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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, 2024
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)
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 November 1, 2024, there were 376,241,879 common shares, $0.0011 par value per share, of the registrant outstanding.


ARCH CAPITAL GROUP LTD.
 
INDEX TO FORM 10-Q
 
ARCH CAPITAL
 1
2024 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 (“SEC”), and include:
our ability to successfully implement our business strategy across underwriting cycles 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) 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, deferred income tax assets, 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, reinsurance and mortgage 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;
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the effect of contagious diseases 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;
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;
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;
an incident, disruption in operations or other cyber event caused by cyber attacks, the use of artificial intelligence technologies or other technology on our systems or those of 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 legislation that affects 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 implementation of the Organization for Economic Cooperation and Development (“OECD”) Pillar I and Pillar II initiatives and the enactment of Bermuda corporate income tax; 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, 2023, 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. The Company’s forward-looking statements speak only as of the date of this report or as of the date they are made, and 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, 2024 and December 31, 2023 (unaudited)
For the three and nine month periods ended September 30, 2024 and 2023 (unaudited)
For the three and nine month periods ended September 30, 2024 and 2023 (unaudited)
For the three and nine month periods ended September 30, 2024 and 2023 (unaudited)
For the nine month periods ended September 30, 2024 and 2023 (unaudited)
Notes to Consolidated Financial Statements (unaudited)

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars and shares in millions)
(Unaudited)
September 30,
2024
December 31,
2023
Assets  
Investments:  
Fixed maturities available for sale, at fair value (amortized cost: $28,466 and $24,131; net of allowance for credit losses: $19 and $28)
$28,434 $23,553 
Short-term investments available for sale, at fair value (amortized cost: $3,337 and $2,064; net of allowance for credit losses: $0 and $0)
3,341 2,063 
Equity securities, at fair value1,623 1,186 
Other investments, at fair value3,261 2,488 
Investments accounted for using the equity method5,244 4,566 
Total investments41,903 33,856 
Cash1,025 917 
Accrued investment income292 236 
Investment in operating affiliates1,236 1,119 
Premiums receivable (net of allowance for credit losses: $52 and $34)
6,364 4,644 
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $17 and $21)
7,948 7,064 
Contractholder receivables (net of allowance for credit losses: $4 and $3)
2,078 1,814 
Ceded unearned premiums2,935 2,170 
Deferred acquisition costs1,744 1,531 
Receivable for securities sold790 63 
Goodwill and intangible assets1,486 731 
Other assets5,855 4,761 
Total assets$73,656 $58,906 
Liabilities
Reserve for losses and loss adjustment expenses$28,679 $22,752 
Unearned premiums11,238 8,808 
Reinsurance balances payable2,586 2,000 
Contractholder payables2,082 1,817 
Collateral held for insured obligations268 259 
Senior notes2,727 2,726 
Payable for securities purchased967 247 
Other liabilities2,835 1,942 
Total liabilities51,382 40,551 
Commitments and contingencies (refer to Note 11)
Redeemable noncontrolling interests 2 
Shareholders' Equity
Non-cumulative preferred shares830 830 
Common shares ($0.0011 par, shares issued: 595.2 and 591.9)
1 1 
Additional paid-in capital2,465 2,327 
Retained earnings23,642 20,295 
Accumulated other comprehensive income (loss), net of deferred income tax(200)(676)
Common shares held in treasury, at cost (shares: 219.0 and 218.5)
(4,464)(4,424)
Total shareholders' equity available to Arch22,274 18,353 
Total liabilities, noncontrolling interests and shareholders' equity$73,656 $58,906 
See Notes to Consolidated Financial Statements

