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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 endedJune 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-20220630_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 July 29, 2022, there were 369,137,188 common shares, $0.0011 par value per share, of the registrant outstanding.


Table of Contents
ARCH CAPITAL GROUP LTD.
 
INDEX TO FORM 10-Q
 
  Page No.
PART I  
 
 2
Item 1. 
 4
Item 2. 
Item 3. 
Item 4. 
   
PART II  
 
Item 1. 
Item 1A. 
Item 2. 
Item 3.
Item 4.
Item 5. 
Item 6. 
ARCH CAPITAL
 1
2022 SECOND QUARTER FORM 10-Q

Table of Contents
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 SECOND QUARTER FORM 10-Q

Table of Contents
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. 

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

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Report of Independent Registered Public Accounting Firm

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

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of Arch Capital Group Ltd. and its subsidiaries (the “Company”) as of June 30, 2022, and the related consolidated statements of income, comprehensive income, and changes in shareholders’ equity for the three-month and six-month periods ended June 30, 2022 and 2021, and the consolidated statements of cash flows for the six-month periods ended June 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
August 3, 2022
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
(Unaudited)
June 30,
2022
December 31,
2021
Assets  
Investments:  
Fixed maturities available for sale, at fair value (amortized cost: $18,816,372 and $17,973,823; net of allowance for credit losses: $58,410 and $2,883 )
$17,585,029 $17,998,109 
Short-term investments available for sale, at fair value (amortized cost: $2,226,673 and $1,734,738; net of allowance for credit losses: $0 and $0)
2,227,874 1,734,716 
Equity securities, at fair value772,689 1,804,170 
Other investments, at fair value1,634,368 1,973,550 
Investments accounted for using the equity method3,496,341 3,077,611 
Total investments25,716,301 26,588,156 
Cash813,548 858,668 
Accrued investment income116,102 85,453 
Investment in operating affiliates967,603 1,135,655 
Premiums receivable (net of allowance for credit losses: $38,170 and $39,958)
3,634,182 2,633,280 
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $14,740 and $13,230)
5,938,511 5,880,735 
Contractholder receivables (net of allowance for credit losses: $3,005 and $3,437)
1,758,018 1,828,691 
Ceded unearned premiums2,123,915 1,729,455 
Deferred acquisition costs1,069,845 901,841 
Receivable for securities sold157,329 60,179 
Goodwill and intangible assets868,014 944,983 
Other assets2,555,826 2,453,849 
Total assets$45,719,194 $45,100,945 
Liabilities
Reserve for losses and loss adjustment expenses$18,194,324 $17,757,156 
Unearned premiums7,145,297 6,011,942 
Reinsurance balances payable1,634,700 1,583,253 
Contractholder payables1,761,023 1,832,127 
Collateral held for insured obligations251,063 242,352 
Senior notes2,724,896 2,724,394 
Payable for securities purchased292,106 64,850 
Other liabilities1,289,760 1,329,742 
Total liabilities33,293,169 31,545,816 
Commitments and Contingencies
Redeemable noncontrolling interests8,459 9,233 
Shareholders' Equity
Non-cumulative preferred shares830,000 830,000 
Common shares ($0.0011 par, shares issued: 586,887,791 and 583,289,850)
652 648 
Additional paid-in capital2,170,661 2,085,075 
Retained earnings15,035,644 14,455,868 
Accumulated other comprehensive income (loss), net of deferred income tax(1,258,265)(64,600)
Common shares held in treasury, at cost (shares: 217,540,976 and 204,365,956)
(4,361,126)(3,761,095)
Total shareholders' equity available to Arch12,417,566 13,545,896 
Total liabilities, noncontrolling interests and shareholders' equity$45,719,194 $45,100,945 
See Notes to Consolidated Financial Statements

