %
Non-U.S. government securities2,749 19 (125)(106)(1)2,856 96.3 %8.3 %
Residential mortgage-backed securities 2,518 1 (107)(106)— 2,624 96.0 %7.6 %
Commercial mortgage-backed securities1,505 1 (21)(20)— 1,525 98.7 %4.5 %
Municipal bonds95 — (5)(5)— 100 95.0 %0.3 %
Total$33,283 $79 $(1,089)$(1,010)$(19)$34,312 97.0 %100.0 %
At December 31, 2025
Corporates$15,160 $265 $(142)$123 $(10)$15,047 100.8 %45.2 %
U.S. government and government agencies7,450 23 (21)2 — 7,448 100.0 %22.2 %
Asset-backed securities3,574 20 (15)5 (8)3,577 99.9 %10.7 %
Non-U.S. government securities3,273 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 securities1,212 11 (5)6 (1)1,207 100.4 %3.6 %
Municipal bonds162 — (4)(4)— 166 97.6 %0.5 %
Total$33,536 $406 $(289)$117 $(20)$33,439 100.3 %100.0 %



26
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)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Credit quality distribution of total fixed maturities (1):
U.S. government and government agencies (2)$9,037 27.2 %$10,011 29.2 %$9,665 28.8 %$9,561 28.5 %$8,409 25.5 %
AAA5,314 16.0 %5,580 16.3 %5,769 17.2 %5,667 16.9 %5,425 16.5 %
AA2,718 8.2 %2,638 7.7 %2,554 7.6 %2,564 7.6 %2,449 7.4 %
A6,544 19.7 %6,526 19.0 %6,405 19.1 %6,448 19.2 %6,904 20.9 %
BBB6,763 20.3 %6,698 19.5 %6,526 19.5 %6,533 19.5 %7,167 21.7 %
BB1,399 4.2 %1,391 4.1 %1,340 4.0 %1,330 4.0 %1,175 3.6 %
B834 2.5 %818 2.4 %806 2.4 %734 2.2 %685 2.1 %
Lower than B38 0.1 %42 0.1 %35 0.1 %35 0.1 %29 0.1 %
Not rated636 1.9 %626 1.8 %428 1.3 %664 2.0 %715 2.2 %
Total fixed maturities, at fair value$33,283 100.0 %$34,330 100.0 %$33,528 100.0 %$33,536 100.0 %$32,958 100.0 %
Maturity profile of total fixed maturities:
Due in one year or less$992 3.0 %$740 2.2 %$582 1.7 %$412 1.2 %$570 1.7 %
Due after one year through five years16,338 49.1 %17,498 51.0 %17,540 52.3 %17,680 52.7 %17,379 52.7 %
Due after five years through ten years7,449 22.4 %7,522 21.9 %6,659 19.9 %7,149 21.3 %7,047 21.4 %
Due after 10 years746 2.2 %701 2.0 %727 2.2 %804 2.4 %798 2.4 %
25,525 76.7 %26,461 77.1 %25,508 76.1 %26,045 77.7 %25,794 78.3 %
Residential mortgage-backed securities2,518 7.6 %2,643 7.7 %2,892 8.6 %2,705 8.1 %2,766 8.4 %
Commercial mortgage-backed securities1,505 4.5 %1,549 4.5 %1,391 4.1 %1,212 3.6 %1,249 3.8 %
Asset-backed securities3,735 11.2 %3,677 10.7 %3,737 11.1 %3,574 10.7 %3,149 9.6 %
Total fixed maturities, at fair value$33,283 100.0 %$34,330 100.0 %$33,528 100.0 %$33,536 100.0 %$32,958 100.0 %

(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.


27
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)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Sector:
Industrials$8,362 54.1 %$8,439 54.8 %$8,286 55.5 %$7,840 51.7 %$8,262 51.5 %
Financials5,867 38.0 %5,623 36.5 %5,450 36.5 %6,066 40.0 %6,251 39.0 %
Utilities880 5.7 %1,054 6.8 %942 6.3 %949 6.3 %1,225 7.6 %
All other (1)338 2.2 %283 1.8 %251 1.7 %305 2.0 %306 1.9 %
Total$15,447 100.0 %$15,399 100.0 %$14,929 100.0 %$15,160 100.0 %$16,044 100.0 %
Credit quality distribution (2):
AAA$174 1.1 %$185 1.2 %$176 1.2 %$195 1.3 %$195 1.2 %
AA1,252 8.1 %1,220 7.9 %1,093 7.3 %968 6.4 %807 5.0 %
A5,234 33.9 %5,286 34.3 %5,173 34.7 %5,315 35.1 %5,882 36.7 %
BBB6,290 40.7 %6,256 40.6 %6,111 40.9 %6,210 41.0 %6,891 43.0 %
BB1,326 8.6 %1,315 8.5 %1,266 8.5 %1,262 8.3 %1,128 7.0 %
B829 5.4 %815 5.3 %800 5.4 %728 4.8 %676 4.2 %
Lower than B38 0.2 %42 0.3 %35 0.2 %35 0.2 %29 0.2 %
Not rated304 2.0 %280 1.8 %275 1.8 %447 2.9 %436 2.7 %
Total$15,447 100.0 %$15,399 100.0 %$14,929 100.0 %$15,160 100.0 %$16,044 100.0 %

