Company Quick10K Filing
Arch Capital Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 411 $14,870
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-09 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-04 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-01 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2020-02-11 Earnings, Exhibits
8-K 2019-12-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-21 Officers, Exhibits
8-K 2019-11-08 Other Events
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-10-07 Earnings, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-05-08 Shareholder Vote, Other Events
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-03-15 Officers, Regulation FD, Exhibits
8-K 2019-03-01 Officers, Other Events
8-K 2019-02-27 Other Events
8-K 2019-02-12 Earnings, Exhibits
8-K 2019-01-10 Earnings, Exhibits
8-K 2018-11-20 Officers
8-K 2018-11-09 Other Events
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-09 Enter Agreement, Officers, Shareholder Vote, Other Events, Exhibits
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-03-16 Officers
8-K 2018-03-08 Enter Agreement, Other Events, Exhibits
8-K 2018-02-28 Other Events
8-K 2018-02-12 Earnings, Exhibits
8-K 2018-01-09 Earnings, Exhibits
ACGL 2019-09-30
Part I. Financial Information
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-15 ex1593019.htm
EX-31.1 ex31193019.htm
EX-31.2 ex31293019.htm
EX-32.1 ex32193019.htm
EX-32.2 ex32293019.htm

Arch Capital Group Earnings 2019-09-30

ACGL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CINF 20,829 24,337 15,206 6,697 0 1,224 1,534 20,873 0% 13.6 5%
RE 17,529 26,388 17,504 7,718 0 515 641 16,868 0% 26.3 2%
L 16,620 82,277 59,883 14,275 6,857 885 1,686 27,636 48% 16.4 1%
MKL 15,008 36,422 25,857 8,190 0 742 1,133 12,367 0% 10.9 2%
ACGL 14,870 34,852 23,032 6,258 0 1,367 1,641 16,277 0% 9.9 4%
CNA 12,628 59,963 47,876 10,330 0 872 1,259 15,035 0% 11.9 1%
WRB 12,560 26,488 20,468 7,850 0 696 1,198 11,302 0% 9.4 3%
HGH 10,376 69,472 54,180 19,507 0 1,630 2,220 14,143 0% 6.4 2%
Y 9,871 26,356 17,495 7,984 0 330 674 10,761 0% 16.0 1%
AFG 9,191 67,697 61,607 7,682 0 714 952 8,260 0% 8.7 1%

Document
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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
For the quarterly period ended September 30, 2019
 
 
 
Or
 
 
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number:  001-16209

 archlogorgbsolida36.jpg
ARCH CAPITAL GROUP LTD.
(Exact name of registrant as specified in its charter)
Bermuda
98-0374481
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
Waterloo House, Ground Floor
 
100 Pitts Bay Road,
Pembroke
HM 08,
Bermuda
(441)
278-9250
(Address of principal executive offices)
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each 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 1/100th interest in a 5.25% Series E preferred share
 
ACGLP
 
NASDAQ
 Stock Market
Depositary shares, each representing a 1/100th interest in a 5.45% Series F preferred share
 
ACGLO
 
NASDAQ
 Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated Filer Non-accelerated Filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No

As of November 1, 2019, there were 405,308,162 common shares, $0.0011 par value per share, of the registrant outstanding.



Table of Contents

ARCH CAPITAL GROUP LTD.
 
INDEX TO FORM 10-Q
 
 
 
 
Page No.
 
PART I
 
 
 
 
 2
Item 1.
 
 4
Item 2.
 
Item 3.
 
Item 4.
 
 
 
 
 
 
PART II
 
 
 
 
75 
Item 1.
 
Item 1A.
 
75 
Item 2.
 
Item 3.
 
Item 4.
 
Item 5.
 
Item 6.
 
