ACGL
Updated: 24/09/2026, 05:58:02
Arch Capital Group Ltd., together with its subsidiaries, provides insurance, reinsurance, and mortgage insurance products in the United States, Canada, Bermuda, the United Kingdom, Europe, and Australia. The company operates through three segments: Insurance, Reinsurance, and Mortgage. The Insurance segment offers commercial automobile; commercial multiperil; financial and professional line liability; admitted, excess, and surplus casualty lines; property and short-tail specialty; workers compensation; and casualty insurance. Its Reinsurance segment provides reinsurance products for casualty; marine and aviation; property catastrophe; property excluding property catastrophe; and other specialty products. The Mortgage segment offers U.S. primary mortgage insurance business written predominantly on loans sold to the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation; reinsurance and underwriting services related to the U.S. credit-risk transfer business and other U.S. mortgage reinsurance transactions; and international mortgage insurance and reinsurance business covering loans. It markets its products through a group of licensed independent retail and wholesale brokers. The company was formerly known as Risk Capital Holdings, Inc. Arch Capital Group Ltd. was founded in 1995 and is headquartered in Pembroke, Bermuda.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$4.4B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.9B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Company overview
Bermuda-based Arch Capital provides insurance, reinsurance and mortgage insurance worldwide; ~$26.9 billion capital at Dec 31, 2025; S&P 500 member
“Arch Capital is a publicly listed Bermuda exempted company with approximately $26.9 billion in capital at December 31, 2025 and is part of the S&P 500 index.”
Company overview
Bermuda exempted company with ~$26.9B capital; specialty P&C and mortgage insurance/reinsurance worldwide
“we write specialty lines of property and casualty insurance and reinsurance, as well as mortgage insurance and reinsurance, on a worldwide basis”
Insurance operations geography
Insurance operations conducted in Bermuda, the U.S., the U.K., Europe, Canada and Australia
“Our insurance operations are conducted in Bermuda, the U.S., the U.K., Europe, Canada, and Australia.”
Three underwriting segments
Three underwriting segments: insurance, reinsurance and mortgage
“We classify our businesses into three underwriting segments: insurance, reinsurance and mortgage.”
Mortgage group product scope and pool insurance optionality
Mortgage group focuses on U.S. direct MI, international MI/reinsurance, Arch Re Bermuda quota share and excess of loss reinsurance, and credit risk-sharing products; pool insurance not currently significant but may be offered in future.
“Although not currently a significant product, we may offer mortgage insurance on a “pool” basis in the future.”
Mortgage insurance sales and distribution
In the U.S., a direct sales force sells to mortgage originators (mortgage bankers, brokers, commercial banks, savings institutions, credit unions, community banks); in Europe, Bermuda and Australia products are distributed direct and through brokers.
“In the U.S., we employ a sales force to directly sell mortgage insurance products and services to our customers, which include mortgage originators such as mortgage bankers, mortgage brokers, commercial banks, savings institutions, credit unions and community banks.”
Specialty lines focus
Positioned for full range of P&C and mortgage lines, focused on writing specialty lines
“While we are positioned to provide a full range of property, casualty and mortgage insurance and reinsurance lines, we focus on writing specialty lines of insurance and reinsurance.”
U.S. direct private mortgage insurance
Monoline-licensed U.S. mortgage insurers provide private MI covering first lien, one-to-four family residential mortgages, primarily first loss protection on GSE-purchased high-LTV loans.
“Under their monoline insurance licenses, each of Arch’s eligible mortgage insurers may only offer private mortgage insurance covering first lien, one-to-four family residential mortgages.”
Mortgage operations products
U.S./international mortgage insurance and reinsurance plus GSE credit risk-sharing; approved by Fannie Mae and Freddie Mac
“These operations include providers which are approved as eligible mortgage insurers by Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a GSE.”
