ARCH CAPITAL GROUP LTD., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 23, 2026
Jun. 30, 2025
Document and Entity Information [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Amendment Flag false    
Document Transition Report false    
Entity File Number 001-16209    
Entity Registrant Name ARCH CAPITAL GROUP LTD.    
Entity Incorporation, State or Country Code D0    
Entity Tax Identification Number 98-0374481    
Entity Address, Address Line One Waterloo House, Ground Floor    
Entity Address, Address Line Two 100 Pitts Bay Road,    
Entity Address, City or Town Pembroke    
Entity Address, Postal Zip Code HM 08,    
Entity Address, Country BM    
City Area Code (441)    
Local Phone Number 278-9250    
Entity Listings [Line Items]      
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 33.0
Entity Common Stock, Shares Outstanding   355,803,320  
Documents Incorporated by Reference
Portions of Part III incorporate by reference our definitive proxy statement for the 2026 annual meeting of shareholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2025.
    
Entity Central Index Key 0000947484    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Common shares      
Entity Listings [Line Items]      
Title of 12(b) Security Common Shares, $0.0011 par value per share    
Trading Symbol ACGL    
Security Exchange Name NASDAQ    
Series F depositary share equivalent      
Entity Listings [Line Items]      
Title of 12(b) Security Depositary shares, each representing a 1/1,000th interest in a 5.45% Series F preferred share    
Trading Symbol ACGLO    
Security Exchange Name NASDAQ    
Series G depositary share equivalent      
Entity Listings [Line Items]      
Title of 12(b) Security Depositary shares, each representing a 1/1,000th interest in a 4.55% Series G preferred share    
Trading Symbol ACGLN    
Security Exchange Name NASDAQ    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
Auditor Firm ID 238
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments:    
Debt securities available for sale, at fair value $ 35,051 $ 29,819
Equity securities, at fair value 1,864 1,675
Other investments (portion measured at fair value: $3,136 and $3,066) 3,136 3,066
Investments accounted for using the equity method 6,453 5,980
Total investments 46,504 40,540
Cash 993 979
Accrued investment income 338 298
Investment in operating affiliates 1,313 1,240
Premiums receivable (net of allowance for credit losses: $43 and $45) 5,723 5,634
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $17 and $17) 9,526 8,260
Contractholder receivables (net of allowance for credit losses: $7 and $5) 2,270 2,161
Ceded unearned premiums 2,659 2,428
Deferred acquisition costs 1,717 1,734
Receivable for securities sold 180 50
Goodwill and intangible assets 1,222 1,351
Other assets 6,796 6,231
Total assets 79,241 70,906
Liabilities    
Reserve for losses and loss adjustment expenses 33,547 29,369
Unearned premiums 10,100 10,218
Reinsurance balances payable 2,320 2,137
Contractholder payables 2,277 2,165
Collateral held for insured obligations 237 249
Senior notes 2,729 2,728
Payable for securities purchased 308 181
Other liabilities 3,517 3,039
Total liabilities 55,035 50,086
Commitments and Contingencies
Shareholders’ Equity    
Non-cumulative preferred shares 830 830
Common shares ($0.0011 par, shares issued: 599.8 and 595.6) 1 1
Additional paid-in capital 2,735 2,510
Retained earnings 27,045 22,686
Accumulated other comprehensive income (loss), net of deferred income tax 5 (720)
Common shares held in treasury, at cost (shares: 240.8 and 219.2) (6,410) (4,487)
Total shareholders' equity 24,206 20,820
Total liabilities and shareholders' equity 79,241 70,906
Fixed maturities available for sale, at fair value (amortized cost: $32,329 and $27,570; net of allowance for credit losses: $20 and $22)    
Investments:    
Debt securities available for sale, at fair value 32,426 27,035
Short-term investments available for sale, at fair value (amortized cost: $2,624 and $2,784; net of allowance for credit losses: $0 and $0 )    
Investments:    
Debt securities available for sale, at fair value $ 2,625 $ 2,784
v3.25.4
Consolidated Balance Sheets (Parentheticals) - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fixed maturities available for sale, at amortized cost $ 34,953 $ 30,354
Allowance for credit losses on investments 20 22
Investments accounted for using the fair value option 3,136 3,066
Allowance for credit losses on premiums receivable 43 45
Allowance for credit losses on reinsurance recoverable 17 17
Allowance for credit loss on contractholder receivable $ 7 $ 5
Common shares, par value per share $ 0.0011 $ 0.0011
Common shares issued (shares) 599.8 595.6
Common shares held in treasury (shares) 240.8 219.2
Fixed maturities available for sale, at fair value    
Fixed maturities available for sale, at amortized cost $ 32,329 $ 27,570
Allowance for credit losses on investments 20 22
Short-term investments, at fair value    
Fixed maturities available for sale, at amortized cost 2,624 2,784
Allowance for credit losses on investments $ 0 $ 0
v3.25.4
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Net premiums earned $ 17,065 $ 15,100 $ 12,440
Net investment income 1,625 1,495 1,023
Net realized gains (losses) 464 197 (165)
Other underwriting income 217 26 31
Equity in net income of investments accounted for using the equity method 504 580 278
Other income (loss) 54 42 27
Total revenues 19,929 17,440 13,634
Expenses      
Losses and loss adjustment expenses 9,370 8,342 6,246
Acquisition expenses 3,153 2,651 2,312
Other operating expenses 1,826 1,472 1,301
Corporate expenses 132 200 102
Amortization of intangible assets 193 235 95
Interest expense 148 141 133
Net foreign exchange losses (gains) 128 (75) 60
Total expenses 14,950 12,966 10,249
Income before income taxes and income (loss) from operating affiliates 4,979 4,474 3,385
Income taxes:      
Current tax expense (benefit) 586 397 288
Deferred tax expense (benefit) 174 (35) (1,161)
Income tax expense (benefit) 760 362 (873)
Income (loss) from operating affiliates 180 200 184
Net income 4,399 4,312 4,442
Net (income) loss attributable to noncontrolling interests 0 0 1
Net income available to Arch 4,399 4,312 4,443
Preferred dividends (40) (40) (40)
Net income available to Arch common shareholders $ 4,359 $ 4,272 $ 4,403
Net income per common share and common share equivalent      
Basic (per share) $ 11.83 $ 11.47 $ 11.94
Diluted (per share) $ 11.60 $ 11.19 $ 11.62
Weighted average common shares and common share equivalents outstanding      
Basic (shares) 368.4 372.5 368.7
Diluted (shares) 375.9 381.8 378.8
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Comprehensive Income      
Net income $ 4,399 $ 4,312 $ 4,442
Unrealized appreciation (decline) in value of available-for-sale investments:      
Unrealized holding gains (losses) arising during year 661 (23) 547
Reclassification of net realized (gains) losses, included in net income (20) 81 400
Foreign currency translation adjustments 84 (102) 23
Comprehensive income (loss) 5,124 4,268 5,412
Net (income) loss attributable to noncontrolling interests 0 0 1
Comprehensive income available to Arch (loss) $ 5,124 $ 4,268 $ 5,413
v3.25.4
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Millions
Total
Non-cumulative preferred shares
Common shares
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Unrealized appreciation (decline) in value of available-for-sale investments, net of deferred income tax
Foreign currency translation adjustments, net of deferred income tax
Common shares held in treasury, at cost
Balance at beginning of year at Dec. 31, 2022   $ 830 $ 1 $ 2,211 $ 15,892 $ (1,646) $ (1,512) $ (134) $ (4,378)
Amortization of share-based compensation       93          
Other changes       23          
Net income $ 4,442       4,442        
Net (income) loss attributable to noncontrolling interests 1       1        
Common share dividends         0        
Preferred share dividends         (40)        
Net current period other comprehensive income (loss)           970 947 23  
Shares repurchased for treasury                 (46)
Balance at end of year at Dec. 31, 2023 18,353 830 1 2,327 20,295 (676) (565) (111) (4,424)
Amortization of share-based compensation       133          
Other changes       50          
Net income 4,312       4,312        
Net (income) loss attributable to noncontrolling interests 0       0        
Common share dividends         (1,881)        
Preferred share dividends         (40)        
Net current period other comprehensive income (loss)           (44) 58 (102)  
Shares repurchased for treasury                 (63)
Balance at end of year at Dec. 31, 2024 20,820 830 1 2,510 22,686 (720) (507) (213) (4,487)
Amortization of share-based compensation       148          
Other changes       77          
Net income 4,399       4,399        
Net (income) loss attributable to noncontrolling interests 0       0        
Common share dividends (1,900)       0        
Preferred share dividends         (40)        
Net current period other comprehensive income (loss)           725 641 84  
Shares repurchased for treasury                 (1,923)
Balance at end of year at Dec. 31, 2025 $ 24,206 $ 830 $ 1 $ 2,735 $ 27,045 $ 5 $ 134 $ (129) $ (6,410)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 4,399 $ 4,312 $ 4,442
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized (gains) losses (440) (185) 182
Equity in net (income) or loss of investments accounted for using the equity method and other income or loss (459) (488) (215)
Amortization of intangible assets 193 235 95
Share-based compensation 148 133 93
Changes in:      
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 2,350 3,279 2,138
Unearned premiums, net of ceded unearned premiums (589) 632 1,028
Premiums receivable 38 (818) (981)
Deferred acquisition costs 86 (212) (235)
Reinsurance balances payable 137 179 455
Deferred income tax assets, net 174 (35) (1,161)
Other items, net 135 (359) (92)
Net cash provided by operating activities 6,172 6,673 5,749
Investing Activities:      
Purchases of fixed maturity investments (36,480) (31,290) (18,062)
Purchases of equity securities (1,448) (1,423) (456)
Purchases of other investments (2,238) (3,485) (2,171)
Proceeds from sales of fixed maturity investments 29,313 26,245 14,105
Proceeds from sales of equity securities 1,507 1,101 288
Proceeds from sales, redemptions and maturities of other investments 2,186 1,858 768
Proceeds from redemptions and maturities of fixed maturity investments 2,494 2,036 781
Net settlements of derivative instruments 310 (5) 50
Net (purchases) sales of short-term investments 258 (269) (696)
Acquisitions, net of cash 0 852 0
Purchases of fixed assets (44) (51) (52)
Other 106 (30) (23)
Net cash used for investing activities (4,036) (4,461) (5,468)
Financing Activities:      
Purchases of common shares under share repurchase program (1,889) (24) 0
Proceeds from common shares issued, net 50 7 (2)
Third party investment in redeemable noncontrolling interests 0 0 (22)
Common dividends paid (7) (1,866) 0
Preferred dividends paid (40) (40) (40)
Other (4) (2) (5)
Net cash provided by (used for) financing activities (1,890) (1,925) (69)
Effects of exchange rate changes on foreign currency cash and restricted cash 61 (25) 13
Increase (decrease) in cash and restricted cash 307 262 225
Cash and restricted cash, beginning of year 1,760 1,498 1,273
Cash and restricted cash, end of year 2,067 1,760 1,498
Supplemental cash flow information      
Income taxes paid (received) 458 378 267
Interest paid $ 127 $ 127 $ 127
v3.25.4
General
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General
Arch Capital Group Ltd. (“Arch Capital,” “Arch” or the “Company”) 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. Similarly, “Common Shares” means the common shares of Arch Capital.