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars and shares in millions, except per share data)
(Unaudited)(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Revenues    
Net premiums earned$3,970 $3,248 10,957 9,096 
Net investment income399 269 1,090 710 
Net realized gains (losses)169 (248)358 (354)
Other underwriting income5 5 20 21 
Equity in net income (loss) of investment funds accounted for using the equity method171 59 437 176 
Other income (loss)8 (4)30 10 
Total revenues4,722 3,329 12,892 9,659 
Expenses
Losses and loss adjustment expenses2,403 1,647 5,958 4,609 
Acquisition expenses681 575 1,921 1,669 
Other operating expenses353 310 1,062 942 
Corporate expenses49 20 143 71 
Amortization of intangible assets88 24 136 71 
Interest expense35 34 104 99 
Net foreign exchange (gains) losses63 (22)31 1 
Total expenses3,672 2,588 9,355 7,462 
Income (loss) before income taxes and income (loss) from operating affiliates1,050 741 3,537 2,197 
Income tax (expense) benefit(98)(72)(296)(203)
Income (loss) from operating affiliates36 54 136 115 
Net income (loss) available to Arch988 723 3,377 2,109 
Preferred dividends(10)(10)(30)(30)
Net income (loss) available to Arch common shareholders$978 $713 $3,347 $2,079 
Net income per common share and common share equivalent    
Basic$2.62 $1.93 $8.99 $5.64 
Diluted$2.56 $1.88 $8.78 $5.50 
Weighted average common shares and common share equivalents outstanding  
Basic373.2 369.2 372.3 368.4 
Diluted382.3 379.4 381.3 378.3 



See Notes to Consolidated Financial Statements

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(U.S. dollars in millions)
(Unaudited)(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Comprehensive Income   
Net income (loss)$988 $723 $3,377 $2,109 
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 period645 (190)478 (118)
Portion of other-than-temporary impairment losses recognized in other comprehensive income    
Reclassification of net realized (gains) losses, included in net income (loss)(60)96 22 344 
Foreign currency translation adjustments25 (40)(24)(33)
Comprehensive income (loss) available to Arch$1,598 $589 $3,853 $2,302 
See Notes to Consolidated Financial Statements

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(U.S. dollars in millions)

(Unaudited)(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Non-cumulative preferred shares  
Balance at beginning and end of period$830 $830 $830 $830 
Common shares
Balance at beginning and end of period1 1 1 1 
Additional paid-in capital  
Balance at beginning of period2,443 2,278 2,327 2,211 
Amortization of share-based compensation16 15 100 73 
Other changes6 4 38 13 
Balance at end of period2,465 2,297 2,465 2,297 
Retained earnings  
Balance at beginning of period22,664 17,258 20,295 15,892 
Net income (loss)988 723 3,377 2,109 
Preferred share dividends(10)(10)(30)(30)
Balance at end of period23,642 17,971 23,642 17,971 
Accumulated other comprehensive income (loss), net of deferred income tax
Balance at beginning of period(810)(1,319)(676)(1,646)
Unrealized appreciation (decline) in value of available-for-sale investments, net of deferred income tax:
Balance at beginning of period(650)(1,192)(565)(1,512)
Unrealized holding gains (losses) during period, net of reclassification adjustment585 (94)500 226 
Balance at end of period(65)(1,286)(65)(1,286)
Foreign currency translation adjustments, net of deferred income tax:
Balance at beginning of period(160)(127)(111)(134)
Foreign currency translation adjustments25 (40)(24)(33)
Balance at end of period(135)(167)(135)(167)
Balance at end of period(200)(1,453)(200)(1,453)
Common shares held in treasury, at cost
Balance at beginning of period(4,463)(4,407)(4,424)(4,378)
Shares repurchased for treasury(1) (40)(29)
Balance at end of period(4,464)(4,407)(4,464)(4,407)
Total shareholders’ equity$22,274 $15,239 $22,274 $15,239 
See Notes to Consolidated Financial Statements