European and Australian mortgage insurance and reinsurance
Arch Insurance (EU) offers mortgage insurance to European lenders since 2011; Arch Insurance (EU) and Arch Re Bermuda provide European bank SRT protection; Arch Indemnity provides Australian lenders' mortgage insurance on flow and structured bases.
“Increasingly, Arch Insurance (EU) and Arch Re Bermuda are providing protection to European banks on significant risk transfer ("SRT") transactions.”
GSE credit risk-sharing products and Arch CRS advisory
Arch Re Bermuda and affiliates have participated in both Fannie Mae and Freddie Mac single family and multifamily risk sharing programs since inception over 10 years ago; Arch CRS (est. 2019) offers mortgage credit assessment and underwriting advisory for GSE CRT transactions.
“Arch Re Bermuda and its affiliates have regularly participated in both Fannie Mae and Freddie Mac single family and multifamily risk sharing programs since their inception over 10 years ago.”
Insurance carrier platform locations
Insurance carriers across Bermuda, U.S., U.K. (incl. Lloyd's), Canada, Ireland/EU
“Our Ireland-based carrier, Arch Insurance (EU) Designated Activity Company (“Arch Insurance (EU)”) writes primarily European Union (“EU”) business with branches in Italy, Spain, France, the Netherlands and the U.K.”
MCE Acquisition of Allianz U.S. businesses
Acquired Allianz's U.S. Middle Market P&C and U.S. Entertainment P&C business on Aug 1, 2024 (MCE Acquisition)
“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 (“MCE Acquisition”).”
MCE Acquisition
Acquired Allianz U.S. MidCorp and Entertainment business Aug 1, 2024
“Growth in net premiums written primarily resulted from the U.S MidCorp and Entertainment insurance businesses acquired from Allianz on August 1, 2024 (“MCE Acquisition”)”
Historical acquisitions
Key acquisitions: Barbican (2019), Somerset Group (2021), UGC (2016), Westpac LMI (2021), 29.5% of Coface (2021)
“In 2021, the Company completed the share purchase agreement with Natixis, a French financial services firm, to purchase 29.5% of the common equity of Coface SA (“Coface”), a France-based leader in the global trade credit insurance market.”
29.5% strategic investment in Coface (2021)
In 2021 Arch completed a share purchase agreement with Natixis to purchase 29.5% of Coface's common equity as a long-term strategic investment; Arch appoints four of ten Coface directors.
“In 2021, the Company completed the share purchase agreement with Natixis to purchase 29.5% of the common equity of Coface.”
Related-party investments: Somers and Premia
Arch holds 30% of Greysbridge (parent of wholly owned Somers) and invested $100 million for ~25% of Premia (plus warrants), providing Premia a quota share treaty and support services.
“Arch Re Bermuda and certain Arch co-investors invested $100 million and acquired approximately 25% of Premia as well as warrants to purchase additional common equity.”
Factors influencing industry results
Industry results driven by catastrophes, rates, legal environment, inflation, economy
“influenced by factors such as the frequency and/or severity of claims and losses, including natural disasters or other catastrophic events, variations in interest rates and financial markets, changes in the legal, regulatory and judicial environments, inflationary pressures and general economic conditions”
U.S. middle market growth via MCE Acquisition
MCE Acquisition enhances U.S. middle-market capabilities and enters entertainment insurance market, a new niche
“It further enhances the Company’s capabilities in the U.S. middle markets and represents an attractive way to enter the entertainment insurance market, a new niche for us.”
Data analytics and capital management
Emphasize risk selection, data/analytics, capital-generating balance sheet with optionality
“We invest and use data and analytics to sharpen insights, enhance risk selection and deliver a differentiated customer experience”
Global revenue diversification and climate-related underwriting initiatives
Arch prioritizes diversifying revenues globally (Arch Indemnity Australia 2021, European bank business) and has adopted a thermal coal policy with environmentally sustainable insurance solutions.