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, shareholders’equity or cash flows. All amounts are in millions, except per share amounts, unless otherwise noted.
v3.25.4
Acquisition
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Acquisition
On August 1, 2024, the Company completed the acquisition of Allianz’s U.S Middle Market Property and Casualty insurance business and U.S. Entertainment business (“MCE Acquisition”).This business is written by Fireman’s Fund Insurance Company, an affiliate of Allianz, and its subsidiaries (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 the entertainment insurance market, a new niche for us.
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.
The MCE Acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations (“Topic 805”). Pursuant to Topic 805, the Company allocated the MCE Acquisition purchase price to tangible and identifiable intangible assets
acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values was recorded to goodwill. During the measurement period, the Company adjusted the provisional amounts to reflect new information obtained about facts and circumstances that existed as of the acquisition date, which, if known, would have affected the measurement of the amounts recognized as of that date. Such adjustments impacted certain identifiable assets acquired and liabilities assumed, resulting in a decrease in net assets acquired and a corresponding increase to goodwill of $10 million. The Company completed the analysis of the fair value of the assets, liabilities assumed and the related allocation of the purchase price during the second quarter 2025.
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.
TotalUseful Life
Purchase price
Cash paid (a)$450 
Assets Acquired
Cash and investments, at fair value$2,332 
Premiums receivable, net of commissions224
Intangible asset -- distribution relationships22010 years
Intangible asset -- value of business acquired165
1-2 years
Intangible asset -- other (1)180
5-7 years
Other assets acquired175
Total assets acquired$3,296 
Liabilities Acquired
Reserves for losses and loss adjustment expenses $2,468 
Unearned premiums636
Other liabilities acquired18
Total liabilities acquired3,122 
Identifiable net assets acquired (b)$174 
Goodwill (a) - (b)$276 
(1) Includes $130 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 $276 million that is primarily attributed to the expanded presence and long-term growth opportunities in the insurance market provided by this strategic acquisition. Approximately $555 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 $24 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 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.
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant accounting policies
(a) Basis of Presentation
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Arch Capital and its subsidiaries, including Arch Reinsurance Ltd. (“Arch Re Bermuda”), Arch Reinsurance Company (“Arch Re U.S.”), Arch Capital Group (U.S.) Inc.(“Arch-U.S.”), Arch Insurance Company, Arch Specialty
Insurance Company, Arch Property Casualty Insurance Company, Arch Indemnity Insurance Company, Arch Wilsure Insurance Company, Arch Insurance Canada Ltd. (“Arch Insurance Canada”), Arch Reinsurance Europe Designated Activity Company (“Arch Re Europe”), Arch Mortgage Insurance Company (“AMIC”), Arch Mortgage Guaranty Company (“AMG”), United Guaranty Residential Insurance Company (“UGRIC”), Arch Lenders Mortgage Indemnity Ltd. (“Arch Indemnity”), Arch Insurance (EU) Designated Activity Company (“Arch Insurance (EU)”), Arch Insurance (U.K.) Limited (“Arch Insurance (U.K.)”) and the Company’s participation on Lloyd’s of London syndicates: 2012 (“Arch Syndicate 2012”) and 1955 (“Arch Syndicate 1955” and together with Arch Syndicate 2012, the Company’s “Lloyd’s Syndicates”). 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. The Company’s principal estimates include:
•The reserve for losses and loss adjustment expenses;
•Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses, including the provision for uncollectible amounts;
•Estimates of written and earned premiums;
•The valuation of the investment portfolio and assessment of allowance for credit losses;
•The valuation of purchased intangible assets;
•The assessment of goodwill and intangible assets for impairment; and
•The valuation of deferred income tax assets.
(b) Premium Revenues and Related Expenses
Insurance. Insurance premiums written are generally recorded at the policy inception and are primarily earned on a pro rata basis over the terms of the policies for all products, usually 12 months. Premiums written include estimates that are derived from multiple sources which include the historical experience of the underlying business, similar business and available industry information. Unearned premium reserves represent the portion of premiums written that relates to the unexpired terms of in-force insurance policies.
Reinsurance. Reinsurance premiums written include amounts reported by brokers and ceding companies, supplemented by the Company’s own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company’s experience with the ceding companies, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each line of business, and management’s judgment of the impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company. On an ongoing basis, the Company’s underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account the Company’s historical experience with the brokers or ceding companies. In addition, reinsurance contracts under which the Company assumes business generally contain specific provisions which allow the Company to perform audits of the ceding company to ensure compliance with the terms and conditions of the contract, including accurate and timely reporting of information. Based on a review of all available information, management establishes premium estimates where reports have not been received. Premium estimates are updated when new information is received and differences between such estimates and actual amounts are recorded in the period in which estimates are changed or the actual amounts are determined.
Reinsurance premiums written are recorded based on the type of contracts the Company writes. Premiums on the Company’s excess of loss and pro rata reinsurance contracts are estimated when the business is underwritten. For excess of loss contracts, premiums are recorded as written based on the terms of the contract. Estimates of premiums written under pro rata contracts are recorded in the period in which the underlying risks are expected to incept and are based on information provided by the brokers and the ceding companies. For multi-year reinsurance treaties which are payable in annual installments, generally, only the initial annual installment is included as premiums written at policy inception due to the ability of the reinsured to commute or cancel coverage during the term of the policy. The remaining annual installments are included as premiums written at each successive anniversary date within the multi-year term.
Reinsurance premiums written, irrespective of the class of business, are generally earned on a pro rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a “losses occurring” basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a “risks attaching” basis cover claims which attach to the underlying insurance policies written during
the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned in proportion to the period of risk coverage. Certain of the Company’s reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected experience under such contracts.
The Company also writes certain reinsurance business that is intended to provide insurers with risk management solutions that complement traditional reinsurance. Under these contracts, the Company assumes a measured amount of insurance risk in exchange for an anticipated margin, which is typically lower than on traditional reinsurance contracts. The terms and conditions of these contracts may include additional or return premiums based on loss experience, loss corridors, sublimits and caps. Examples of such business include aggregate stop-loss coverages, financial quota share coverages and multi-year retrospectively rated excess of loss coverages. If these contracts are deemed to transfer risk, they are accounted for as reinsurance. Otherwise, such contracts are accounted for under the deposit method.
Mortgage. Mortgage guaranty insurance policies are contracts that are generally non-cancelable by the insurer, are renewable at a fixed price, and provide for payment of premiums on a monthly, annual or single basis. Upon renewal, the Company is not able to re-underwrite or re-price its policies. Consistent with industry accounting practices, premiums written on a monthly basis are earned as coverage is provided. Premiums written on an annual basis are amortized on a monthly pro rata basis over the year of coverage. Primary mortgage insurance premiums written on policies covering more than one year are referred to as single premiums. A portion of the revenue from single premiums is recognized in premiums earned in the current period, and the remaining portion is deferred as unearned premiums and earned over the estimated expiration of risk of the policy. If single premium policies related to insured loans are canceled due to repayment by the borrower and the policy is a non-refundable product, the remaining unearned premium related to each canceled policy is recognized as earned premium upon notification of the cancellation.
Unearned premiums for the Company’s mortgage operations represent the portion of premiums written that is applicable to the estimated unexpired risk of insured loans. A portion of premium payments may be refundable if the insured cancels coverage, which generally occurs when the loan is repaid and the policy is refundable, the loan amortizes to a sufficiently low amount to trigger a lender
permitted or legally required cancellation, or the value of the property has increased sufficiently to trigger a lender permitted cancellation.Premium refunds reduce premiums earned in the consolidated statements of income. Generally, only unearned premiums are refundable.
