10-Q 1 acgl-20220331.htm 10-Q acgl-20220331
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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 endedMarch 31, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-16209

 acgl-20220331_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 May 2, 2022, there were 375,651,595 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 FIRST 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 FIRST 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 FIRST QUARTER FORM 10-Q

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

ARCH CAPITAL
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2022 FIRST 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 March 31, 2022, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and the consolidated statements of cash flows for the three-month periods ended March 31, 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, NY
May 4, 2022
ARCH CAPITAL
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2022 FIRST QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
(Unaudited)
March 31,
2022
December 31,
2021
Assets  
Investments:  
Fixed maturities available for sale, at fair value (amortized cost: $18,317,693 and $17,973,823; net of allowance for credit losses: $34,145 and $2,883 )
$17,648,853 $17,998,109 
Short-term investments available for sale, at fair value (amortized cost: $2,332,513 and $1,734,738; net of allowance for credit losses: $0 and $0)
2,332,624 1,734,716 
Equity securities, at fair value1,002,572 1,804,170 
Other investments, at fair value1,686,666 1,973,550 
Investments accounted for using the equity method3,325,543 3,077,611 
Total investments25,996,258 26,588,156 
Cash812,917 858,668 
Accrued investment income82,607 85,453 
Investment in operating affiliates1,144,255 1,135,655 
Premiums receivable (net of allowance for credit losses: $39,073 and $39,958)
3,223,504 2,633,280 
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $18,483 and $13,230)
5,941,000 5,880,735 
Contractholder receivables (net of allowance for credit losses: $3,731 and $3,437)
1,810,199 1,828,691 
Ceded unearned premiums1,951,960 1,729,455 
Deferred acquisition costs1,001,866 901,841 
Receivable for securities sold116,633 60,179 
Goodwill and intangible assets926,427 944,983 
Other assets2,670,315 2,453,849 
Total assets$45,677,941 $45,100,945 
Liabilities
Reserve for losses and loss adjustment expenses$18,109,107 $17,757,156 
Unearned premiums6,737,779 6,011,942 
Reinsurance balances payable1,510,906 1,583,253 
Contractholder payables1,813,930 1,832,127 
Collateral held for insured obligations244,502 242,352 
Senior notes2,724,642 2,724,394 
Payable for securities purchased176,452 64,850 
Other liabilities1,431,271 1,329,742 
Total liabilities32,748,589 31,545,816 
Commitments and Contingencies
Redeemable noncontrolling interests9,763 9,233 
Shareholders' Equity
Non-cumulative preferred shares830,000 830,000 
Common shares ($0.0011 par, shares issued: 586,115,502 and 583,289,850)
651 648 
Additional paid-in capital2,134,241 2,085,075 
Retained earnings14,641,484 14,455,868 
Accumulated other comprehensive income (loss), net of deferred income tax(649,445)(64,600)
Common shares held in treasury, at cost (shares: 210,384,611 and 204,365,956)
(4,037,342)(3,761,095)
Total shareholders' equity available to Arch12,919,589 13,545,896 
Total liabilities, noncontrolling interests and shareholders' equity$45,677,941 $45,100,945 
See Notes to Consolidated Financial Statements

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2022 FIRST QUARTER FORM 10-Q


ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except share data)
(Unaudited)
Three Months Ended
March 31,
 20222021
Revenues  
Net premiums earned$2,120,633 $1,948,422 
Net investment income80,436 98,856 
Net realized gains (losses)(292,414)142,461 
Other underwriting income5,897 6,110 
Equity in net income (loss) of investment funds accounted for using the equity method36,305 71,686 
Other income (loss)(9,025)(1,741)
Total revenues1,941,832 2,265,794 
Expenses
Losses and loss adjustment expenses1,000,835 1,203,100 
Acquisition expenses378,159 304,481 
Other operating expenses289,943 261,033 
Corporate expenses32,332 25,384 
Amortization of intangible assets27,167 14,402 
Interest expense32,708 38,346 
Net foreign exchange (gains) losses(3,845)(20,063)
Total expenses1,757,299 1,826,683 
Income (loss) before income taxes and income (loss) from operating affiliates184,533 439,111 
Income tax expense(11,619)(38,860)
Income (loss) from operating affiliates24,518 75,457 
Net income (loss)$197,432 $475,708 
Net (income) loss attributable to noncontrolling interests(1,632)(37,552)
Net income (loss) available to Arch195,800 438,156 
Preferred dividends(10,184)(10,403)
Net income (loss) available to Arch common shareholders$185,616 $427,753 
Net income per common share and common share equivalent  
Basic$0.50 $1.07 
Diluted$0.48 $1.05 
Weighted average common shares and common share equivalents outstanding
Basic374,243,812 400,807,895 
Diluted384,194,363 409,223,253 