 
 

ARCH CAPITAL
 1
2019 THIRD QUARTER FORM 10-Q

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PART I.  FINANCIAL INFORMATION
Cautionary Note Regarding Forward-Looking Statements 
The Private Securities Litigation Reform Act of 1995 (“PSLRA”) provides a “safe harbor” for forward-looking statements. This report or any other written or oral statements made by or on behalf of us may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” and similar statements of a future or forward-looking nature or their negative or variations or similar terminology.
Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. Important factors that could cause actual events or results to differ materially from those indicated in such statements are discussed below and elsewhere in this report and in our periodic reports filed with the Securities and Exchange Commission (the “SEC”), and include:
our ability to successfully implement our business strategy during “soft” as well as “hard” markets;
acceptance of our business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and our insureds and reinsureds;
the integration of any businesses we have acquired or may acquire into our existing operations;
our ability to maintain or improve our ratings, which may be affected by our ability to raise additional equity or debt financings, by ratings agencies’ existing or new policies and practices, as well as other factors described herein;
general economic and market conditions (including inflation, interest rates, unemployment, housing prices, foreign currency exchange rates, prevailing credit terms and the depth and duration of a recession) and conditions specific to the reinsurance and insurance markets (including the length and magnitude of the current “soft” market) in which we operate;
competition, including increased competition, on the basis of pricing, capacity (including alternative sources of capital), coverage terms, or other factors;
developments in the world’s financial and capital markets and our access to such markets;
our ability to successfully enhance, integrate and maintain operating procedures (including information technology) to effectively support our current and new business;
the loss of key personnel;
accuracy of those estimates and judgments utilized in the preparation of our financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, contingencies and litigation, and any determination to use the deposit method of accounting, which for a relatively new insurance and reinsurance company, like our company, are even more difficult to make than those made in a mature company since relatively limited historical information has been reported to us through September 30, 2019;
greater than expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;
severity and/or frequency of losses;
claims for natural or man-made catastrophic events or severe economic events in our insurance, reinsurance and mortgage businesses could cause large losses and substantial volatility in our results of operations;
the effect of climate change on our business;
acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events;
availability to us of reinsurance to manage our gross and 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 us;
the timing of loss payments being faster or the receipt of reinsurance recoverables being slower than anticipated by us;

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our investment performance, including legislative or regulatory developments that may adversely affect the fair value of our investments;
changes in general economic conditions, including new or continued sovereign debt concerns in Eurozone countries or downgrades of U.S. securities by credit rating agencies, which could affect our business, financial condition and results of operations;
the volatility of our shareholders’ equity from foreign currency fluctuations, which could increase due to us not matching portions of our projected liabilities in foreign currencies with investments in the same currencies;
changes in accounting principles or policies or in our application of such accounting principles or policies;
changes in the political environment of certain countries in which we operate or underwrite business;
a disruption caused by cyber-attacks or other technology breaches or failures on us or our business partners and service providers, which could negatively impact our business and/or expose us to litigation;
statutory or regulatory developments, including as to tax matters and insurance and other regulatory matters such as the adoption of proposed legislation that would affect Bermuda-headquartered companies and/or Bermuda-based insurers or reinsurers and/or changes in regulations or tax laws applicable to us, our subsidiaries, brokers or customers, including the Tax Cuts and Jobs Act of 2017; and
the other matters set forth under Item 1A “Risk Factors”, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of our Annual Report on Form 10-K for the year ended December 31, 2018, as well as the other factors set forth in our other documents on file with the SEC, and management’s response to any of the aforementioned factors.
 
All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 


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ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
 
 
Page No.
 
 
 
 
 
 
 
 
 
September 30, 2019 (unaudited) and December 31, 2018
 
 
 
 
 
 
For the three and nine month periods ended September 30, 2019 and 2018 (unaudited)
 
 
 
 
 
 
For the three and nine month periods ended September 30, 2019 and 2018 (unaudited)
 
 
 
 
 
 
For the three and nine month periods ended September 30, 2019 and 2018 (unaudited)
 
 
 
 
 
 
For the nine month periods ended September 30, 2019 and 2018 (unaudited)
 
 
 
 
Notes to Consolidated Financial Statements (unaudited)
 
 
 
11 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Arch Capital Group Ltd.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of Arch Capital Group Ltd. and its subsidiaries (the “Company”) as of September 30, 2019, and the related consolidated statements of income, comprehensive income, and changes in shareholders’ equity for the three-month and nine-month periods ended September 30, 2019 and 2018, and the consolidated statements of cash flows for the nine-month periods ended September 30, 2019 and 2018, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Company as of December 31, 2018, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for the year then ended (not presented herein), and in our report dated February 28, 2019, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2018, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.