“We have adopted a thermal coal policy in our global insurance operations and provide environmentally sustainable insurance solutions in certain product lines.”
Russia sanctions exposure
U.S., U.K. and EU sanctions on Russia have impacted certain sectors in which we write business
“Sanctions imposed by the U.S., U.K. and EU on Russia and Russia-related businesses have impacted certain sectors in which we write business.”
2026 outlook: competitive P&C market
Increased P&C competition into 2026; cycle management via risk selection and business mix adjustment
“As we head into 2026 with measured optimism and increased competition across our property and casualty businesses”
Mortgage market conditions
Mortgage market constrained by affordability; U.S. share stable amid pricing discipline
“While lower mortgage rates are beginning to support increased origination activity, the current market is still constrained due to affordability challenges.”
Catastrophe and mortgage risk exposure
Catastrophic events or severe economic events could cause large losses and substantial volatility; loss reserve adequacy is a key risk
“claims for natural 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”
Rating agency and market cycle dependence
Strategy depends on rating agency/regulator/broker acceptance; competition on pricing and capacity; FX volatility of shareholders' equity
“our ability to successfully implement our business strategy during “soft” as well as “hard” markets”
Mortgage operations risks (GSE, housing policy, capital frameworks)
Mortgage insurance revenues depend on GSE eligibility, U.S./Australia housing policy, low down payment originations; Basel III/FHFA ERCF may affect MI and SRT/CRT opportunities
“Changes to the role of the GSEs in the U.S. housing market or to GSE eligibility requirements for mortgage insurers or to the GSEs’ use of CRT could negatively impact our results of operations and financial condition or reduce our operating flexibility.”
Cybersecurity and technology failure risk
Cyber attack/data breach risk including AI-powered attacks; dependence on cloud providers and SaaS; subject to SEC, GDPR, DORA, NYDFS cyber regulations
“We rely on certain third party technology service providers and other service providers, notably major cloud providers, Software-as-a-Service (or “SaaS”) solutions, and on-premise software”
Cyber and AI-related risk
Cyber incident or disruption, including from use of artificial intelligence technologies, could negatively impact business and expose to litigation
“an incident, disruption in operations or other cyber event caused by a cyber attack, inadvertent error, 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”
Reinsurance counterparty and loss-limitation risk in mortgage group
The mortgage group cedes premium through quota share and aggregate excess of loss reinsurance; if reinsurers default, mortgage subsidiaries remain liable for the amounts.
“If the reinsurers are unable to satisfy their obligations under the agreements, our mortgage subsidiaries would be liable for such defaulted amounts.”
Delegated underwriting to agents and mortgage lenders
Reliance on delegated underwriting by MGAs and mortgage lenders for a significant percentage of primary mortgage NIW
“our mortgage group delegates the underwriting of a significant percentage of its primary new insurance written to certain mortgage lenders.”
AI adoption and governance risk
AI adoption risk; AIGOC established to evaluate/approve new AI use cases and oversee AI Policy
“We established the Artificial Intelligence Governance and Oversight Committee (“AIGOC”) to evaluate and approve new AI use cases and issue and oversee our Company’s Artificial Intelligence Policy.”
Climate change impact on loss limitation and modeling
Climate change affects loss limitation methods, cat modeling and risk selection; climate legal/policy actions may prompt strategy shifts
“The impact of climate change will affect our loss limitation methods, such as the purchase of third party reinsurance and catastrophe risk modeling and risk selection in ways which may adversely impact our business, financial condition and results of operations.”
Climate risk exposure in mortgage business
Mortgage policies generally exclude direct physical loss from extreme weather, though Arch has some physical damage exposure in certain GSE CRT and European SRT transactions; climate risk is monitored in the mortgage risk framework.
“we do have some exposure to physical damage in certain GSE credit risk transfer (“CRT”) and European SRT transactions”
GSE charters require private MI on high-LTV mortgages, driving demand for Arch's U.S. mortgage insurance; Arch also participates in GSE CRT programs.