Reinstatement premiums for the Company’s insurance and reinsurance operations are recognized at the time a loss event occurs, where coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. Reinstatement premiums, if obligatory, are fully earned when recognized. The accrual of reinstatement premiums is based on an estimate of losses and loss adjustment expenses, which reflects management’s judgment.
Premium estimates are reviewed by management at least quarterly. Such review includes a comparison of actual reported premiums to expected ultimate premiums along with a review of the aging and collection of premium estimates. Based on management’s review, the appropriateness of the premium estimates is evaluated, and any adjustment to these estimates is recorded in the period in which it becomes known. Adjustments to premium estimates could be material and such adjustments could directly and significantly impact earnings favorably or unfavorably in the period they are determined because the estimated premium may be fully or substantially earned. A significant portion of amounts included as premiums receivable, which represent estimated premiums written, net of commissions, are not currently due based on the terms of the underlying contracts.
Premiums receivable include amounts receivable from agents, brokers and insured that are both currently due and amounts not yet due on insurance, reinsurance and mortgage insurance policies. Premiums receivable balances are reported net of an allowance for expected credit losses. The Company monitors credit risk associated with premiums receivable through its ongoing review of amounts outstanding, aging of the receivable, historical loss data, and counterparty financial strength measures. The allowance also includes estimated uncollectible amounts related to dispute risk. In certain instances, credit risk may be reduced by the Company’s right to offset loss obligations or unearned premiums against premiums receivable. Any allowance for credit losses is charged to net realized gains (losses) in the period the receivable is recorded and revised in subsequent periods to reflect changes in the Company’s estimate of expected credit losses. See note 7, for additional information.
Acquisition Costs. Acquisition costs that are directly related and incremental to the successful acquisition or renewal of business are deferred and amortized based on the type of contract. The Company’s insurance and reinsurance operations capitalize incremental direct external costs that result from acquiring a contract but do not capitalize salaries, benefits and other internal underwriting costs. For the Company’s mortgage insurance operations, which include a substantial direct sales force, both external and certain internal direct costs are deferred and amortized. For property and casualty insurance and reinsurance contracts, deferred acquisition costs are amortized over the period in which the related premiums are earned. Consistent with mortgage insurance industry accounting practice, amortization of acquisition costs related to the mortgage insurance contracts for each underwriting year’s book of business is recorded in proportion to estimated gross profits. Estimated gross profits are comprised of earned premiums and losses and loss adjustment expenses. For each underwriting year, the Company estimates the rate of amortization to reflect actual experience and any changes to persistency or loss development.
Deferred acquisition costs are carried at their estimated realizable value and take into account anticipated losses and loss adjustment expenses, based on historical and current experience, and anticipated investment income.
A premium deficiency occurs if the sum of anticipated losses and loss adjustment expenses, unamortized acquisition costs and maintenance costs exceed unearned premiums (including expected future premiums) and anticipated investment income. A premium deficiency reserve (“PDR”) is recorded by charging any unamortized acquisition costs to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds unamortized acquisition costs then a liability is accrued for the excess deficiency.
To assess the need for a PDR on mortgage exposures, the Company develops loss projections based on modeled loan defaults related to its current policies in force. This projection is based on recent trends in default experience, severity and rates of defaulted loans moving to claim, as well as recent trends in the rate at which loans are prepaid, and incorporates anticipated interest income. Evaluating the expected profitability of the Company’s existing mortgage insurance business and the need for a PDR for its mortgage business involves significant reliance upon assumptions and estimates with regard to the likelihood, magnitude and timing of potential losses and premium revenues. No premium deficiency charges were recorded by the Company during 2025, 2024 or 2023.
(c) Deposit Accounting
Certain assumed reinsurance contracts that are deemed not to transfer insurance risk, are accounted for using the deposit method of accounting. However, it is possible that the Company could incur financial losses on such contracts. Management exercises significant judgment in the assumptions used in determining whether assumed contracts should be accounted for as reinsurance contracts or deposit contracts. For those contracts that contain only significant underwriting risk, the estimated profit margin is deferred and amortized over the contract period and such amount is included in the Company’s underwriting results. When the estimated profit margin is explicit, the margin is reflected as other underwriting income and any adverse financial results on such contracts are reflected as incurred losses. When the estimated profit margin is implicit, the margin is reflected as an offset to paid losses and any adverse financial results on such contracts are reflected as incurred losses. Additional judgments are required when applying the accounting guidance with respect to the revenue recognition criteria for contracts deemed to transfer only significant underwriting risk. For those contracts that contain only significant timing risk, an accretion rate is established at inception of the contract based on actuarial estimates whereby the deposit accounting liability is increased to the estimated amount payable over the contract term. The accretion on the deposit is based on the expected rate of return required to fund the expected future payment obligations. Periodically the Company reassesses the estimated ultimate liability and the related expected rate of return. The accretion of the deposit accounting liability as well as changes to the estimated ultimate liability and the accretion rate would be reflected as part of interest expense in the Company’s results of operations. Any negative accretion in a deposit accounting liability is shown in other underwriting income in the Company’s results of operations.
Under some of these contracts, the ceding company retains the related assets on a funds held basis. Such amounts are included in “Other assets” on the Company’s balance sheet. Interest income produced by those assets are recorded as part of net investment income in the Company's results of operations.
(d) Retroactive Reinsurance
Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered by the underlying policies reinsured. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and, accordingly, the Company bifurcates the prospective and retrospective elements of these reinsurance contracts and accounts for each element separately where practical.
Underwriting income generated in connection with retroactive reinsurance contracts is deferred and amortized into income over the settlement period while losses are charged to income immediately. Subsequent changes in estimated amount or timing of cash flows under such retroactive reinsurance contracts are accounted for by adjusting the previously deferred amount to the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction, with a corresponding charge or credit to income.
(e) Reinsurance Ceded
In the normal course of business, the Company purchases reinsurance to increase capacity and to limit the impact of individual losses and events on its underwriting results by reinsuring certain levels of risk with other insurance enterprises or reinsurers. The Company uses pro rata, excess of loss and facultative reinsurance contracts. Reinsurance ceding commissions that represent a recovery of acquisition costs are recognized as a reduction to acquisition costs while the remaining portion is deferred. The accompanying consolidated statement of income reflects premiums and losses and loss adjustment expenses and acquisition costs, net of reinsurance ceded. See note 8, for information on the Company's reinsurance usage. Reinsurance premiums ceded and unpaid losses and loss adjustment expenses recoverable are estimated in a manner consistent with that of the original policies issued and the terms of the reinsurance contracts. If the reinsurers are unable to satisfy their obligations under the agreements, the Company’s insurance or reinsurance subsidiaries would be liable for such defaulted amounts.
Reinsurance recoverables are recorded as assets, predicated on the reinsurers’ ability to meet their obligations under the reinsurance agreements. In certain instances, the Company obtains collateral, including letters of credit and trust accounts to further reduce the credit exposure on its reinsurance recoverables. The Company reports its reinsurance recoverables net of an allowance for expected credit loss. The allowance is based upon the Company’s ongoing review of amounts outstanding, the financial condition of its reinsurers, amounts and form of collateral obtained and other relevant factors. A ratings based probability-of-default and loss-given-default methodology is used to estimate the allowance for expected credit loss. Any allowance for credit losses is charged to net realized gains (losses) in the period the recoverable is recorded and revised in subsequent periods to reflect changes in the Company’s estimate of expected credit losses. See note 7, for additional information.
(f) Cash
Cash includes cash equivalents, which are investments with original maturities of three months or less which are not part of the investment portfolio.
(g) Restricted Cash
Restricted cash represents amounts held for the benefit of third parties or is legally or contractually restricted as to withdrawal or usage by the Company. Such amounts are included in “Other assets” on the Company’s balance sheet.
(h) Investments
The Company currently classifies substantially all of its fixed maturity investments and short-term investments as “available for sale” and, accordingly, they are carried at estimated fair value (also known as fair value) with the changes in fair value recorded as an unrealized gain or loss component of accumulated other comprehensive income in shareholders’ equity. The fair value of fixed maturity securities and equity securities is generally determined from quotations received from nationally recognized pricing services, or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments comprise securities due to mature within one year of the date of issue. Short-term investments include certain cash equivalents which are part of investment portfolios under the management of external and internal investment managers.
The Company’s investment portfolio includes certain funds that, due to their ownership structure, are accounted for by the Company using the equity method. In applying the equity method, these investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the fair value of the underlying securities in the funds). Such investments are generally recorded on a one to three month lag based on the availability of reports from the investment funds. Changes in the carrying value of such investments are recorded in net income as “Equity in net income (loss) of investments accounted for using the equity method.” As such, fluctuations in the carrying value of the investments accounted for using the equity method may increase the volatility of the Company’s reported results of operations.
The Company’s investment portfolio includes equity securities that are accounted for at fair value. Such holdings primarily include publicly traded common stocks. Dividend income on equities is reflected in net investment income. Changes in fair value on equity securities are included in “Net realized gains (losses)” in the consolidated statement of income.