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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except share data)
(Unaudited)(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
 2022202120222021
Revenues    
Net premiums earned$2,325,775 $2,120,909 4,446,408 4,069,331 
Net investment income106,392 111,613 186,828 210,469 
Net realized gains (losses)(266,579)202,907 (558,993)345,368 
Other underwriting income2,970 5,529 8,867 11,639 
Equity in net income (loss) of investment funds accounted for using the equity method58,061 122,186 94,366 193,872 
Other income (loss)(11,777)6,852 (20,802)5,111 
Total revenues2,214,842 2,569,996 4,156,674 4,835,790 
Expenses
Losses and loss adjustment expenses1,102,656 1,159,831 2,103,491 2,362,931 
Acquisition expenses413,319 335,143 791,478 639,624 
Other operating expenses277,392 244,943 567,335 505,976 
Corporate expenses27,620 15,951 59,952 41,335 
Amortization of intangible assets27,207 15,286 54,374 29,688 
Interest expense32,795 35,700 65,503 74,046 
Net foreign exchange (gains) losses(87,775)17,775 (91,620)(2,288)
Total expenses1,793,214 1,824,629 3,550,513 3,651,312 
Income (loss) before income taxes and income (loss) from operating affiliates421,628 745,367 606,161 1,184,478 
Income tax expense(22,323)(51,179)(33,942)(90,039)
Income (loss) from operating affiliates4,640 24,476 29,158 99,933 
Net income (loss)$403,945 $718,664 $601,377 $1,194,372 
Net (income) loss attributable to noncontrolling interests399 (43,178)(1,233)(80,730)
Net income (loss) available to Arch404,344 675,486 600,144 1,113,642 
Preferred dividends(10,184)(11,666)(20,368)(22,069)
Net income (loss) available to Arch common shareholders$394,160 $663,820 $579,776 $1,091,573 
Net income per common share and common share equivalent    
Basic$1.07 $1.67 $1.56 $2.73 
Diluted$1.04 $1.63 $1.52 $2.68 
Weighted average common shares and common share equivalents outstanding  
Basic369,241,193 397,743,402 371,728,683 399,267,183 
Diluted377,952,988 406,485,994 380,905,512 407,687,680 



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 thousands)
(Unaudited)(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
 2022202120222021
Comprehensive Income   
Net income (loss)$403,945 $718,664 $601,377 $1,194,372 
Other comprehensive income (loss), net of deferred income tax
Unrealized appreciation (decline) in value of available-for-sale investments:
Unrealized holding gains (losses) arising during period(598,005)78,571 (1,282,360)(183,179)
Reclassification of net realized (gains) losses, included in net income (loss)57,710 (60,547)159,988 (57,850)
Foreign currency translation adjustments(68,525)6,205 (71,293)(22,379)
Comprehensive income (loss)(204,875)742,893 (592,288)930,964 
Net (income) loss attributable to noncontrolling interests399 (43,178)(1,233)(80,730)
Other comprehensive (income) loss attributable to noncontrolling interests (10) 4,560 
Comprehensive income (loss) available to Arch$(204,476)$699,705 $(593,521)$854,794 



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 thousands)
(Unaudited)(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
 2022202120222021
Non-cumulative preferred shares  
Balance at beginning of period$830,000 $780,000 $830,000 $780,000 
Preferred shares issued 500,000  500,000 
Balance at beginning and end of period$830,000 $1,280,000 $830,000 $1,280,000 
Common shares
Balance at beginning of period651 645 648 643 
Common shares issued, net1 2 4 4 
Balance at end of period652 647 652 647 
Additional paid-in capital  
Balance at beginning of period2,134,241 2,014,741 2,085,075 1,977,794 
Amortization of share-based compensation21,137 16,490 66,505 57,063 
Issue costs on preferred shares (14,179) (14,179)
Other changes15,283 11,867 19,081 8,241 
Balance at end of period2,170,661 2,028,919 2,170,661 2,028,919 
Retained earnings  
Balance at beginning of period14,641,484 12,790,216 14,455,868 12,362,463 
Net income (loss)403,945 718,664 601,377 1,194,372 
Net (income) loss attributable to noncontrolling interests399 (43,178)(1,233)(80,730)
Preferred share dividends(10,184)(11,666)(20,368)(22,069)
Balance at end of period15,035,644 13,454,036 15,035,644 13,454,036 
Accumulated other comprehensive income (loss), net of deferred income tax
Balance at beginning of period(649,445)205,827 (64,600)488,895 
Unrealized appreciation (decline) in value of available-for-sale investments, net of deferred income tax:
Balance at beginning of period(568,591)246,711 13,486 501,295 
Unrealized holding gains (losses) during period, net of reclassification adjustment(540,295)18,024 (1,122,372)(241,029)
Unrealized holding gains (losses) during period attributable to noncontrolling interests (33) 4,436 
Balance at end of period(1,108,886)264,702 (1,108,886)264,702 
Foreign currency translation adjustments, net of deferred income tax:
Balance at beginning of period(80,854)(40,884)(78,086)(12,400)
Foreign currency translation adjustments(68,525)6,205 (71,293)(22,379)
Foreign currency translation adjustments attributable to noncontrolling interests 25  125 
Balance at end of period(149,379)(34,654)(149,379)(34,654)
Balance at end of period(1,258,265)230,048 (1,258,265)230,048 
Common shares held in treasury, at cost
Balance at beginning of period(4,037,342)(2,694,957)(3,761,095)(2,503,909)
Shares repurchased for treasury(323,784)(312,621)(600,031)(503,669)
Balance at end of period(4,361,126)(3,007,578)(4,361,126)(3,007,578)
Total shareholders’ equity available to Arch12,417,566 13,986,072 12,417,566