“such “high loan-to-value mortgages” purchased by Fannie Mae or Freddie Mac generally are insured with private mortgage insurance”
Bermuda CIT Act effective January 1, 2025 increases Arch's tax burden in its domicile.
“We are subject to increased taxation in Bermuda as a result of the Bermuda CIT Act, effective January 1, 2025”
Execution of Arch's business strategy depends on hard vs. soft market conditions and competition on pricing, capacity and terms.
“competition, including increased competition, on the basis of pricing, capacity (including alternative sources of capital), coverage terms, or other factors”
Inflation may impair reserve adequacy especially in longer-tailed lines and affect investment portfolio market value and mortgage origination market size.
“This may have a material effect on the adequacy of our reserves for losses and loss adjustment expenses, especially in longer-tailed lines of business.”
Home price trends, delinquency and severe housing downturns drive mortgage insurance losses; Arch models maximum loss from severe economic housing events.
“home price trends and expected future home price movements which vary by geography”
Mortgage insurance revenues depend on GSE eligibility requirements, housing policies and Basel III/FHFA ERCF treatment of MI and SRT/CRT.
“The implementation of the Basel III Capital Accord and FHFA’s Enterprise Regulatory Capital Framework may adversely affect the use of mortgage insurance and SRT and CRT opportunities.”
Bermuda-headquartered insurer faces potential tax burden from OECD Pillar I/II and Bermuda corporate income tax legislation.
“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”
The GSE 80% LTV charter rule underpins demand for private MI; Arch monitors housing market, financial regulation and public policy developments.
“Each GSE’s Congressional charter generally prohibits it from purchasing a mortgage where the principal balance of the mortgage is in excess of 80% of the value of the property securing the mortgage”
Arch relies on delegated underwriting by agents and mortgage lenders; their breach of underwriting authorities or fraud could cause material losses.
“our mortgage group delegates the underwriting of a significant percentage of its primary new insurance written to certain mortgage lenders.”
MCE Acquisition is the primary driver of insurance segment 13.4% NPW growth in 2025.
“Growth in net premiums written primarily resulted from the U.S MidCorp and Entertainment insurance businesses acquired from Allianz on August 1, 2024”
Mortgage segment relies on eligibility as approved mortgage insurer for Fannie Mae and Freddie Mac and on GSE credit risk-sharing transactions.
“approved as eligible mortgage insurers by Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a GSE”
Lower mortgage rates support origination activity but affordability constrains the mortgage insurance market.
“While lower mortgage rates are beginning to support increased origination activity, the current market is still constrained due to affordability challenges”
AI presents strategic opportunities but also competitive, operational and regulatory risks; governed by AIGOC and AI Policy.
“While we believe AI presents significant opportunities to support our strategic goals, we may not be successful in implementing AI technologies.”
Growing SRT business with European banks (via Arch Insurance (EU) and Arch Re Bermuda) driven by lender regulatory capital requirements.
“Increasingly, Arch Insurance (EU) and Arch Re Bermuda are providing protection to European banks on significant risk transfer (“SRT”) transactions.”
General economic and market conditions, including inflation, interest rates, tariffs and recession, are listed factors affecting results.
“general economic and market conditions (including inflation, interest rates, unemployment, housing prices, foreign currency exchange rates, prevailing credit terms, tariffs, geopolitical instability and conflict and the depth and duration of a recession)”
U.S., U.K. and EU sanctions on Russia have impacted sectors in which Arch writes business.
“Sanctions imposed by the U.S., U.K. and EU on Russia and Russia-related businesses have impacted certain sectors in which we write business.”
Rising interest rate levels are cited as a cause of borrower default, driving claims on insured loans.
“Borrowers default for a variety of reasons, including a reduction of income, unemployment, divorce, illness, inability to manage credit, rising interest rate levels and declining home prices.”
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