The Company elected to carry certain fixed maturity securities, equity securities, short-term investments and other investments at fair value under the fair value option afforded by accounting guidance regarding the fair value option for financial assets and liabilities. The fair value for certain of the Company’s other investments are determined using net asset values (“NAVs”) as advised by external fund managers. The NAV is based on the fund manager’s valuation of the underlying holdings in accordance with the fund’s governing documents.
Changes in fair value of investments accounted for using the fair value option are included in “Net realized gains (losses).” The primary reasons for electing the fair value option were to address simplification and cost-benefit considerations.
The Company invests in reverse repurchase agreements that are generally treated as collateralized receivables. Receivables for reverse repurchase agreements are reflected in “Other investments” or “Short-term investments” in the Company's consolidated balance sheet depending on their terms. These agreements are recorded at their contracted resale amount plus accrued interest, other than those that are accounted for at fair value. In reverse repurchase transactions, the Company obtains an interest in the purchased assets that are received as collateral.
The Company invests in limited partner interests and shares of limited liability companies. Such amounts are included in investments accounted for using the equity method and other investments. These investments can often have characteristics of a variable interest entity (“VIE”). A VIE refers to entities that have characteristics such as (i) insufficient equity at risk to allow the entity to finance its activities without additional financial support or (ii) instances where the equity investors, as a group, do not have the characteristic of a controlling financial interest. If the Company is determined to be the primary beneficiary, it is required to consolidate the VIE. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (i) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. At inception of the VIE as well as on an ongoing basis, the Company determines whether it is the primary beneficiary based on an analysis of the Company’s level of
involvement in the VIE, the contractual terms, and the overall structure of the VIE. The Company's maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company's consolidated balance sheet and any unfunded commitment.
The Company conducts a periodic review to identify and evaluate credit based impairments related to the Company’s available for sale investments. The Company derives estimated credit losses by comparing expected future cash flows to be collected to the amortized cost of the security. Estimates of expected future cash flows consider among other things, macroeconomic conditions as well as the financial condition, near-term and long-term prospects for the issuer, and the likelihood of the recoverability of principal and interest. Effective January 1, 2020, credit losses are recognized through an allowance account subject to reversal, rather than a reduction in amortized cost. Declines in value attributable to factors other than credit are reported as an unrealized loss in other comprehensive income while the allowance for credit loss is charged to net realized gains (losses) in the consolidated statement of income.
For available for sale investments that the Company intends to sell or for which it is more likely than not that the Company would be required to sell before an anticipated recovery in value, the full amount of the impairment is included in net realized gains (losses). The new cost basis of the investment is the previous amortized cost basis reduced by the impairment recognized in net realized gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value.
The Company reports accrued investment income separately from investment balances and has elected not to measure an allowance for credit losses for accrued investment income. Any uncollectible accrued interest income is written off in the period it is deemed uncollectible.
Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. Anticipated prepayments and expected maturities are used in applying the interest method for certain investments such as mortgage and other asset-backed securities. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The net investment in such securities is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the security. Such adjustments, if any, are included in net investment income when determined.
Investment gains or losses realized on the sale of investments, except for certain fund investments, are determined on a first-in, first-out basis and are reflected in net income. Investment gains or losses realized on the sale of certain fund investments are determined on an average cost basis. Unrealized appreciation or decline in the value of available for sale securities, which are carried at fair value, is excluded from net income and recorded as a separate component of accumulated other comprehensive income, net of applicable deferred income tax.
(i) Derivative Instruments
The Company recognizes all derivative instruments, including embedded derivative instruments, at fair value in its consolidated balance sheets. The Company employs the use of derivative instruments within its operations to mitigate risks arising from assets and liabilities held in foreign currencies as well as part of its overall investment strategy. For such instruments, changes in assets and liabilities measured at fair value are recorded as “Net realized gains (losses)” in the consolidated statements of income. In addition, the Company’s derivative instruments include amounts related to underwriting activities where an insurance or reinsurance contract meets the accounting definition of a derivative instrument. For such contracts, changes in fair value are reflected in “Other underwriting income” in the consolidated statements of income as the underlying contract originates from the Company’s underwriting operations. For the periods ended 2025, 2024, and 2023, the Company did not designate any derivative instruments as hedges under the relevant accounting guidance. See note 11, for additional information.
(j) Reserves for Losses and Loss Adjustment Expenses
Insurance and Reinsurance. The reserve for losses and loss adjustment expenses consists of estimates of unpaid reported losses and loss adjustment expenses and estimates for losses incurred but not reported. The reserve for unpaid reported losses and loss adjustment expenses, established by management based on reports from ceding companies and claims from insureds, excludes estimates of amounts related to losses under high deductible policies, and represents the estimated ultimate cost of events or conditions that have been reported to or specifically identified by the Company. Such reserves are supplemented by management’s estimates of reserves for losses incurred for which reports or claims have not been received. The Company’s reserves are based on a combination of reserving methods, incorporating both Company and industry loss development patterns. The Company selects the initial expected loss and loss adjustment expense ratios based on information derived by its underwriters and actuaries during the initial pricing of the business, supplemented by industry data where appropriate. Such ratios consider, among other
things, rate changes and changes in terms and conditions that have been observed in the market. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in income in the period in which they are determined. As actual loss information has been reported, the Company has developed its own loss experience and its reserving methods include other actuarial techniques. Over time, such techniques have been given further weight in its reserving process based on the continuing maturation of the Company’s reserves. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claims severity and frequency and other factors which may vary significantly as claims are settled. Accordingly, ultimate losses and loss adjustment expenses may differ materially from the amounts recorded in the accompanying consolidated financial statements. Losses and loss adjustment expenses are recorded on an undiscounted basis, except for excess workers’ compensation and employers’ liability business written by the Company’s insurance operations.
Mortgage. The reserves for mortgage guaranty insurance losses and loss adjustment expenses are the estimated claim settlement costs on notices of delinquency that have been received by the Company, as well as loan delinquencies that have been incurred but have not been reported by the lenders. Consistent with primary mortgage insurance industry accounting practice, the Company does not establish loss reserves for future claims on insured loans that are not currently delinquent (defined as two or more payments in arrears). The Company establishes loss reserves on a case-by-case basis when insured loans are reported delinquent using estimated claim rates and average claim sizes for each cohort, net of any salvage recoverable. The Company also reserves for delinquencies that have occurred but have not yet been reported to the Company prior to the close of an accounting period. To determine this reserve, the Company estimates the number of delinquencies not yet reported using historical information regarding late reported delinquencies and applies estimated claim rates and claim sizes for the estimated delinquencies not yet reported.
The establishment of reserves across the Company’s segments is an inherently uncertain process, are necessarily based on estimates, and the ultimate net cost may vary from such estimates. The methods for making such estimates and for establishing the resulting liability are reviewed and updated using the most current information available. Any resulting adjustments, which may be material, are reflected in current operations.
(k) Contractholder Receivables and Payables and Collateral Held for Insured Obligations
Certain insurance policies written by the Company’s U.S. insurance operations feature large deductibles, primarily in its construction and national accounts line of business. Under such contracts, the Company is obligated to pay the claimant for the full amount of the claim. The Company is subsequently reimbursed by the policy holder for the deductible amount. These amounts are included on a gross basis in the consolidated balance sheet as contractholder payables and contractholder receivables. In the event that the Company is unable to collect from the policyholder, the Company would be liable for such defaulted amounts. Collateral, primarily in the form of letters of credit, cash and trusts, is obtained from the policyholder to mitigate the Company’s credit risk. In the instances where the Company receives collateral in the form of cash, the Company reflects it in “Collateral held for insured obligations.”
Contractholder receivables are reported net of an allowance for expected credit losses. The allowance is based upon the Company’s ongoing review of amounts outstanding, changes in policyholder credit standing, amounts and form of collateral obtained, and other relevant factors. A ratings based probability-of-default and loss-given-default methodology is used to estimate the allowance for expected credit losses. Any allowance for credit losses is charged to net realized gains (losses) in the period the receivable is recorded and revised in subsequent periods to reflect changes in the Company’s estimate of expected credit losses. See note 7, for additional information.
(l) Foreign Exchange
Assets and liabilities of foreign operations whose functional currency is not the U.S. Dollar are translated at the prevailing exchange rates at each balance sheet date. Revenues and expenses of such foreign operations are translated at average exchange rates during the year. The net effect of the translation adjustments for foreign operations is included in accumulated other comprehensive income, net of applicable deferred income tax. Monetary assets and liabilities, such as premiums receivable and the reserve for losses and loss adjustment expenses, denominated in foreign currencies are revalued at the exchange rate in effect at the balance sheet date with the resulting foreign exchange gains and losses included in net income. Accounts that are classified as non-monetary, such as deferred acquisition costs and the unearned premium reserves, are not revalued. In the case of foreign currency denominated fixed maturity securities which are classified as “available for sale,” the change in exchange rates between the local currency in which the investments are denominated and the Company’s functional currency at each balance sheet date is included in unrealized
appreciation or decline in value of securities, a component of accumulated other comprehensive income, net of applicable deferred income tax.
(m) Income Taxes
Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred income tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. See note 15, for additional information.
The Company recognizes a tax benefit where it concludes that it is more likely than not that the tax benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50% likely to be realized. The Company records interest and penalties related to unrecognized tax benefits in the provision for income taxes.
