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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 ended September 30, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number:  001-16209

 acgl-20200930_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 5.25% Series E preferred share
ACGLP
NASDAQ Stock Market
Depositary shares, each representing a 1/1000th interest in a 5.45% Series F preferred share
ACGLO
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 October 30, 2020, there were 406,026,570 common shares, $0.0011 par value per share, of the registrant outstanding.


ARCH CAPITAL GROUP LTD.
 
INDEX TO FORM 10-Q
 
ARCH CAPITAL
 1
2020 THIRD QUARTER FORM 10-Q

PART I.  FINANCIAL INFORMATION
Cautionary Note Regarding Forward-Looking Statements 
The Private Securities Litigation Reform Act of 1995 (“PSLRA”) provides a “safe harbor” for forward-looking statements. This report or any other written or oral statements made by or on behalf of us may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” and similar statements of a future or forward-looking nature or their negative or variations or similar terminology.
Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. Important factors that could cause actual events or results to differ materially from those indicated in such statements are discussed below and elsewhere in this report and in our periodic reports filed with the Securities and Exchange Commission (the “SEC”), and include:
our ability to successfully implement our business strategy during “soft” as well as “hard” markets;
acceptance of our business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and our insureds and reinsureds;
our ability to consummate acquisitions and integrate the business we have acquired or may acquire into our existing operations;
our ability to maintain or improve our ratings, which may be affected by our ability to raise additional equity or debt financings, by ratings agencies’ existing or new policies and practices, as well as other factors described herein;
general economic and market conditions (including inflation, interest rates, unemployment, housing prices, foreign currency exchange rates, prevailing credit terms and the depth and duration of a recession, including those resulting from COVID-19) and conditions specific to the reinsurance and insurance markets in which we operate;
competition, including increased competition, on the basis of pricing, capacity (including alternative sources of capital), coverage terms, or other factors;
developments in the world’s financial and capital markets and our access to such markets;
our ability to successfully enhance, integrate and maintain operating procedures (including information technology) to effectively support our current and new business;
the loss of key personnel;
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;
severity and/or frequency of losses;
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;
acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events;
the effect of contagious disease (including COVID-19) on our business;
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;
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our investment performance, including legislative or regulatory developments that may adversely affect the fair value of our investments;
changes in general economic conditions, including sovereign debt concerns or downgrades of U.S. securities by credit rating agencies, which could affect our business, financial condition and results of operations;
changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR;
the volatility of our shareholders’ equity from foreign currency fluctuations, which could increase due to us not matching portions of our projected liabilities in foreign currencies with investments in the same currencies;
changes in accounting principles or policies or in our application of such accounting principles or policies;
changes in the political environment of certain countries in which we operate or underwrite business;
a disruption caused by cyber-attacks or other technology breaches or failures on us or our business partners and service providers, which could negatively impact our business and/or expose us to litigation;
statutory or regulatory developments, including as to tax matters and insurance and other regulatory matters such as the adoption of proposed legislation that would affect Bermuda-headquartered companies and/or Bermuda-based insurers or reinsurers and/or changes in regulations or tax laws applicable to us, our subsidiaries, brokers or customers, including the Tax Cuts and Jobs Act of 2017; and
the other matters set forth under Item 1A “Risk Factors”, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of our Annual Report on Form 10-K for the year ended December 31, 2019, “ITEM 1A—Risk Factors” of this Form 10-Q 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.
  
  
 
September 30, 2020 (unaudited) and December 31, 2019
  
For the three and nine month periods ended September 30, 2020 and 2019 (unaudited)
 
For the three and nine month periods ended September 30, 2020 and 2019 (unaudited)
  
 
For the three and nine month periods ended September 30, 2020 and 2019 (unaudited)
  
 
For the nine month periods ended September 30, 2020 and 2019 (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 September 30, 2020, and the related consolidated statements of income, comprehensive income, and changes in shareholders’ equity for the three-month and nine-month periods ended September 30, 2020 and 2019, and the consolidated statements of cash flows for the nine-month periods ended September 30, 2020 and 2019, 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, 2019, 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 28, 2020, 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, 2019, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.