(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 September 30, 2026:
(U.S. Dollars in millions)Fair
Value		% of Asset Class% of Investable AssetsCredit Quality (1)
Issuer:
Morgan Stanley$444 2.9 %0.9 %A/A1
Citigroup Inc.302 2.0 %0.6 %A-/A2
The Goldman Sachs Group, Inc.274 1.8 %0.6 %BBB+/A2
Bank of America Corporation237 1.5 %0.5 %A-/A1
Amazon.com, Inc.234 1.5 %0.5 %AA/A1
JPMorgan Chase & Co.231 1.5 %0.5 %A/A1
The Toronto-Dominion Bank194 1.3 %0.4 %A-/A2
UBS Group AG176 1.1 %0.4 %A/A1
Alphabet Inc.158 1.0 %0.3 %AA+/Aa2
Wells Fargo & Company157 1.0 %0.3 %A-/A1
Total$2,407 15.6 %4.9 %
 
(1)    Average credit ratings assigned by S&P and Moody’s, respectively.

28
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)AgenciesAAAAAABBBNon-Investment GradeTotal
At September 30, 2026
Residential mortgage-backed securities$1,798 $695 $— $— $— $25 $2,518 
Commercial mortgage-backed securities6 975 109 38 259 118 1,505 
Asset-backed securities— 1,843 354 1,065 212 261 3,735 
Total$1,804 $3,513 $463 $1,103 $471 $404 $7,758 
At December 31, 2025
Residential mortgage-backed securities$2,105 $598 $2 $— $— $— $2,705 
Commercial mortgage-backed securities6 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 
29
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.
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 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 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 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 12.
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 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.
Tangible book value per common share represents common shareholders’ equity available to Arch less goodwill and intangible assets. The Company believes that tangible book value per common share is useful to investors because it provides a more accurate measure of the realizable value of shareholder returns by excluding the impact of goodwill and intangible assets.
Adjusted tangible book value per common share represents common shareholders’ equity available to Arch less goodwill and intangible assets and accumulated other comprehensive income (loss) (“AOCI”), net of deferred income tax related to AOCI, as presented on the Company’s balance sheet. The Company believes that adjusted tangible book value per common share is also useful to investors because it provides an indication of its effective and prudent use of capital, which results in the creation of shareholder value over time.

30
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 EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Net income available to Arch common shareholders$1,025 $1,047 $1,037 $1,228 $1,340 $3,109 $3,131 
Net realized (gains) losses (1)99 17 87 (22)(210)203 (442)
Equity in net (income) of investments accounted for using the equity method(224)(196)(160)(155)(134)(580)(349)
Net foreign exchange (gains) losses(18)(10)(21)6 7 (49)122 
Transaction costs and other17 32 18 26 21 67 49 
Income tax expense (benefit) (2)11 3 (60)9 18 (46)97 
After-tax operating income available to Arch common shareholders$910 $893 $901 $1,092 $1,042 $2,704 $2,608 
Diluted per common share results:
Net income available to Arch common shareholders$3.00 $3.00 $2.88 $3.35 $3.56 $8.89 $8.26 
Net realized (gains) losses (1)0.29 0.05 0.24 (0.06)(0.56)0.58 (1.17)
Equity in net (income) of investments accounted for using the equity method(0.66)(0.56)(0.44)(0.42)(0.36)(1.66)(0.93)
Net foreign exchange (gains) losses(0.04)(0.03)(0.06)0.02 0.02 (0.14)0.32 
Transaction costs and other0.05 0.09 0.05 0.07 0.06 0.19 0.14 
Income tax expense (benefit) (2)0.03 0.01 (0.17)0.02 0.05 (0.13)0.26 
After-tax operating income available to Arch common shareholders$2.67 $2.56 $2.50 $2.98 $2.77 $7.73 $6.88 
Weighted average common shares and common share equivalents outstanding - diluted341.4 348.8 359.7 366.6 376.1 349.7 379.1 
Beginning common shareholders’ equity$23,200 $23,358 $23,376 $22,889 $22,211 $23,376 $19,990 
Ending common shareholders’ equity22,162 23,200 23,358 23,376 22,889 22,162 22,889 
Average common shareholders’ equity$22,681 $23,279 $23,367 $23,133 $22,550 $22,769 $21,440 
Annualized net income return on average common equity18.1 %18.0 %17.8 %21.2 %23.8 %18.2 %19.5 %
Annualized operating return on average common equity16.0 %15.3 %15.4 %18.9 %18.5 %15.8 %16.2 %

(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.