(n) Share-Based Payment Arrangements
The Company applies a fair value based measurement method in accounting for its share-based payment arrangements with eligible employees and directors. Compensation expense is estimated based on the fair value of the award at the grant date and is recognized in net income over the requisite service period with a corresponding increase in shareholders’ equity. No value is attributed to awards that employees forfeit because they fail to satisfy vesting conditions. The Company’s (i) time-based awards generally vest over a three year period with one-third vesting on the first, second and third anniversaries of the grant date and (ii) performance-based awards cliff vest after each three year performance period based on achievement of the specified performance criteria. The share-based compensation expense associated with awards that have graded vesting features and vest based on service conditions only is calculated on a straight-line basis over the requisite service period for the entire award. Compensation
expense recognized in connection with performance awards is based on the achievement of the specified performance and service conditions. The final measure of compensation expense recognized over the requisite service period reflects the final performance outcome. During the recognition period compensation expense is accrued based on the performance condition that is probable of achievement. For awards granted to retirement-eligible employees where no service is required for the employee to retain the award, the grant date fair value is immediately recognized as compensation expense at the grant date because the employee is able to retain the award without continuing to provide service. For employees near retirement eligibility, attribution of compensation cost is over the period from the grant date to the retirement eligibility date. These charges had no impact on the Company’s cash flows or total shareholders’ equity. See note 22, for information relating to the Company’s share-based payment awards.
(o) Guaranty Fund and Other Related Assessments
Liabilities for guaranty fund and other related assessments in the Company’s insurance and reinsurance operations are accrued when the Company receives notice that an amount is payable, or earlier if a reasonable estimate of the assessment can be made.
(p) Treasury Shares
Treasury shares are common shares purchased by the Company and not subsequently canceled. These shares are recorded at cost and result in a reduction of the Company’s shareholders’ equity in its Consolidated Balance Sheets.
(q) Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price of business combination over the fair value of the net assets acquired and is assigned to the applicable reporting unit at acquisition. The annual goodwill impairment test was performed as of October 1, 2025. Impairment tests may be performed more frequently if the facts and circumstances indicate a possible impairment. In performing impairment tests, the Company may first assess qualitative factors to determine whether it is more likely than not (that is, more than a 50% probability) that the fair value of a reporting unit exceeds its carrying amount as a basis for determining whether it is necessary to perform goodwill impairment test described in the accounting guidance.
Indefinite-lived intangible assets, such as insurance licenses are evaluated for impairment similar to goodwill. Finite-lived intangible assets and liabilities include the value of acquired insurance and reinsurance contracts, which are estimated based on the present value of future expected cash flows and amortized in proportion to the estimated profits
expected to be realized. Other finite-lived intangible assets, including customer lists, trade name and IT platforms, are amortized over their useful lives. Finite-lived intangible assets and liabilities are periodically reviewed for indicators of impairment. An impairment is recognized when the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value.
If goodwill or intangible assets are impaired, such assets are written down to their fair values with the related expense recorded in the Company’s results of operations.
(r) Investment in Operating Affiliates
Investment in operating affiliates primarily represent the Company’s investments in which it has significant influence and which are accounted for under the equity method of accounting. In applying the equity method of accounting, investments in operating affiliates are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income or loss of the operating affiliate. The Company records its proportionate share of other comprehensive income or loss of the operating affiliate as a component of other comprehensive income. Adjustments are based on the most recently available financial information from the operating affiliate. Changes in the carrying value of these investments are recorded in income (loss) from operating affiliates.
(s) Funds Held Arrangements
Funds held arrangements are agreements with a third party reinsurance company, where the reinsured retains the related assets on a funds held basis. Such amounts are included in “Other assets” on the Company’s balance sheet. Investment returns produced by those assets are recorded as part of net investment income and net realized gains (losses) in the Company's consolidated results of operations. Funds held as collateral by the Company are included in “Other liabilities” and changes to the funds held liability are reflected as part of interest expense in the Company’s consolidated results of operations.
(t) Government Grants
The Company claims substance-based government grants and refundable tax credits based on eligible expenditures in the jurisdictions in which it operates. Such amounts are recognized as reductions to the related expenses from which they are derived in the period where it is probable, the conditions for receiving the grant or refundable tax credits are satisfied. Government grants and refundable tax credits receivable are included in ‘Other assets’ and the benefit is primarily reflected as a reduction to ‘other operating expenses’ and ‘corporate expenses’ in the Company’s consolidated results of operations.
(u) Recent Accounting Pronouncements
Recently Issued Accounting Standards Adopted
The Company adopted ASU 2023-09, “Improvements to Income Tax Disclosures,” which was issued in December 2023 with the stated purpose of enhancing the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The Company adopted this ASU on a prospective basis. The adoption of this ASU did not have any effect on the Company’s consolidated financial statements.
Recently Issued Accounting Standards Not Yet Adopted
ASU 2024-03, “Disaggregation of Income Statement Expenses” was issued in November 2024, which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statements and related disclosures.
ASU 2025-06, “Intangibles – Goodwill and Other – Internal- Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” was issued in September 2025. The new guidance amends the accounting for the internal-use software by eliminating references to software development project stages. Under the revised standard, entities must capitalize software costs when (i) management has authorized and committed funding for the project, and (ii) it is probable that the project will be completed and the software will function as intended. The update also clarifies that both internal and external training costs, as well as maintenance costs, must be expensed as incurred. The ASU is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. The requirements may be applied prospectively, with options for modified retrospective or full retrospective application. The Company plans to early adopt this ASU on a prospective basis beginning January 1, 2026, consistent with the permitted early adoption rules. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements and related disclosures.
ASU 2025-10, “Accounting for Government Grants Received by Business Entities”, was issued in December 2025. The ASU establishes authoritative guidance for the recognition, measurement, and presentation of government grants. The amendments in this ASU are effective for public business entities for annual reporting periods beginning after December 15, 2028, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information
The Company classifies its businesses into three segments: insurance, reinsurance and mortgage. 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, 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 (“CODMs”): the Chief Executive Officer of Arch Capital and the Chief Financial Officer and Treasurer of Arch Capital. The CODMs 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 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 underwriting segment.
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 multiperil; 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; 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, but is not limited to, 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.

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, summary information regarding net premiums written and earned by major line of business and net premiums written by location:
Year Ended December 31, 2025
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$10,435 $11,149 $1,305 $22,878 
Premiums ceded (1)(2,637)(3,531)(245)(6,402)
Net premiums written7,798 7,618 1,060 16,476 
Change in unearned premiums(27)504 112 589 
Net premiums earned7,771 8,122 1,172 17,065 
Other underwriting income (2)36 159 22 217 
Losses and loss adjustment expenses(4,764)(4,610)4 (9,370)
Acquisition expenses(1,496)(1,644)(13)(3,153)
Other operating expenses (3)(1,172)(469)(185)(1,826)
Underwriting income$375 $1,558 $1,000 2,933 
Net investment income1,625 
Net realized gains (losses)464 
Equity in net income (loss) of investments accounted for using the equity method504 
Other income (loss)54 
Corporate expenses (4)(57)
Transaction costs and other (4)(75)
Amortization of intangible assets(193)
Interest expense(148)
Net foreign exchange gains (losses)(128)
Income (loss) before income taxes and income (loss) from operating affiliates4,979 
Income tax (expense) benefit(760)
Income (loss) from operating affiliates180 
Net income (loss)4,399 
Amounts attributable to redeemable noncontrolling interests— 
Net income (loss) available to Arch4,399 
Preferred dividends(40)
Net income (loss) available to Arch common shareholders$4,359 
Underwriting Ratios
Loss ratio61.3 %56.8 %-0.4 %54.9 %
Acquisition expense ratio19.3 %20.2 %1.1 %18.5 %
Other operating expense ratio (5)14.6 %3.8 %13.9 %9.4 %
Combined ratio95.2 %80.8 %14.6 %82.8 %
Goodwill and intangible assets$793 $98 $331 $1,222 
Total investable assets$47,369 
Total assets79,241 
Total liabilities55,035 
(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)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
(3)    Other operating expenses primarily include expenses that are related to compensation and employee benefits, information technology and professional fees, reduced in part by substance based credits. See note 3(u).
(4)    Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’ See note 3(u).
(5)    The ‘Other operating expense ratio’ for the 2025 period includes ‘Other underwriting income.’
Year Ended December 31, 2024
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$9,053 $11,112 $1,351 $21,511 
Premiums ceded (1)(2,179)(3,366)(239)(5,779)
Net premiums written6,874 7,746 1,112 15,732 
Change in unearned premiums(247)(504)119 (632)
Net premiums earned6,627 7,242 1,231 15,100 
Other underwriting income— 9 17 26 
Losses and loss adjustment expenses(4,070)(4,327)55 (8,342)
Acquisition expenses(1,217)(1,432)(2)(2,651)
Other operating expenses (2)(995)(270)(207)(1,472)
Underwriting income (loss)$345 $1,222 $1,094 2,661 
Net investment income1,495 
Net realized gains (losses)197 
Equity in net income (loss) of investments accounted for using the equity method580 
Other income (loss)42 
Corporate expenses (3)(119)
Transaction costs and other (3)(81)
Amortization of intangible assets(235)
Interest expense(141)
Net foreign exchange gains (losses)75 
Income (loss) before income taxes and income (loss) from operating affiliates4,474 
Income tax (expense) benefit(362)
Income (loss) from operating affiliates200 
Net income (loss)4,312 
Amounts attributable to redeemable noncontrolling interests— 
Net income (loss) available to Arch4,312 
Preferred dividends(40)
Net income (loss) available to Arch common shareholders$4,272 
Underwriting Ratios
Loss ratio61.4 %59.7 %-4.4 %55.2 %
Acquisition expense ratio18.4 %19.8 %0.2 %17.6 %
Other operating expense ratio15.0 %3.7 %16.8 %9.7 %
Combined ratio94.8 %83.2 %12.6 %82.5 %
Goodwill and intangible assets$916 $102 $333 $1,351 
Total investable assets$41,388 
Total assets70,906 
Total liabilities50,086 
(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)    Other operating expenses primarily include expenses that are related to compensation and employee benefits, information technology and professional fees.