/s/ PricewaterhouseCoopers LLP


New York, NY
November 5, 2020
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ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
(Unaudited)
September 30,
2020
December 31,
2019
Assets  
Investments:  
Fixed maturities available for sale, at fair value (amortized cost: $17,955,515 and $16,598,808; net of allowance for credit losses: $3,933 at September 30, 2020)
$18,452,888 $16,894,526 
Short-term investments available for sale, at fair value (amortized cost: $2,038,244 and $957,283; net of allowance for credit losses: $0 at September 30, 2020)
2,039,097 956,546 
Collateral received under securities lending, at fair value (amortized cost: $64,251 and $388,366)
64,259 388,376 
Equity securities, at fair value1,502,015 838,925 
Investments accounted for using the fair value option3,749,575 3,663,477 
Investments accounted for using the equity method1,883,702 1,660,396 
Total investments27,691,536 24,402,246 
Cash976,398 726,230 
Accrued investment income106,940 117,937 
Securities pledged under securities lending, at fair value (amortized cost: $62,662 and $378,738)
62,749 379,868 
Premiums receivable (net of allowance for credit losses: $37,100 and $21,003)
2,225,311 1,778,717 
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $13,994 and $1,364)
4,621,937 4,346,816 
Contractholder receivables (net of allowance for credit losses: $5,902 and $0)
2,185,614 2,119,460 
Ceded unearned premiums1,450,200 1,234,683 
Deferred acquisition costs750,901 633,400 
Receivable for securities sold158,674 24,133 
Goodwill and intangible assets713,777 738,083 
Other assets1,771,998 1,383,788 
Total assets$42,716,035 $37,885,361 
Liabilities
Reserve for losses and loss adjustment expenses$15,900,526 $13,891,842 
Unearned premiums5,062,052 4,339,549 
Reinsurance balances payable873,067 667,072 
Contractholder payables2,191,515 2,119,460 
Collateral held for insured obligations221,957 206,698 
Senior notes2,860,811 1,871,626 
Revolving credit agreement borrowings210,687 484,287 
Securities lending payable64,251 388,366 
Payable for securities purchased382,236 87,579 
Other liabilities1,681,181 1,513,330 
Total liabilities29,448,283 25,569,809 
Commitments and Contingencies
Redeemable noncontrolling interests57,835 55,404 
Shareholders' Equity
Non-cumulative preferred shares780,000 780,000 
Common shares ($0.0011 par, shares issued: 578,024,671 and 574,617,195)
642 638 
Additional paid-in capital1,950,782 1,889,683 
Retained earnings11,829,322 11,021,006 
Accumulated other comprehensive income (loss), net of deferred income tax386,357 212,091 
Common shares held in treasury, at cost (shares: 172,005,713 and 168,997,994)
(2,495,106)(2,406,047)
Total shareholders' equity available to Arch12,451,997 11,497,371 
Non-redeemable noncontrolling interests757,920 762,777 
Total shareholders' equity13,209,917 12,260,148 
Total liabilities, noncontrolling interests and shareholders' equity$42,716,035 $37,885,361 
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 EndedNine Months Ended
September 30,September 30,
 2020201920202019
Revenues    
Net premiums written$1,874,144 $1,613,457 $5,679,701 $4,583,614 
Change in unearned premiums(103,052)(175,434)(498,811)(312,998)
Net premiums earned1,771,092 1,438,023 5,180,890 4,270,616 
Net investment income128,512 161,488 405,150 473,475 
Net realized gains (losses)280,499 61,355 470,127 322,368 
Other underwriting income5,413 3,326 18,932 18,104 
Equity in net income (loss) of investment funds accounted for using the equity method126,735 17,130 57,407 96,533 
Other income (loss)919 1,338 6,327 3,550 
Total revenues2,313,170 1,682,660 6,138,833 5,184,646 
Expenses
Losses and loss adjustment expenses1,216,273 802,455 3,562,214 2,288,530 
Acquisition expenses247,942 211,120 750,014 619,057 
Other operating expenses215,686 196,512 659,479 596,589 
Corporate expenses17,937 17,061 56,653 53,274 
Amortization of intangible assets16,715 20,003 49,835 60,214 
Interest expense41,343 31,328 105,037 89,673 
Net foreign exchange (gains) losses44,885 (33,124)11,425 (31,697)
Total expenses1,800,781 1,245,355 5,194,657 3,675,640 
Income (loss) before income taxes512,389 437,305 944,176 1,509,006 
Income tax expense(23,707)(38,116)(77,779)(128,474)
Net income (loss)$488,682 $399,189 $866,397 $1,380,532 
Net (income) loss attributable to noncontrolling interests(69,643)(6,736)(4,420)(70,597)
Net income (loss) available to Arch419,039 392,453 861,977 1,309,935 
Preferred dividends(10,403)(10,403)(31,209)(31,209)
Net income (loss) available to Arch common shareholders$408,636 $382,050 $830,768 $1,278,726 
Net income per common share and common share equivalent    
Basic$1.01 $0.95 $2.06 $3.19 
Diluted$1.00 $0.92 $2.02 $3.11 
Weighted average common shares and common share equivalents outstanding  
Basic402,850,485 402,564,121 403,081,266 401,419,153 
Diluted409,194,657 413,180,201 410,314,897 410,807,402 



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 EndedNine Months Ended
September 30,September 30,
 2020201920202019
Comprehensive Income   
Net income (loss)$488,682 $399,189 $866,397 $1,380,532 
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 period110,782 59,290 546,291 507,650 
Reclassification of net realized (gains) losses, included in net income (loss)(79,803)(38,743)(368,423)(104,309)
Foreign currency translation adjustments16,709 (16,424)(5,729)(6,641)
Comprehensive income (loss)536,370 403,312 1,038,536 1,777,232 
Net (income) loss attributable to noncontrolling interests(69,643)(6,736)(4,420)(70,597)
Other comprehensive (income) loss attributable to noncontrolling interests(10,820)764 2,127 (6,266)
Comprehensive income (loss) available to Arch$455,907 $397,340 $1,036,243 $1,700,369 



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 EndedNine Months Ended
September 30,September 30,
 2020201920202019
Non-cumulative preferred shares  
Balance at beginning and end of period$780,000