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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedSeptember 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-16209

 acgl-20220930_g1.jpg
ARCH CAPITAL GROUP LTD.
(Exact name of registrant as specified in its charter)
Bermuda98-0374481
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Waterloo House, Ground Floor
100 Pitts Bay Road, PembrokeHM 08,Bermuda(441)278-9250
(Address of principal executive offices)(Registrant’s telephone number, including area code)

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

As of October 31, 2022, there were 369,873,027 common shares, $0.0011 par value per share, of the registrant outstanding.


ARCH CAPITAL GROUP LTD.
 
INDEX TO FORM 10-Q
 
ARCH CAPITAL
 1
2022 THIRD QUARTER FORM 10-Q

PART I. FINANCIAL INFORMATION
Cautionary Note Regarding Forward-Looking Statements 
The Private Securities Litigation Reform Act of 1995 (“PSLRA”) provides a “safe harbor” for forward-looking statements. This report or any other written or oral statements made by or on behalf of us may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” and similar statements of a future or forward-looking nature or their negative or variations or similar terminology.
Forward-looking statements 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;
our ability to consummate acquisitions and integrate the business we have acquired or may acquire into our existing operations;
our ability to maintain or improve our ratings, which may be affected by our ability to raise additional equity or debt financings, by ratings agencies’ existing or new policies and practices, as well as other factors described herein;
general economic and market conditions (including inflation, interest rates, unemployment, housing prices, foreign currency exchange rates, prevailing credit terms and the depth and duration of a recession, including those resulting from COVID-19) and conditions specific to the reinsurance and insurance markets in which we operate;
competition, including increased competition, on the basis of pricing, capacity (including alternative sources of capital), coverage terms, or other factors;
developments in the 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 and addition of key personnel;
material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements;
accuracy of those estimates and judgments utilized in the preparation of our financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, contingencies and litigation, and any determination to use the deposit method of accounting;
greater than expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;
the adequacy of the Company’s loss reserves;
severity and/or frequency of losses;
greater frequency or severity of unpredictable natural and man-made catastrophic events;
claims for natural 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;
the effect of contagious disease (including COVID-19) on our business;
acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events;
ARCH CAPITAL
 2
2022 THIRD QUARTER FORM 10-Q

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;
our investment performance, including legislative or regulatory developments that may adversely affect the fair value of our investments;
changes in general economic conditions, including sovereign debt concerns or downgrades of U.S. securities by credit rating agencies, which could affect our business, financial condition and results of operations;
changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the replacement of LIBOR with alternative benchmark rates;
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 new guidance implementing the Tax Cuts and Jobs Act of 2017 and the possible implementation of the Organization for Economic Cooperation and Development (“OECD”) Pillar I and Pillar II initiatives; 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, 2021, 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. 

ARCH CAPITAL
 3
2022 THIRD QUARTER FORM 10-Q

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
 Page No.
  
September 30, 2022 and December 31, 2021 (unaudited)
For the three and nine month periods ended September 30, 2022 and 2021 (unaudited)
For the three and nine month periods ended September 30, 2022 and 2021 (unaudited)
For the three and nine month periods ended September 30, 2022 and 2021 (unaudited)
For the nine month periods ended September 30, 2022 and 2021 (unaudited)
Notes to Consolidated Financial Statements (unaudited)