(3)    Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’
Year Ended December 31, 2023
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$7,911 $9,113 $1,387 $18,403 
Premiums ceded (1)(2,049)(2,559)(335)(4,935)
Net premiums written5,862 6,554 1,052 13,468 
Change in unearned premiums(416)(718)106 (1,028)
Net premiums earned5,446 5,836 1,158 12,440 
Other underwriting income— 17 14 31 
Losses and loss adjustment expenses(3,122)(3,227)103 (6,246)
Acquisition expenses(1,055)(1,240)(17)(2,312)
Other operating expenses (2)(819)(288)(194)(1,301)
Underwriting income (loss)$450 $1,098 $1,064 2,612 
Net investment income1,023 
Net realized gains (losses)(165)
Equity in net income (loss) of investments accounted for using the equity method278 
Other income (loss)27 
Corporate expenses (3)(96)
Transaction costs and other (3)(6)
Amortization of intangible assets(95)
Interest expense(133)
Net foreign exchange gains (losses)(60)
Income (loss) before income taxes and income (loss) from operating affiliates3,385 
Income tax (expense) benefit873 
Income (loss) from operating affiliates184 
Net income4,442 
Amounts attributable to redeemable noncontrolling interests1 
Net income (loss) available to Arch4,443 
Preferred dividends(40)
Net income (loss) available to Arch common shareholders$4,403 
Underwriting Ratios
Loss ratio57.3 %55.3 %-8.9 %50.2 %
Acquisition expense ratio19.4 %21.2 %1.4 %18.6 %
Other operating expense ratio15.0 %4.9 %16.8 %10.5 %
Combined ratio91.7 %81.4 %9.3 %79.3 %
Goodwill and intangible assets$224 $130 $377 $731 
Total investable assets$34,589 
Total assets58,906 
Total liabilities40,551 
(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)    Other operating expenses primarily include expenses that are related to compensation and employee benefits, information technology and professional fees.
(3)    Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’
The following tables provide summary information regarding net premiums earned by major line of business and net premiums written by underwriting location:
INSURANCE SEGMENTYear Ended December 31,
202520242023
Net premiums earned
North America
Property and short-tail specialty$1,373 $1,165 $976 
Other liability - occurrence1,321942618
Other liability - claims made786843866
Commercial multi-peril792435193
Commercial automobile581459343
Workers compensation591549495
Other291309290
Total North America5,7354,7023,781
International
Property and short-tail specialty$1,099 $1,061 $885 
Casualty and other937864780
Total International 2,0361,9251,665
Total$7,771 $6,627 $5,446 
Net premiums written by underwriting location
North America$5,724 $4,869 $3,995 
International2,0742,0051,867
Total$7,798 $6,874 $5,862 
REINSURANCE SEGMENTYear Ended December 31,
202520242023
Net premiums earned
Specialty$2,906 $2,619 $2,097 
Property excluding property catastrophe2,2522,1481,645
Casualty1,4321,0881,005
Property catastrophe1,065959742
Marine and aviation317276229
Other150152118
Total$8,122 $7,242 $5,836 
Net premiums written by underwriting location
Bermuda$3,672 $3,425 $3,288 
United States1,7982,1351,756 
Europe and other2,1482,1861,510 
Total$7,618 $7,746 $6,554 
MORTGAGE SEGMENTYear Ended December 31,
202520242023
Net premiums earned
U.S. primary mortgage insurance$802 $845 $759 
U.S. credit risk transfer (CRT) and other207213220
International mortgage insurance/reinsurance163173179
Total$1,172 $1,231 $1,158 
Net premiums written by underwriting location
United States$780 $823 $743 
Other280 289 309 
Total$1,060 $1,112 $1,052 
v3.25.4
Reserve for Losses and Loss Adjustment Expenses
 12 Months Ended
Dec. 31, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Reserve for losses and loss adjustment expenses
The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:
Year Ended December 31,
202520242023
Reserve for losses and loss adjustment expenses at beginning of year$29,369 $22,752 $20,032 
Unpaid losses and loss adjustment expenses recoverable7,821 6,690 6,280 
Net reserve for losses and loss adjustment expenses at beginning of year21,548 16,062 13,752 
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year9,970 8,849 6,784 
Prior years(600)(507)(538)
Total net incurred losses and loss adjustment expenses9,370 8,342 6,246 
Net losses and loss adjustment expense reserves of acquired business (1)50 2,477 — 
Foreign exchange (gains) losses and other550 (260)157 
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year(1,862)(1,176)(1,081)
Prior years(5,163)(3,897)(3,012)
Total net paid losses and loss adjustment expenses(7,025)(5,073)(4,093)
Net reserve for losses and loss adjustment expenses at end of year24,493 21,548 16,062 
Unpaid losses and loss adjustment expenses recoverable9,054 7,821 6,690 
Reserve for losses and loss adjustment expenses at end of year$33,547 $29,369 $22,752 
(1) Activity in the 2025 and 2024 periods primarily related to the MCE Acquisition (see note 2).
Prior year development (“PYD”) arises from changes in loss estimates during the current period related to events occurring in prior calendar years. Long-tailed lines include lines of business that typically take many years for claims to settle such as third party liability; short-tailed lines are those that settle more quickly such as property. The table below summarizes (favorable) and adverse net PYD by segment and tail length:
(Favorable) AdverseYear Ended December 31,
2025Short-tailedLong-tailedTotal
Insurance$(61)$18 $(43)
Reinsurance(386)64 (322)
Mortgage(235)— (235)
Total$(682)$82 $(600)
2024
Insurance$(53)$16 $(37)
Reinsurance(232)44 (188)
Mortgage(282)— (282)
Total$(567)$60 $(507)
2023
Insurance$(85)$43 $(42)
Reinsurance(202)50 (152)
Mortgage(344)— (344)
Total$(631)$93 $(538)
Year Ended December 31, 2025
The insurance segment’s short-tailed lines included $26 million of favorable development in travel and accident, primarily from the 2023 and 2024 accident years, (i.e., the year in which a loss occurred), and $21 million of favorable development in property, energy, marine and aviation, primarily from the 2023 and 2024 accident years. Net adverse development in long-tailed lines included adverse development in programs, mainly from the 2021 to 2023 accident years.
The reinsurance segment’s short-tailed lines included $178 million of favorable development from property other than property catastrophe, primarily from the 2023 and 2024 underwriting years (i.e., all premiums and losses attributable to contracts having an inception or renewal date within the given 12 month period), and $141 million of favorable development from property catastrophe, primarily from the 2023 and 2024 underwriting years. Long-tailed lines included $64 million of adverse development in casualty, primarily from the 2021, 2023 and 2024 underwriting years.
The mortgage segment’s favorable development was driven by reserve releases associated with the U.S. first lien portfolio from the 2023 and 2024 accident years. The Company’s credit risk transfer and international businesses also contributed to the favorable development.
Year Ended December 31, 2024
The insurance segment’s short-tailed lines included $32 million of favorable development in travel and accident, primarily from the 2023 accident year, and $31 million of favorable development in surety, primarily from the 2007, 2022 and 2023 accident years. Net adverse development in long-tailed lines included adverse development in programs, mainly from the 2023 accident year.
The reinsurance segment’s short-tailed lines included $99 million of favorable development from property other than property catastrophe, primarily from the 2022 and 2023 underwriting years, $74 million of favorable development from specialty lines, primarily from the 2015 to 2022 underwriting years, and $64 million of favorable development from property catastrophe, primarily from the 2020 to 2023 underwriting years. Long-tailed lines included $44 million of adverse development in casualty, primarily from the 2016, 2017 and 2020 underwriting years.
The mortgage segment’s favorable development was driven by reserve releases associated with the U.S. first lien portfolio from the 2022 and 2023 accident years. The Company’s credit risk transfer and international businesses also contributed to the favorable development.
Year Ended December 31, 2023
The insurance segment’s short-tailed lines included $43 million of favorable development in property, energy marine and aviation, primarily from the 2021 and 2022 accident years, $22 million of favorable development in warranty and lenders solutions, primarily from the 2022 accident year, and $15 million of favorable development in travel and accident, primarily from the 2022 accident year. Long-tailed lines included $50 million of adverse development in professional liability, primarily from the 2017 to 2020 accident years.
The reinsurance segment’s short-tailed lines included $93 million of favorable development in property other than property catastrophe, primarily from the 2020 to 2022 underwriting years, $51 million of favorable development in property catastrophe, primarily from the 2019 to 2022 underwriting years, and $35 million from specialty lines, primarily from the 2021 underwriting year. Long-tailed lines included $45 million of adverse development in casualty business, primarily from the 2013 to 2020 underwriting years.