/s/ PricewaterhouseCoopers LLP


New York, NY
November 8, 2019

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
 
(Unaudited)
 
 
 
September 30,
2019
 
December 31,
2018
Assets
 

 
 

Investments:
 

 
 

Fixed maturities available for sale, at fair value (amortized cost: $16,146,333 and $14,829,902)
$
16,470,523

 
$
14,699,010

Short-term investments available for sale, at fair value (amortized cost: $752,207 and $956,238)
751,989

 
955,880

Collateral received under securities lending, at fair value (amortized cost: $430,255 and $274,125)
430,263

 
274,133

Equity securities, at fair value
550,485

 
338,899

Investments accounted for using the fair value option
3,838,243

 
3,983,571

Investments accounted for using the equity method
1,575,832

 
1,493,791

Total investments
23,617,335

 
21,745,284

 
 
 
 
Cash
880,099

 
646,556

Accrued investment income
116,196

 
114,641

Securities pledged under securities lending, at fair value (amortized cost: $419,297 and $266,786)
420,415

 
268,395

Premiums receivable
1,618,186

 
1,299,150

Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses
3,168,195

 
2,919,372

Contractholder receivables
2,094,683

 
2,079,111

Ceded unearned premiums
1,168,258

 
975,469

Deferred acquisition costs
622,028

 
569,574

Receivable for securities sold
50,615

 
36,246

Goodwill and intangible assets
624,500

 
634,920

Other assets
1,192,093

 
929,611

Total assets
$
35,572,603

 
$
32,218,329

 
 
 
 
Liabilities
 
 
 
Reserve for losses and loss adjustment expenses
$
12,389,384

 
$
11,853,297

Unearned premiums
4,243,372

 
3,753,636

Reinsurance balances payable
601,891

 
393,107

Contractholder payables
2,094,683

 
2,079,111

Collateral held for insured obligations
205,449

 
236,630

Senior notes
1,871,386

 
1,733,528

Revolving credit agreement borrowings
490,720

 
455,682

Securities lending payable
430,255

 
274,125

Payable for securities purchased
176,130

 
90,034

Other liabilities
1,007,524

 
911,500

Total liabilities
23,510,794

 
21,780,650

 
 
 
 
Commitments and Contingencies


 


Redeemable noncontrolling interests
48,789

 
206,292

 
 
 
 
Shareholders' Equity
 
 
 
Non-cumulative preferred shares
780,000

 
780,000

Common shares ($0.0011 par, shares issued: 574,173,205 and 570,737,283)
638

 
634

Additional paid-in capital
1,864,468

 
1,793,781

Retained earnings
10,705,025

 
9,426,299

Accumulated other comprehensive income (loss), net of deferred income tax
211,714

 
(178,720
)
Common shares held in treasury, at cost (shares: 168,942,674 and 168,282,449)
(2,403,749
)
 
(2,382,167
)
Total shareholders' equity available to Arch
11,158,096

 
9,439,827

Non-redeemable noncontrolling interests
854,924

 
791,560

Total shareholders' equity
12,013,020

 
10,231,387

Total liabilities, noncontrolling interests and shareholders' equity
$
35,572,603

 
$
32,218,329



See Notes to Consolidated Financial Statements

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except share data)
 
(Unaudited)
 
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 

 
 

 
 

 
 

Net premiums written
$
1,613,457

 
$
1,333,553

 
$
4,583,614

 
$
4,044,993

Change in unearned premiums
(175,434
)
 
(42,675
)
 
(312,998
)
 
(