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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, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number:  001-16209

 acgl-20210930_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
NASDAQStock 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, 2021, there were 386,133,743 common shares, $0.0011 par value per share, of the registrant outstanding.


ARCH CAPITAL GROUP LTD.
 
INDEX TO FORM 10-Q
 
ARCH CAPITAL
 1
2021 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 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
2021 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 potential replacement of LIBOR;
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, 2020, 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
2021 THIRD QUARTER FORM 10-Q

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
 Page No.
  
  
 
September 30, 2021 (unaudited) and December 31, 2020
  
For the three and nine month periods ended September 30, 2021 and 2020 (unaudited)
 
For the three and nine month periods ended September 30, 2021 and 2020 (unaudited)
  
 
For the three and nine month periods ended September 30, 2021 and 2020 (unaudited)
  
 
For the nine month periods ended September 30, 2021 and 2020 (unaudited)
  
Notes to Consolidated Financial Statements (unaudited)

ARCH CAPITAL
 4
2021 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, 2021, 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, 2021 and 2020, and the consolidated statements of cash flows for the nine-month periods ended September 30, 2021 and 2020, 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, 2020, 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 26, 2021, 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, 2020, 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, NY
November 4, 2021
ARCH CAPITAL
 5
2021 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,
2021
December 31,
2020
Assets  
Investments:  
Fixed maturities available for sale, at fair value (amortized cost: $16,629,621 and $18,143,305; net of allowance for credit losses: $2,111 and $2,397 )
$16,768,363 $18,717,825 
Short-term investments available for sale, at fair value (amortized cost: $3,070,120 and $1,924,292; net of allowance for credit losses: $0 and $0)
3,069,965 1,924,922 
Collateral received under securities lending, at fair value (amortized cost: $ and $301,089)
 301,096 
Equity securities, at fair value1,790,640 1,444,830 
Other investments (portion measured at fair value: $2,043,970 and $3,824,796)
2,043,970 4,324,796 
Investments accounted for using the equity method2,741,293 2,047,889 
Total investments26,414,231 28,761,358 
Cash1,137,721 906,448 
Accrued investment income75,832 103,299 
Securities pledged under securities lending, at fair value (amortized cost: $ and $294,493)
 294,912 
Investment in operating affiliates1,111,825 129,291 
Premiums receivable (net of allowance for credit losses: $38,715 and $37,781)
2,807,720 2,064,586 
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $12,831 and $11,636)
5,358,852 4,500,802 
Contractholder receivables (net of allowance for credit losses: $3,484 and $8,638)
1,824,990 1,986,924 
Ceded unearned premiums1,824,910 1,234,075 
Deferred acquisition costs893,665 790,708 
Receivable for securities sold84,019 92,743 
Goodwill and intangible assets963,322 692,863 
Other assets2,286,649 1,724,288 
Total assets$44,783,736 $43,282,297 
Liabilities
Reserve for losses and loss adjustment expenses$17,331,047 $16,513,929 
Unearned premiums6,165,114 4,838,965 
Reinsurance balances payable1,403,929 683,263 
Contractholder payables1,828,474 1,995,562 
Collateral held for insured obligations254,259 215,581 
Senior notes2,724,149 2,861,113 
Revolving credit agreement borrowings 155,687 
Securities lending payable 301,089 
Payable for securities purchased357,531 218,779 
Other liabilities1,321,470 1,510,888 
Total liabilities31,385,973 29,294,856 
Commitments and Contingencies
Redeemable noncontrolling interests10,237 58,548 
Shareholders' Equity
Non-cumulative preferred shares830,000 780,000 
Common shares ($0.0011 par, shares issued: 582,908,723 and 579,000,841)
648 643 
Additional paid-in capital2,061,906 1,977,794 
Retained earnings13,842,787 12,362,463 
Accumulated other comprehensive income (loss), net of deferred income tax49,184 488,895 
Common shares held in treasury, at cost (shares: 195,650,971 and 172,280,199)
(3,396,999)(2,503,909)
Total shareholders' equity available to Arch13,387,526 13,105,886 
Non-redeemable noncontrolling interests 823,007 
Total shareholders' equity13,387,526 13,928,893 
Total liabilities, noncontrolling interests and shareholders' equity$44,783,736 $43,282,297 
See Notes to Consolidated Financial Statements

ARCH CAPITAL
6
2021 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,
 2021202020212020
Revenues    
Net premiums earned$1,929,337 $1,771,092 5,998,668 5,180,890 
Net investment income88,195 128,512 298,664 405,150 
Net realized gains (losses)(25,040)280,499 320,328 470,127 
Other underwriting income7,274 5,413 18,913 18,932 
Equity in net income (loss) of investment funds accounted for using the equity method105,398 126,735 299,270 57,407 
Other income (loss)(3,960) 1,151 65 
Total revenues2,101,204 2,312,251 6,936,994 6,132,571 
Expenses
Losses and loss adjustment expenses1,226,019 1,216,273 3,588,950 3,562,214 
Acquisition expenses306,015 247,942 945,639 750,014 
Other operating expenses230,832 215,686 736,808 659,479 
Corporate expenses19,672 17,937 61,007 56,653 
Amortization of intangible assets20,135 16,715 49,823 49,835 
Interest expense33,176 41,343 107,222 105,037 
Net foreign exchange (gains) losses(36,078)44,885 (38,366)11,425 
Total expenses1,799,771 1,800,781 5,451,083 5,194,657 
Income (loss) before income taxes and income (loss) from operating affiliates301,433 511,470 1,485,911 937,914 
Income tax expense(4,137)(23,707)(94,176)(77,779)
Income (loss) from operating affiliates124,119