The mortgage segment’s favorable development was driven by reserve releases associated with the U.S. first lien portfolio from the 2020 to 2022 accident years. The Company’s credit risk transfer and international businesses also contributed to the favorable development.
v3.25.4
Short Duration Contracts
 12 Months Ended
Dec. 31, 2025
Short Duration Contracts Disclosure [Abstract]  
Short duration contracts
The Company’s reserves for losses and loss adjustment expenses primarily relate to short-duration contracts with various characteristics (e.g., type of coverage, geography, claims duration). The Company considered such information in determining the level of disaggregation for disclosures related to its short-duration contracts, as detailed in the table below:
Reportable segmentLevel of disaggregationIncluded lines of business
InsuranceProperty energy, marine and aviationProperty energy, marine and aviation
Third party occurrence business
Excess and surplus casualty (excluding contract binding); construction and national accounts; and other (including alternative market risks, excess workers’ compensation and employer’s liability insurance coverages)
Third party claims-made businessProfessional lines
Multi-line and other specialty
Programs; contract binding (part of excess and surplus casualty); travel, accident and health; warranty and lenders solutions; and other (contract and commercial surety coverages); MCE business1
ReinsuranceCasualtyCasualty
Property catastropheProperty catastrophe
Property excluding property catastropheProperty excluding property catastrophe
Marine and aviationMarine and aviation
SpecialtySpecialty
MortgageDirect mortgage insurance in the U.S.Mortgage insurance on U.S. primary exposures
(1) Includes business underwritten under a new business reinsurance agreement related to the MCE Acquisition. See note 2.

The Company determined the following to be insignificant for disclosure purposes: (i) certain mortgage business, including non-U.S. primary business, second lien and student loan exposures, global mortgage reinsurance and participation in various GSE credit risk-sharing products and (ii) certain reinsurance business, including casualty clash and non-traditional lines. Such amounts are included as reconciling items.
The Company is required to establish reserves for losses and loss adjustment expenses (“Loss Reserves”) that arise from the business the Company underwrites. Loss Reserves for the insurance, reinsurance and mortgage segments represent estimates of future amounts required to pay losses and loss adjustment expenses for insured or reinsured events which have occurred at or before the balance sheet
date. Loss Reserves do not reflect contingency reserve allowances to account for future loss occurrences. Losses arising from future events will be estimated and recognized at the time the losses are incurred and could be substantial.
Insurance Segment
Loss Reserves for the insurance segment are comprised of estimated amounts for (1) reported losses (“case reserves”) and (2) incurred but not reported losses (“IBNR reserves”). Generally, claims personnel determine whether to establish a case reserve for the estimated amount of the ultimate settlement of individual claims. The estimate reflects the judgment of claims personnel based on general corporate reserving practices, the experience and knowledge of such personnel regarding the nature and value of the specific type of claim and, where appropriate, advice of counsel. The Company also contracts with a number of outside third party administrators in the claims process who, in certain cases, have limited authority to establish case reserves. The work of such administrators is reviewed and monitored by our claims personnel. Loss Reserves are also established to provide for loss adjustment expenses and represent the estimated expense of settling claims, including legal and other fees and the general expenses of administering the claims adjustment process. Periodically, adjustments to the case reserves may be made as additional information is reported or payments are made. IBNR reserves are established to provide for incurred claims which have not yet been reported at the balance sheet date as well as to adjust for any projected variance in case reserving. Actuaries estimate ultimate losses and loss adjustment expenses using various generally accepted actuarial methods applied to known losses and other relevant information. Like case reserves, IBNR reserves are adjusted as additional information becomes known or payments are made. The process of estimating reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain.
Ultimate losses and loss adjustment expenses are generally determined by projection of claim emergence and settlement patterns observed in the past that can reasonably be expected to persist into the future. In forecasting ultimate losses and loss adjustment expenses with respect to any line of business, past experience with respect to that line of business is the primary resource, developed through both industry and company experience, but cannot be relied upon in isolation. Uncertainties in estimating ultimate losses and loss adjustment expenses are magnified by the length of the time lag between when a claim actually occurs and when it is reported and settled. This time lag is sometimes referred to as the “claim-tail.” During this period additional facts regarding coverages written in prior accident years, as well as about actual claims and trends, may become known and, as a result, may lead to
adjustments of the related Loss Reserves. If the Company determines that an adjustment is appropriate, the adjustment is recorded in the accounting period in which such determination is made. Accordingly, should Loss Reserves need to be increased or decreased in the future from amounts currently established, future results of operations would be negatively or positively impacted respectively. The Company authorizes managing general agents, general agents and other producers to write program business on the Company’s behalf within prescribed underwriting authorities. This delegated authority process introduces additional complexity to the actuarial determination of unpaid future losses and loss adjustment expenses. In order to monitor adherence to the underwriting guidelines given to such parties, the Company periodically performs underwriting and claims due diligence reviews.
In determining ultimate losses and loss adjustment expenses, the cost to indemnify claimants, provide needed legal defense and other services for insureds and administer the investigation and adjustment of claims are considered. These claim costs are influenced by many factors that change over time, such as expanded coverage definitions as a result of new court decisions, inflation in costs to repair or replace damaged property, inflation in the cost of medical services and legislated changes in statutory benefits, as well as by the particular, unique facts that pertain to each claim. As a result, the rate at which claims arose in the past and the costs to settle them may not always be representative of what will occur in the future. The factors influencing changes in claim costs are often difficult to isolate or quantify and developments in paid and incurred losses from historical trends are frequently subject to multiple and conflicting interpretations. Changes in coverage terms or claims handling practices may also cause future experience and/or development patterns to vary from the past. A key objective of actuaries in developing estimates of ultimate losses and loss adjustment expenses, and resulting IBNR reserves, is to identify aberrations and systemic changes occurring within historical experience and adjust for them so that the future can be projected more reliably. Because of the factors previously discussed, this process requires the substantial use of informed judgment and is inherently uncertain.
Although Loss Reserves are initially determined based on underwriting and pricing analyses, the Company’s insurance segment applies several generally accepted actuarial methods, as discussed below, on a quarterly basis to evaluate the Loss Reserves, in addition to the expected loss method, in particular for Loss Reserves from more mature accident years (the year in which a loss occurred). Each quarter, as part of the reserving process, the segments’ actuaries reaffirm that the assumptions used in the reserving process continue to form a sound basis for the projection of liabilities. If actual loss activity differs
substantially from expectations based on historical information, an adjustment to Loss Reserves may be supported. The Company places more or less reliance on a particular actuarial method based on the facts and circumstances at the time the estimates of Loss Reserves are made.
These methods generally fall into one of the following categories or are hybrids of one or more of the following categories:
•Expected loss methods - these methods are based on the assumption that ultimate losses vary proportionately with premiums. Expected loss and loss adjustment expense ratios are typically developed based upon the information derived by underwriters and actuaries during the initial pricing of the business, supplemented by industry data available from organizations, such as statistical bureaus and consulting firms, where appropriate. These ratios consider, among other things, rate increases and changes in terms and conditions that have been observed in the market. Expected loss methods are useful for estimating ultimate losses and loss adjustment expenses in the early years of long-tailed lines of business, when little or no paid or incurred loss information is available, and is commonly applied when limited loss experience exists for a company.
•Historical incurred loss development methods - these methods assume that the ratio of losses in one period to losses in an earlier period will remain constant in the future. These methods use incurred losses (i.e., the sum of cumulative historical loss payments plus outstanding case reserves) over discrete periods of time to estimate future losses. Historical incurred loss development methods may be preferable to historical paid loss development methods because they explicitly take into account open cases and the claims adjusters’ evaluations of the cost to settle all known claims. However, historical incurred loss development methods necessarily assume that case reserving practices are consistently applied over time. Therefore, when there have been significant changes in how case reserves are established, using incurred loss data to project ultimate losses may be less reliable than other methods.
•Historical paid loss development methods - these methods, like historical incurred loss development methods, assume that the ratio of losses in one period to losses in an earlier period will remain constant. These methods use historical loss payments over discrete periods of time to estimate future losses and necessarily assume that factors that have affected paid losses in the past, such as inflation or the effects of litigation, will remain constant in the future. Because historical paid loss development methods do not use incurred losses to
estimate ultimate losses, they may be more reliable than the other methods that use incurred losses in situations where there are significant changes in how incurred losses are established by a company’s claims adjusters. However, historical paid loss development methods are more leveraged (meaning that small changes in payments have a larger impact on estimates of ultimate losses) than actuarial methods that use incurred losses because cumulative loss payments take much longer to equal the expected ultimate losses than cumulative incurred amounts. In addition, and for similar reasons, historical paid loss development methods are often slow to react to situations when new or different factors arise than those that have affected paid losses in the past.
•Adjusted historical paid and incurred loss development methods - these methods take traditional historical paid and incurred loss development methods and adjust them for the estimated impact of changes from the past in factors such as inflation, the speed of claim payments or the adequacy of case reserves. Adjusted historical paid and incurred loss development methods are often more reliable methods of predicting ultimate losses in periods of significant change, provided the actuaries can develop methods to reasonably quantify the impact of changes. As such, these methods utilize more judgment than historical paid and incurred loss development methods.
•Bornhuetter-Ferguson (“B-F”) paid and incurred loss methods - these methods utilize actual paid and incurred losses and expected patterns of paid and incurred losses, taking the initial expected ultimate losses into account to determine an estimate of expected ultimate losses. The B-F paid and incurred loss methods are useful when there are few reported claims and a relatively less stable pattern of reported losses.