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in millions)
(Unaudited)
Nine Months Ended
September 30,
 20242023
Operating Activities  
Net income (loss)$3,377 $2,109 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net realized (gains) losses(361)367 
Equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss(336)(104)
Amortization of intangible assets136 71 
Share-based compensation100 73 
Changes in:
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable2,447 1,604 
Unearned premiums, net of ceded unearned premiums956 1,111 
Premiums receivable(1,504)(1,333)
Deferred acquisition costs(166)(190)
Reinsurance balances payable589 692 
Deferred income tax assets, net61 40 
Other items, net(199)(356)
Net cash provided by operating activities5,100 4,084 
Investing Activities  
Purchases of fixed maturity investments(21,559)(13,024)
Purchases of equity securities(932)(176)
Purchases of other investments(1,898)(1,112)
Proceeds from sales of fixed maturity investments16,447 9,655 
Proceeds from sales of equity securities673 216 
Proceeds from sales, redemptions and maturities of other investments1,024 345 
Proceeds from redemptions and maturities of fixed maturity investments1,270 589 
Net settlements of derivative instruments127 (69)
Net (purchases) sales of short-term investments(818)(323)
Acquisitions, net of cash852  
Purchases of fixed assets(38)(37)
Other(29) 
Net cash used for investing activities(4,881)(3,936)
Financing Activities  
Proceeds from common shares issued, net(2)5 
Change in third party investment in redeemable noncontrolling interests (22)
Other(3)(5)
Preferred dividends paid(30)(30)
Net cash used for financing activities(35)(52)
Effects of exchange rate changes on foreign currency cash and restricted cash30 (14)
Increase (decrease) in cash and restricted cash214 82 
Cash and restricted cash, beginning of year1,498 1,273 
Cash and restricted cash, end of period$1,712 $1,355 
Income taxes paid (received)221 127 
Interest paid63 63 

See Notes to Consolidated Financial Statements

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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 publicly 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.
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, 2023 (“2023 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. All amounts are in millions, except per share amounts, unless otherwise noted.
Recent Accounting Pronouncements
For information regarding additional accounting standards that the Company has not yet adopted, see note 3(t), “Significant Accounting Policies—Recent Accounting Pronouncements,” of the notes to consolidated financial statements in the Company’s 2023 Form 10-K.
2.    Acquisitions
On August 1, 2024, the Company completed the acquisition of Allianz’s U.S Middle Market Property & Casualty Insurance and U.S. Entertainment Property and Casualty Insurance Business. This business is written by Fireman’s Fund Insurance Company, an affiliate of Allianz (“MCE”), and its subsidiaries (together with MCE, collectively, the “Business Entities”), in each case, relating to relevant policies with accident years 2016 and onwards (collectively, the “Business”), as well as certain assets of Allianz and its affiliates related to the Business. In connection with the acquisition of the Business, the Company also entered into certain reinsurance agreements relating to the Business and the Business Entities and other agreements providing for administration and other services for the Business Entities by the Company for the applicable policies being reinsured following the closing. The acquisition of the Business is an important part of the Company’s growth strategy, and provides a ballast to our existing insurance business. It further enhances the Company’s capabilities in the U.S. middle markets and represents an attractive way to enter a new niche entertainment insurance market.
Aggregate cash consideration for the transaction was $450 million. Direct costs related to the acquisition are immaterial, and were expensed as incurred. These include one-time costs that are directly attributable to third party consulting fees and other professional and legal fees related to the acquisition. Such costs are included within ‘corporate expenses’ in the consolidated statement of income. The Business acquired is included within the Company’s insurance segment beginning from the acquisition date, August 1, 2024.