See Notes to Consolidated Financial Statements

ARCH CAPITAL
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2022 FIRST QUARTER FORM 10-Q


ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(U.S. dollars in thousands)
(Unaudited)
Three Months Ended
March 31,
 20222021
Comprehensive Income
Net income (loss)$197,432 $475,708 
Other comprehensive income (loss), net of deferred income tax
Unrealized appreciation (decline) in value of available-for-sale investments:
Unrealized holding gains (losses) arising during period(684,355)(261,750)
Reclassification of net realized (gains) losses, included in net income (loss)102,278 2,697 
Foreign currency translation adjustments(2,768)(28,584)
Comprehensive income (loss)(387,413)188,071 
Net (income) loss attributable to noncontrolling interests(1,632)(37,552)
Other comprehensive (income) loss attributable to noncontrolling interests 4,570 
Comprehensive income (loss) available to Arch$(389,045)$155,089 



See Notes to Consolidated Financial Statements

ARCH CAPITAL
8
2022 FIRST QUARTER FORM 10-Q


ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(U.S. dollars in thousands)
(Unaudited)
Three Months Ended
March 31,
 20222021
Non-cumulative preferred shares
Balance at beginning and end of period$830,000 $780,000 
Common shares
Balance at beginning of period648 643 
Common shares issued, net3 2 
Balance at end of period651 645 
Additional paid-in capital
Balance at beginning of period2,085,075 1,977,794 
Amortization of share-based compensation45,368 40,573 
Other changes3,798 (3,626)
Balance at end of period2,134,241 2,014,741 
Retained earnings
Balance at beginning of period14,455,868 12,362,463 
Net income (loss)197,432 475,708 
Net (income) loss attributable to noncontrolling interests(1,632)(37,552)
Preferred share dividends(10,184)(10,403)
Balance at end of period14,641,484 12,790,216 
Accumulated other comprehensive income (loss), net of deferred income tax
Balance at beginning of period(64,600)488,895 
Unrealized appreciation (decline) in value of available-for-sale investments, net of deferred income tax:
Balance at beginning of period13,486 501,295 
Unrealized holding gains (losses) during period, net of reclassification adjustment(582,077)(259,053)
Unrealized holding gains (losses) during period attributable to noncontrolling interests 4,469 
Balance at end of period(568,591)246,711 
Foreign currency translation adjustments, net of deferred income tax:
Balance at beginning of period(78,086)(12,400)
Foreign currency translation adjustments(2,768)(28,584)
Foreign currency translation adjustments attributable to noncontrolling interests 100 
Balance at end of period(80,854)(40,884)
Balance at end of period(649,445)205,827 
Common shares held in treasury, at cost
Balance at beginning of period(3,761,095)(2,503,909)
Shares repurchased for treasury(276,247)(191,048)
Balance at end of period(4,037,342)(2,694,957)
Total shareholders’ equity available to Arch12,919,589 13,096,472 
Non-redeemable noncontrolling interests 876,864 
Total shareholders’ equity$12,919,589 $13,973,336 


See Notes to Consolidated Financial Statements

ARCH CAPITAL
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2022 FIRST QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
(Unaudited)
Three Months Ended
March 31,
 20222021
Operating Activities  
Net income (loss)$197,432 $475,708 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net realized (gains) losses289,213 (161,007)
Equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss(11,420)(135,939)
Amortization of intangible assets27,167 14,402 
Share-based compensation45,379 40,812 
Changes in:
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable275,954 560,153 
Unearned premiums, net of ceded unearned premiums513,507 560,035 
Premiums receivable(600,691)(608,250)
Deferred acquisition costs(96,999)(126,701)
Reinsurance balances payable(74,022)240,206 
Other items, net(13,957)(96,574)
Net cash provided by (used for) operating activities551,563 762,845 
Investing Activities  
Purchases of fixed maturity investments(6,727,665)(11,530,968)
Purchases of equity securities(408,615)(309,419)
Purchases of other investments(616,659)(430,961)
Proceeds from sales of fixed maturity investments6,053,352 10,917,134 
Proceeds from sales of equity securities1,100,256 284,986 
Proceeds from sales, redemptions and maturities of other investments570,341 323,591 
Proceeds from redemptions and maturities of fixed maturity investments240,753 421,042 
Net settlements of derivative instruments(2,510)47,660 
Net (purchases) sales of short-term investments(510,752)589,175 
Purchase of operating affiliate (546,349)
Purchases of fixed assets(11,770)(12,490)
Other550 (246,590)
Net cash provided by (used for) investing activities(312,719)(493,189)
Financing Activities  
Purchases of common shares under share repurchase program(254,988)(179,266)
Proceeds from common shares issued, net(17,260)(10,008)
Third party investment in non-redeemable noncontrolling interests 15,971 
Dividends paid to redeemable noncontrolling interests (948)
Other48,859 (1,948)
Preferred dividends paid(10,184)(10,403)
Net cash provided by (used for) financing activities(233,573)(186,602)
Effects of exchange rate changes on foreign currency cash and restricted cash(3,924)(6,084)
Increase (decrease) in cash and restricted cash1,347 76,970 
Cash and restricted cash, beginning of year1,314,771 1,290,544 
Cash and restricted cash, end of period$1,316,118 $1,367,514 