31
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 EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2026202620262025202520262025
Arch Operating Income Components:
Income (loss) before income taxes and income (loss) from operating affiliates$1,186 $1,175 $1,109 $1,387 $1,503 $3,470 $3,592 
Net realized (gains) losses99 17 87 (22)(210)203 (442)
Equity in net (income) of investments accounted for using the equity method(224)(196)(160)(155)(134)(580)(349)
Net foreign exchange (gains) losses(18)(10)(21)6 7 (49)122 
Transaction costs and other17 32 18 26 21 67 49 
Income (loss) from operating affiliates
33 46 36 61 62 115 119 
Pre-tax operating income available to Arch (b)1,093 1,064 1,069 1,303 1,249 3,226 3,091 
Income tax (expense) benefit (a)(173)(161)(158)(201)(197)(492)(453)
After-tax operating income available to Arch920 903 911 1,102 1,052 2,734 2,638 
Preferred dividends(10)(10)(10)(10)(10)(30)(30)
After-tax operating income available to Arch common shareholders$910 $893 $901 $1,092 $1,042 $2,704 $2,608 
Effective tax rate on pre-tax operating income (loss) available to Arch (a)/(b)15.8 %15.1 %14.8 %15.4 %15.8 %15.3 %14.7 %

32
Arch Capital Group Ltd. and Subsidiaries
Capital Structure
The following table provides an analysis of the Company’s capital structure:
(U.S. Dollars and shares in millions, except per share data)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Debt:
Arch 7.350% senior notes, due May 1, 2034$300 $300 $300 $300 $300 
Arch 5.250% senior notes, due June 15, 2036600 600 — — — 
Arch 3.635% senior notes, due June 30, 20501,000 1,000 1,000 1,000 1,000 
Arch 5.950% senior notes, due June 15, 20561,400 1,400 — — — 
Arch-U.S. 5.144% senior notes, due November 1, 2043 (1)281 281 500 500 500 
Arch Finance 4.011% senior notes, due December 15, 2026 (2)500 500 500 500 500 
Arch Finance 5.031% senior notes, due December 15, 2046 (2)251 251 450 450 450 
Deferred debt costs on senior notes(46)(46)(21)(21)(22)
Revolving credit agreement borrowings, due August 23, 2028— — — — — 
Total debt$4,286 $4,286 $2,729 $2,729 $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’ equity22,162 23,200 23,358 23,376 22,889 
Total shareholders’ equity available to Arch$22,992 $24,030 $24,188 $24,206 $23,719 
Total capital available to Arch$27,278 $28,316 $26,917 $26,935 $26,447 
Leverage ratios:
Senior notes/total capital available to Arch15.7 %15.1 %10.1 %10.1 %10.3 %
Revolving credit agreement borrowings/total capital available to Arch— %— %— %— %— %
Debt/total capital available to Arch15.7 %15.1 %10.1 %10.1 %10.3 %
Preferred/total capital available to Arch3.0 %2.9 %3.1 %3.1 %3.1 %
Debt and preferred/total capital available to Arch18.8 %18.1 %13.2 %13.2 %13.5 %
(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.


33
Arch Capital Group Ltd. and Subsidiaries
Book Value, Tangible Book Value and Share Repurchase Activity
The following table provides a reconciliation of book value per common share to tangible book value and adjusted tangible book value per common share:

(U.S. Dollars and shares in millions, except per share data)September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Total shareholders’ equity available to Arch$22,992 $24,030 $24,188 $24,206 $23,719 
Less preferred shareholders’ equity830 830 830 830 830 
Common shareholders’ equity (a)22,162 23,200 23,358 23,376 22,889 
Less: goodwill and intangible assets1,133 1,163 1,190 1,222 1,268 
Common shareholders’ equity available to Arch less goodwill and intangible assets (b)$21,029 $22,037 $22,168 $22,154 $21,621 
Less: Accumulated other comprehensive income (loss), net of deferred income tax(1,076)(413)(333)5 — 
Common shareholders’ equity available to Arch less goodwill and intangible assets and AOCI (c)$22,105 $22,450 $22,501 $22,149 $21,621 
Common shares outstanding, net of treasury shares (d)326.4 341.0 352.9 359.0 367.3 
Book value per common share (1) (a)/(d)$67.90 $68.04 $66.19 $65.11 $62.32 
Tangible book value per common share (1) (2) (b)/(d)$64.43 $64.62 $62.82 $61.71 $58.86 
Adjusted tangible book value per common share (1) (2) (c)/(d)$67.72 $65.84 $63.76 $61.70 $58.86 
(1)    Excludes the effects of stock options, restricted and performance stock units outstanding.
(2)    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.
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 EndedCumulative
September 30,June 30,March 31,December 31,September 30,September 30,
202620262026202520252026
Effect of share repurchases:
Aggregate cost of shares repurchased$1,433.0 $1,165.8 $783.0 $797.9 $732.3 $11,164.8 
Shares repurchased14.8 12.4 8.3 8.9 8.2 490.5 
Average price per share repurchased$96.62 $94.38 $94.01 $90.04 $88.82 $22.76 
Remaining share repurchase authorization (1)$725.1 
(1)    Repurchases under the share repurchase authorization may be effected from time to time in open market or privately negotiated transactions.
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