ARCH CAPITAL
 4
2022 THIRD QUARTER FORM 10-Q

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, 2022, 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, 2022 and 2021, and the consolidated statements of cash flows for the nine-month periods ended September 30, 2022 and 2021, 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) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2021, 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 25, 2022, 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, 2021, 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 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, New York
November 3, 2022
ARCH CAPITAL
 5
2022 THIRD QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
(Unaudited)
September 30,
2022
December 31,
2021
Assets  
Investments:  
Fixed maturities available for sale, at fair value (amortized cost: $19,913,055 and $17,973,823; net of allowance for credit losses: $45,993 and $2,883)
$18,120,727 $17,998,109 
Short-term investments available for sale, at fair value (amortized cost: $1,941,071 and $1,734,738; net of allowance for credit losses: $0 and $0)
1,940,857 1,734,716 
Equity securities, at fair value809,869 1,804,170 
Other investments, at fair value1,578,751 1,973,550 
Investments accounted for using the equity method3,565,946 3,077,611 
Total investments26,016,150 26,588,156 
Cash813,583 858,668 
Accrued investment income116,263 85,453 
Investment in operating affiliates891,212 1,135,655 
Premiums receivable (net of allowance for credit losses: $38,229 and $39,958)
3,579,380 2,633,280 
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $17,366 and $13,230)
6,356,456 5,880,735 
Contractholder receivables (net of allowance for credit losses: $2,360 and $3,437)
1,735,730 1,828,691 
Ceded unearned premiums2,115,539 1,729,455 
Deferred acquisition costs1,122,711 901,841 
Receivable for securities sold27,042 60,179 
Goodwill and intangible assets806,655 944,983 
Other assets2,756,383 2,453,849 
Total assets$46,337,104 $45,100,945 
Liabilities
Reserve for losses and loss adjustment expenses$19,288,291 $17,757,156 
Unearned premiums7,271,279 6,011,942 
Reinsurance balances payable1,669,592 1,583,253 
Contractholder payables1,738,089 1,832,127 
Collateral held for insured obligations254,720 242,352 
Senior notes2,725,153 2,724,394 
Payable for securities purchased174,769 64,850 
Other liabilities1,411,193 1,329,742 
Total liabilities34,533,086 31,545,816 
Commitments and Contingencies
Redeemable noncontrolling interests8,908 9,233 
Shareholders' Equity
Non-cumulative preferred shares830,000 830,000 
Common shares ($0.0011 par, shares issued: 587,134,047 and 583,289,850)
652 648 
Additional paid-in capital2,186,599 2,085,075 
Retained earnings15,042,561 14,455,868 
Accumulated other comprehensive income (loss), net of deferred income tax(1,891,827)(64,600)
Common shares held in treasury, at cost (shares: 217,812,057 and 204,365,956)
(4,372,875)(3,761,095)
Total shareholders' equity available to Arch11,795,110 13,545,896 
Total liabilities, noncontrolling interests and shareholders' equity$46,337,104 $45,100,945 
See Notes to Consolidated Financial Statements

ARCH CAPITAL
6
2022 THIRD QUARTER FORM 10-Q


ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except share data)
(Unaudited)(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Revenues    
Net premiums earned$2,470,750 $1,929,337 6,917,158 5,998,668 
Net investment income128,640 88,195 315,468 298,664 
Net realized gains (losses)(183,673)(25,040)(742,666)320,328 
Other underwriting income3,077 7,274 11,944 18,913 
Equity in net income (loss) of investment funds accounted for using the equity method(18,861)105,398 75,505 299,270 
Other income (loss)(13,684)(3,960)(34,486)1,151 
Total revenues2,386,249 2,101,204 6,542,923 6,936,994 
Expenses
Losses and loss adjustment expenses1,682,696 1,226,019 3,786,187 3,588,950 
Acquisition expenses447,587 306,015 1,239,065 945,639 
Other operating expenses274,747 230,832 842,082 736,808 
Corporate expenses17,710 19,672 77,662 61,007 
Amortization of intangible assets26,104 20,135 80,478 49,823 
Interest expense33,063 33,176 98,566 107,222 
Net foreign exchange (gains) losses(90,509)(36,078)(182,129)(38,366)
Total expenses2,391,398 1,799,771 5,941,911 5,451,083 
Income (loss) before income taxes and income (loss) from operating affiliates(5,149)301,433 601,012 1,485,911 
Income tax (expense) benefit14,900 (4,137)(19,042)(94,176)
Income (loss) from operating affiliates8,507 124,119 37,665 224,052 
Net income (loss)$18,258 $421,415 $619,635 $1,615,787 
Net (income) loss attributable to noncontrolling interests(1,157)(1,473)(2,390)(82,203)
Net income (loss) available to Arch17,101 419,942 617,245 1,533,584 
Preferred dividends(10,184)(16,090)(30,552)(38,159)
Loss on redemption of preferred shares (15,101) (15,101)
Net income (loss) available to Arch common shareholders$6,917 $388,751 $586,693 $1,480,324 
Net income per common share and common share equivalent    
Basic$0.02 $1.00 $1.59 $3.74 
Diluted$0.02 $0.98 $1.55 $3.66 
Weighted average common shares and common share equivalents outstanding  
Basic365,190,527 389,274,220 369,525,348 395,899,591 
Diluted373,727,277 397,903,347 378,373,180 404,260,485 