See Notes to Consolidated Financial Statements

ARCH CAPITAL
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2022 FIRST QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.    Basis of Presentation and Recent Accounting Pronouncements
General
Arch Capital Group Ltd. (“Arch Capital”) is a public listed Bermuda exempted company which provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly-owned subsidiaries. As used herein, the “Company” means Arch Capital and its subsidiaries. The Company’s consolidated financial statements through June 30, 2021 included the results of Somers Group Holdings Ltd. (formerly Watford Holdings Ltd.) and its wholly owned subsidiaries (“Somers”). Effective July 1, 2021, Somers is wholly owned by Greysbridge Holdings Ltd., (“Greysbridge”) and Greysbridge is owned 40% by the Company, 30% by certain investment funds managed by Kelso & Company (“Kelso”) and 30% by certain investment funds managed by Warburg Pincus LLC (“Warburg”). Based on the governing documents of Greysbridge, the Company concluded that, while it retains significant influence over Somers, Somers no longer constitutes a variable interest entity. Accordingly, effective July 1, 2021, Arch no longer consolidates the results of Somers in its consolidated financial statements and footnotes. See note 11.
Basis of Presentation
The interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments (consisting of normally recurring accruals) necessary for a fair statement of results on an interim basis. The results of any interim period are not necessarily indicative of the results for a full year or any future periods.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted; however, management believes that the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021
(“2021 Form 10-K”), including the Company’s audited consolidated financial statements and related notes.
The Company has reclassified the presentation of certain prior year information to conform to the current presentation. Such reclassifications had no effect on the Company’s net income, comprehensive income, shareholders’ equity or cash flows. Tabular amounts are in U.S. Dollars in thousands, except share amounts, unless otherwise noted.
Recent Accounting Pronouncements
Recently Issued Accounting Standards Adopted
For information regarding additional accounting standards that the Company has not yet adopted, see note 3(s), “Significant Accounting Policies—Recent Accounting Pronouncements,” of the notes to consolidated financial statements in the Company’s 2021 Form 10-K.
2.    Share Transactions
Share-Based Compensation
During the 2022 first quarter, the Company granted 734,254 stock options, 690,772 performance share awards (“PSAs”) and units (“PSUs”) and 971,262 restricted shares and units to certain employees. The stock options were valued at the grant date using the Black-Scholes option pricing model. The weighted average grant-date fair value of the stock options, PSAs/PSUs and restricted shares and units granted during the 2022 first quarter were approximately $13.13, $49.91 and $47.54 per share, respectively. Such values are being amortized over the respective substantive vesting period.
During the 2021 first quarter, the Company granted 1,218,465 stock options, 685,104 performance share awards (“PSAs”) and units (“PSUs”) and 1,168,577 restricted shares and units to certain employees. The stock options were valued at the grant date using the Black-Scholes option pricing model. The weighted average grant-date fair value of the stock options, PSAs/PSUs and restricted shares and units granted during the 2021 first quarter were approximately $9.20, $37.38 and $35.82 per share, respectively. Such values
are being amortized over the respective substantive vesting
period.
Share Repurchases 
The board of directors of Arch Capital has authorized the investment in Arch Capital’s common shares through a share repurchase program. Since the inception of the share repurchase program, Arch Capital has repurchased 426.2 million common shares for an aggregate purchase price of $5.54 billion. For the three months ended March 31, 2022, Arch Capital repurchased 5.6 million shares under the share repurchase program with an aggregate purchase price of $255.0 million. At March 31, 2022, $927.2 million of share
ARCH CAPITAL
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2022 FIRST QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
repurchases were available under the program, which may be effected from time to time in open market or privately negotiated transactions. The timing and amount of the repurchase transactions under this program will depend on a
variety of factors, including market conditions and corporate and regulatory considerations.