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table summarizes the Company’s allocation of the purchase price to the acquired assets and liabilities assumed based on estimated fair values on August 1, 2024. The fair value of the assets and liabilities are preliminary and may change with offsetting adjustments to goodwill. The Company may make further adjustments to its purchase price allocation through the end of the permissible one-year measurement period.
TotalUseful Life
Purchase price
Cash paid (a)$450 
Assets Acquired
Cash and investments, at fair value$2,332 
Premiums receivable290
Intangible asset -- distribution relationships22010 years
Intangible asset -- value of business acquired163
1-2 years
Intangible asset -- other (1)178
5-7 years
Other assets acquired158
Total assets acquired$3,341 
Liabilities Acquired
Reserves for losses and loss adjustment expenses $2,404 
Unearned premiums632
Other liabilities acquired121
Total liabilities acquired3,157 
Identifiable net assets acquired (b)$184 
Goodwill (a) - (b)$266 
(1) Includes $128 million related to the net fair value adjustment to reserves for loss and loss adjustment expenses on August 1, 2024.
The Company recognized goodwill of $266 million that is primarily attributed to the expanded presence and long-term growth opportunities in the insurance market provided by this strategic acquisition. Approximately $568 million of the acquired goodwill and intangibles is expected to be deductible for income tax purposes. At the date of the acquisition, the Company established a net deferred tax asset of $23 million related to the estimated fair value of reserves for losses and loss adjustment expenses and unearned premiums.
Intangible assets resulting from the acquisition are amortized as part of ‘amortization of intangible assets’ in the Company’s consolidated statements of income. The significant fair value adjustments and related future amortization are as follows:
Value of business acquired (“VOBA”)— which represents the present value of the expected underwriting profit within the unearned premium liability, less costs to service the related policies and a risk premium. The fair value of VOBA was determined after taking into consideration certain key assumptions, including the estimated cost of capital, investment yield, loss ratio and related expenses;
Reserves for losses and loss adjustment expenses—to reflect a decrease related to the present value of the reserve for losses and loss adjustment expenses based on the estimated payout patterns, partially offset by an increase in losses and loss adjustment expenses related to the estimated market based risk margin. The risk margin represents the estimated costs of capital required by a market participant to assume the losses and loss adjustment expenses. The fair value of the reserve for losses and loss adjustment expenses was determined after taking into consideration certain key assumptions, including the estimated cost of capital, and investment yield.
Distribution relationships—the value of the distribution relationships was determined after taking into consideration certain key assumptions, including the estimated cost of capital, investment yield, retention rates, loss ratios, related expenses and effective tax rates that would impact the expected cash flows from Business policies written on a go forward basis.
The results of the acquired Business Entities have been included in the Company’s consolidated financial statements beginning as of their acquisition date. It is impracticable to provide historical supplemental pro forma financial information along with revenue and earnings subsequent to the acquisition due to a variety of factors, including access to historical information and the operations of acquirees being integrated within the Company shortly after closing and not operating as discrete operations within the Company’s organizational structure.
3.    Share Transactions
Share Repurchases
The Board of Directors of Arch Capital has authorized the investment in Arch Capital’s common shares through a share repurchase program. At September 30, 2024, $1.0 billion of share repurchases were available under the program. Repurchases under the program may be effected from time to time in open market or privately negotiated transactions through December 31, 2024. 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.
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4.    Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share:
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Numerator:
Net income (loss) available to Arch$988 $723 $3,377 $2,109 
Preferred dividends(10)(10)(30)(30)
Net income (loss) available to Arch common shareholders$978 $713 $3,347 $2,079 
Denominator:
Weighted average common shares and common share equivalents outstanding — basic373.2 369.2 372.3 368.4 
Effect of dilutive common share equivalents:
Nonvested restricted shares2.0 2.6 1.8 2.4 
Stock options (1)7.1 7.6 7.2 7.5 
Weighted average common shares and common share equivalents outstanding — diluted382.3 379.4 381.3 378.3 
Earnings per common share:
Basic$2.62 $1.93 $8.99 $5.64 
Diluted$2.56 $1.88 $8.78 $5.50 
(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 2024 third quarter and 2023 third quarter, the number of stock options excluded were 0.2 million and 0.3 million, respectively. For the nine months ended September 30, 2024 and 2023, the number of stock options excluded were 0.4 million and 0.5 million, respectively.
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
5.    Segment Information
The Company’s insurance, reinsurance and mortgage segments each have managers who are responsible for the overall profitability of their respective segments and who are directly accountable to the Company’s chief operating decision makers. The Chief Executive Officer and the Chief Financial Officer and Treasurer are the Company’s chief operating decision makers. The Company’s 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 reportable segments based on underwriting income or loss. The Company does not manage its assets by segment, with the exception of goodwill and intangible assets, and accordingly, investment income is not allocated to each segment.
The Company determined its 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 segment primarily consists of commercial insurance lines of business, with a focus on specialty insurance products. These products are mainly offered in North America, Bermuda, the United Kingdom, continental Europe and Australia. Products offered in North America include: commercial automobile; commercial multi‐peril; other liability—claims made, which includes financial and professional lines; other liability—occurrence, which includes admitted and excess and surplus casualty lines; property and short-tail specialty; workers compensation; and other. Products offered across the Company’s International units include: property and short-tail specialty; and casualty and other.
The Company’s reinsurance segment offers reinsurance products on a worldwide basis. Product lines of business include: casualty; marine and aviation; other specialty; property catastrophe; property excluding property catastrophe; and other.
The Company’s mortgage segment consists of U.S. primary mortgage insurance business written predominantly on loans sold to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a government sponsored entity ("GSE") and also through non GSE approved entities (combined “Arch MI U.S.”); reinsurance and underwriting services related to U.S. credit-risk transfer (“CRT”) business which are predominately with the GSEs and other U.S. mortgage reinsurance transactions; and international mortgage insurance and reinsurance business covering loans primarily in Australia and Europe.
The Company’s results also include net investment income, net realized gains or losses (which includes realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains or losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains or losses realized from the acquisition or disposition of subsidiaries), equity in net income or loss of investment funds 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 tax items, income or loss from operating affiliates and items related to the Company’s non-cumulative preferred shares.