See Notes to Consolidated Financial Statements

ARCH CAPITAL
7
2022 THIRD QUARTER FORM 10-Q


ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(U.S. dollars in thousands)
(Unaudited)(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Comprehensive Income   
Net income (loss)$18,258 $421,415 $619,635 $1,615,787 
Other comprehensive income (loss), net of deferred income tax
Unrealized appreciation (decline) in value of available-for-sale investments:
Unrealized holding gains (losses) arising during period(609,759)(95,923)(1,892,119)(279,102)
Reclassification of net realized (gains) losses, included in net income (loss)46,585 (62,654)206,573 (120,504)
Foreign currency translation adjustments(70,388)(31,710)(141,681)(54,089)
Comprehensive income (loss)(615,304)231,128 (1,207,592)1,162,092 
Net (income) loss attributable to noncontrolling interests(1,157)(1,473)(2,390)(82,203)
Other comprehensive (income) loss attributable to noncontrolling interests 9,423  13,983 
Comprehensive income (loss) available to Arch$(616,461)$239,078 $(1,209,982)$1,093,872 



See Notes to Consolidated Financial Statements

ARCH CAPITAL
8
2022 THIRD QUARTER FORM 10-Q


ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(U.S. dollars in thousands)
(Unaudited)(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Non-cumulative preferred shares  
Balance at beginning of period$830,000 $1,280,000 $830,000 $780,000 
Preferred shares issued   500,000 
Preferred shares redeemed (450,000) (450,000)
Balance at beginning and end of period$830,000 $830,000 $830,000 $830,000 
Common shares
Balance at beginning of period652 647 648 643 
Common shares issued, net 1 4 5 
Balance at end of period652 648 652 648 
Additional paid-in capital  
Balance at beginning of period2,170,661 2,028,919 2,085,075 1,977,794 
Amortization of share-based compensation13,518 14,216 80,023 71,279 
Issue costs on preferred shares   (14,179)
Reversal of issue costs on preferred shares redeemed 15,101  15,101 
Other changes2,420 3,670 21,501 11,911 
Balance at end of period2,186,599 2,061,906 2,186,599 2,061,906 
Retained earnings  
Balance at beginning of period15,035,644 13,454,036 14,455,868 12,362,463 
Net income (loss)18,258 421,415 619,635 1,615,787 
Net (income) loss attributable to noncontrolling interests(1,157)(1,473)(2,390)(82,203)
Preferred share dividends(10,184)(16,090)(30,552)(38,159)
Loss on redemption of preferred shares (15,101) (15,101)
Balance at end of period15,042,561 13,842,787 15,042,561 13,842,787 
Accumulated other comprehensive income (loss), net of deferred income tax
Balance at beginning of period(1,258,265)230,048 (64,600)488,895 
Unrealized appreciation (decline) in value of available-for-sale investments, net of deferred income tax:
Balance at beginning of period(1,108,886)264,702 13,486 501,295 
Unrealized holding gains (losses) during period, net of reclassification adjustment(563,174)(158,577)(1,685,546)(399,606)
Unrealized holding gains (losses) during period attributable to noncontrolling interests 10,752  15,188 
Balance at end of period(1,672,060)116,877 (