3.    Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share:
Three Months Ended
March 31,
 20222021
Numerator:
Net income (loss)$197,432 $475,708 
Amounts attributable to noncontrolling interests(1,632)(37,552)
Net income (loss) available to Arch195,800 438,156 
Preferred dividends(10,184)(10,403)
Net income (loss) available to Arch common shareholders$185,616 $427,753 
Denominator:
Weighted average common shares and common share equivalents outstanding — basic374,243,812 400,807,895 
Effect of dilutive common share equivalents:
Nonvested restricted shares2,659,922 2,230,794 
Stock options (1)7,290,629 6,184,564 
Weighted average common shares and common share equivalents outstanding — diluted384,194,363 409,223,253 
Earnings per common share:
Basic$0.50 $1.07 
Diluted$0.48 $1.05 
(1)    Certain stock options were not included in the computation of diluted earnings per share where the exercise price of the stock options exceeded the average market price and would have been anti-dilutive or where, when applying the treasury stock method to in-the-money options, the sum of the proceeds, including unrecognized compensation, exceeded the average market price and would have been anti-dilutive. For the 2022 first quarter and 2021 first quarter, the number of stock options excluded were 769,026 and 2,400,082, respectively.
ARCH CAPITAL
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2022 FIRST QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4.    Segment Information
The Company classifies its businesses into three underwriting segments — insurance, reinsurance and mortgage — and two other operating segments — corporate and ‘other.’ The Company determined its reportable 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.
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 of Arch Capital, the Chief Financial Officer and Treasurer of Arch Capital and the President and Chief Underwriting Officer of Arch Capital. 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, with the exception of goodwill and intangible assets, and, accordingly, investment income is not allocated to each underwriting segment.
The insurance segment consists of the Company’s insurance underwriting units which offer specialty product lines on a worldwide basis. Product lines include: construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health; and other (consisting of alternative markets, excess workers' compensation and surety business).
The reinsurance segment consists of the Company’s reinsurance underwriting units which offer specialty product lines on a worldwide basis. Product lines include: casualty; marine and aviation; other specialty; property catastrophe; property excluding property catastrophe (losses on a single risk, both excess of loss and pro rata); and other (consisting of life reinsurance, casualty clash and other).
The mortgage segment includes the Company’s U.S. primary mortgage insurance business, investment and services related to U.S. credit-risk transfer (“CRT”) which are predominately with government sponsored enterprises (“GSE’s”) and international mortgage insurance and reinsurance operations. Arch Mortgage Insurance Company and United Guaranty Residential Insurance Company (combined “Arch MI U.S.”) are approved as eligible mortgage insurers by Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a GSE. Arch MI U.S. also includes Arch Mortgage Guaranty Company, which is not a GSE-approved entity.
The corporate segment results include net investment income, net realized gains or losses (which includes changes in the allowance for credit losses on financial assets and net impairment losses recognized in earnings), equity in net income or loss of investments accounted for using the equity method, other income (loss), corporate expenses, transaction costs and other, amortization of intangible assets, interest expense, net foreign exchange gains or losses, income taxes, income or loss from operating affiliates and items related to the Company’s non-cumulative preferred shares. Such amounts exclude the results of the ‘other’ segment.
Through June 30, 2021, the ‘other’ segment included the results of Somers. In July 2021, the Company announced the completion of the previously disclosed acquisition of Somers by Greysbridge. Based on the governing documents of Greysbridge, the Company has concluded that, while it retains significant influence over Somers, Somers no longer constitutes a variable interest entity. Accordingly, effective July 1, 2021, Arch no longer consolidates the results of Somers in its consolidated financial statements. See note 11.


ARCH CAPITAL
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following tables summarize the Company’s underwriting income or loss by segment, together with a reconciliation of underwriting income or loss to net income available to Arch common shareholders:
Three Months Ended
March 31, 2022
 InsuranceReinsuranceMortgageSub-TotalOtherTotal
Gross premiums written (1)$1,719,605 $1,718,942 $364,839 $3,800,775 $ $3,800,775 
Premiums ceded(512,709)(579,818)(76,719)(1,166,635) (1,166,635)
Net premiums written1,206,896 1,139,124 288,120 2,634,140  2,634,140 
Change in unearned premiums(180,200)(334,724)1,417 (513,507) (513,507)
Net premiums earned1,026,696 804,400 289,537 2,120,633  2,120,633 
Other underwriting income (loss) 836 5,061 5,897  5,897 
Losses and loss adjustment expenses(600,739)(454,700)54,604 (1,000,835) (1,000,835)
Acquisition expenses(195,650)(