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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
September 30, 2024
 InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$2,341 $2,763 $339 $5,440 
Premiums ceded (1)(521)(818)(57)(1,393)
Net premiums written1,820 1,945 282 4,047 
Change in unearned premiums(55)(53)31 (77)
Net premiums earned1,765 1,892 313 3,970 
Other underwriting income (loss) 2 3 5 
Losses and loss adjustment expenses(1,087)(1,317)1 (2,403)
Acquisition expenses(308)(374)1 (681)
Other operating expenses(250)(54)(49)(353)
Underwriting income (loss)$120 $149 $269 538 
Net investment income399 
Net realized gains (losses)169 
Equity in net income (loss) of investment funds accounted for using the equity method171 
Other income (loss)8 
Corporate expenses (2)(19)
Transaction costs and other (2)(30)
Amortization of intangible assets(88)
Interest expense(35)
Net foreign exchange gains (losses)(63)
Income (loss) before income taxes and income (loss) from operating affiliates1,050 
Income tax (expense) benefit(98)
Income (loss) from operating affiliates36 
Net income (loss) available to Arch988 
Preferred dividends(10)
Net income (loss) available to Arch common shareholders$978 
Underwriting Ratios
Loss ratio61.6 %69.6 %(0.4)%60.5 %
Acquisition expense ratio17.4 %19.8 %(0.4)%17.2 %
Other operating expense ratio14.1 %2.9 %15.6 %8.9 %
Combined ratio93.1 %92.3 %14.8 %86.6 %
Goodwill and intangible assets$1,025 $113 $348 $1,486 
(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.
(2)    Certain expenses have been excluded from ‘corporate expenses’ and reflected in ‘transaction costs and other.’

ARCH CAPITAL
 14
2024 THIRD QUARTER FORM 10-Q

ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three Months Ended
September 30, 2023
 InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$2,043 $2,138 $347 $4,527 
Premiums ceded (1)(521)(576)(76)(1,172)
Net premiums written1,522 1,562 271 3,355 
Change in unearned premiums(110)(19)22 (107)
Net premiums earned1,412 1,543 293 3,248 
Other underwriting income (loss) 2 3 5 
Losses and loss adjustment expenses(812)(870)35 (1,647)
Acquisition expenses(269)(304)(2)(575)
Other operating expenses(202)(61)(47)(310)
Underwriting income (loss)$129 $310 $282 721 
Net investment income269 
Net realized gains (losses)(248)
Equity in net income (loss) of investment funds accounted for using the equity method59 
Other income (loss)(4)
Corporate expenses (2)(20)
Transaction costs and other (2) 
Amortization of intangible assets(24)
Interest expense(34)
Net foreign exchange gains (losses)22 
Income (loss) before income taxes and income (loss) from operating affiliates741 
Income tax (expense) benefit(72)
Income (loss) from operating affiliates54 
Net income (loss) available to Arch723 
Preferred dividends(10)
Net income (loss) available to Arch common shareholders$713 
Underwriting Ratios    
Loss ratio57.5 %56.4 %(12.1)%50.7 %
Acquisition expense ratio19.1 %19.7 %0.6 %17.7 %
Other operating expense ratio