•Frequency-Severity methods - These methods utilize actual paid and incurred claim experience, but break the data down into its component pieces: claim counts, often expressed as a ratio to exposure or premium (frequency), and average claim size (severity). The component pieces are projected to an ultimate level and multiplied together to result in an estimate of ultimate loss. These methods are especially useful when the severity of claims can be confined to a relatively stable range of estimated ultimate average claim value.
•Additional analyses - other methodologies are often used in the reserving process for specific types of claims or events, such as catastrophic or other specific major events. These include vendor catastrophe models, which are typically used in the estimation of Loss Reserves at the early stage of known catastrophic events before information has been reported to an insurer or reinsurer.
In the initial reserving process for short-tail insurance lines (consisting of property, energy, marine and aviation and other exposures including travel, accident and health, and warranty and lenders solutions), the Company relies on a combination of the reserving methods discussed above. For catastrophe-exposed business, the reserving process also includes the usage of catastrophe models for known events and a heavy reliance on analysis of individual catastrophic events and management judgment. The development of losses on short-tail business can be unstable, especially for policies characterized by high severity, low frequency losses. As time passes, for a given accident year, additional weight is given to the paid and incurred B-F loss development methods and eventually to the historical paid and incurred loss development methods in the reserving process. The Company makes a number of key assumptions in their reserving process, including that historical paid and reported development patterns are stable, catastrophe models provide useful information about our exposure to catastrophic events that have occurred and underwriters’ judgment as to potential loss exposures can be relied on. The expected loss ratios used in the initial reserving process for short-tail business have varied over time due to changes in pricing, reinsurance structure, estimates of catastrophe losses, policy changes (such as attachment points, class and limits) and geographical distribution. As losses in short-tail lines are reported relatively quickly, expected loss ratios are selected for the current accident year based upon actual attritional loss ratios for earlier accident years, adjusted for rate changes, inflation, changes in reinsurance programs and expected attritional losses based on modeling. Furthermore, ultimate losses for short-tail business are known in a reasonably short period of time.
In the initial reserving process for long-tail insurance lines (consisting of third party occurrence business, third party claims made business, and other exposures including surety, programs and contract binding exposures), the Company primarily relies on the expected loss method. The development of the Company’s long-tail business may be unstable, especially if there are high severity major events, as a portion of the Company’s casualty business is in high excess layers. As time passes, for a given accident year, additional weight is given to the paid and incurred B-F loss development methods and historical paid and incurred loss development methods in the reserving process. The Company makes a number of key assumptions in reserving for long-tail lines, including that the pricing loss ratio is the best estimate of the ultimate loss ratio at the time the policy is entered into, that the loss development patterns, which are based on a combination of company and industry loss development patterns and adjusted to reflect differences in the insurance segment’s mix of business, are reasonable and that claims personnel and underwriters analyses of our exposure to major events are assumed to be the best
estimate of exposure to the known claims on those events. The expected loss ratios used in the initial reserving process for long-tail business for recent accident years have varied over time, in some cases significantly, from earlier accident years. As the credibility of historical experience for earlier accident years increases, the experience from these accident years will be given a greater weighting in the actuarial analysis to determine future accident year expected loss ratios, adjusted for changes in pricing, loss trends, terms and conditions and reinsurance structure.
From time to time, the Company enters into loss portfolio transfer and adverse development cover reinsurance agreements accounted for as retroactive reinsurance. These agreements transfer Loss Reserves and future favorable or adverse development on certain runoff programs and
certain third party occurrence business, within multi-line and other specialty business (the “Covered Lines”). As incurred losses and allocated loss adjustment expenses for the Covered Lines are ceded to the reinsurer, the Company is not exposed to changes in the amount, timing and uncertainty of cash flows arising from the Covered Lines. To avoid distortion, the incurred losses and allocated loss adjustment expenses and cumulative paid losses and loss adjustment expenses for the Covered Lines are excluded entirely from the tables below. Unpaid loss and loss adjustment expenses recoverable at December 31, 2025 included $121 million related to such reinsurance agreements.

The following tables present information on the insurance segment’s short-duration insurance contracts:
Property, energy, marine and aviation (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$104 $101 $105 $100 $96 $92 $87 $87 $86 $86 $— 6,189 
2017281 246 236 230 231 225 225 224 225 — 6,512 
2018181 186 174 170 170 172 170 171 — 5,091 
2019179 179 165 161 159 156 156 (2)7,518 
2020359 329 336 333 337 335 1 8,558 
2021427 429 423 421 420 12 10,380 
2022522 495 576 679 91 16,853 
2023571 510 483 48 22,016 
2024703 607 142 25,054 
2025693 327 21,693 
Total$3,855 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$25 $83 $98 $97 $94 $91 $87 $87 $86 $86 
201730 140 195 212 216 218 220 221 223 
201830 102 135 143 150 154 157 162 
201926 105 134 139 148 153 155 
202056 194 251 293 306 317 
202190 268 343 365 396 
2022100 276 337 547 
2023146 271 378 
2024195 363 
2025267 
Total2,894 
All outstanding liabilities before 2016, net of reinsurance14 
Liabilities for losses and loss adjustment expenses, net of reinsurance$975 
Third party occurrence business (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$389 $394 $406 $399 $375 $367 $363 $352 $345 $331 $49 78,399 
2017417 417 422 412 407 406 404 408 398 72 84,591 
2018430 453 450 451 459 461 448 435 84 79,101 
2019456 487 480 471 470 451 439 80 87,700 
2020606 616 640 632 606 594 91 92,035 
2021622 662 659 671 688 66 94,124 
2022687 726 735 737 300 95,570 
2023877 936 936 482 100,702 
20241,001 1,038 756 103,711 
20251,153 1,022 79,110 
Total$6,749 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$12 $42 $87 $137 $164 $195 $215 $230 $246 $252 
201713 52 100 135 165 221 247 271 289 
201817 64 115 154 200 247 271 289 
201918 73 122 173 214 255 282 
202024 76 155 235 318 374 
202126 91 174 323 444 
202224 85 186 294 
202332 156 264 
202437 136 
202546 
Total2,670 
All outstanding liabilities before 2016, net of reinsurance375 
Liabilities for losses and loss adjustment expenses, net of reinsurance$4,454 
Third party claims-made business (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$275 $291 $308 $314 $322 $327 $329 $327 $329 $325 $8 15,135 
2017270 285 311 308 323 316 337 339 326 23 15,712 
2018272 314 319 335 347 366 366 362 22 17,304 
2019288 317 317 321 329 329 326 34 17,428 
2020383 412 423 445 432 419 54 17,580 
2021514 517 498 461 446 119 19,120 
2022668 654 589 570 186 21,348 
2023809 895 901 375 26,037 
2024736 777 432 29,857 
2025882 736 29,188 
Total$5,334 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$11 $68 $127 $158 $205 $242 $257 $295 $296 $304 
20179 67 113 143 196 232 257 276 284 
201812 68 118 158 208 258 285 305 
201912 65 122 154 196 235 254 
202017 87 151 214 265 309 
202123 90 162 223 269 
202225 100 218 307 
202364 200 332 
202456 196 
202549 
Total2,609 
All outstanding liabilities before 2016, net of reinsurance89 
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,814 
Multi-line and other specialty (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$408 $430 $427 $416 $410 $408 $408 $406 $404 $403 $3 196,531 
2017482 500 491 500 504 512 515 514 516 4 235,002 
2018512 564 562 564 564 564 564 566 6 265,421 
2019566 611 639 650 656 670 666 8 247,961 
2020616 567 513 515 519 519 22 170,515 
2021634 618 613 634 643 33 137,791 
2022677 640 639 624 64 156,572 
2023815 809 823 133 176,315 
20241,419 1,442 508 200,279 
20251,987 1,195 140,332 
Total$8,189 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$176 $304 $341 $362 $379 $385 $390 $391 $396 $397 
2017181 342 380 423 446 472 479 493 499 
2018211 388 442 479 508 526 543 550 
2019212 385 486 548 576 611 629 
2020171 308 358 405 450 469 
2021157 334 427 511 557 
2022177 370 439 491 
2023253 489 588 
2024336 727 
2025493 
Total5,400 
All outstanding liabilities before 2016, net of reinsurance38 
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,827 
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Property, energy, marine and aviation23.0 %41.4 %18.2 %8.9 %3.3 %1.0 %— %1.1 %(0.1)%0.1 %
Third party occurrence business3.7 %10.1 %12.4 %13.4 %11.3 %10.5 %6.1 %5.0 %4.6 %2.0 %
Third party claims-made business4.7 %16.1 %16.3 %12.0 %13.3 %11.8 %6.4 %7.7 %1.3 %2.4 %
Multi-line and other specialty31.2 %29.0 %11.0 %8.5 %5.6 %3.7 %2.1 %1.4 %1.1 %0.4 %
Reinsurance Segment
Loss Reserves for the Company’s reinsurance segment are comprised of (1) case reserves, (2) additional case reserves (“ACRs”) and (3) IBNR reserves. The Company receives reports of claims notices from ceding companies and records case reserves based upon the amount of reserves recommended by the ceding company. Case reserves may be supplemented by ACRs, which may be estimated by the Company’s claims personnel ahead of official notification from the ceding company, or when judgment regarding the size or severity of the known event differs from the ceding company. In certain instances, the Company establishes ACRs even when the ceding company does not report any liability on a known event. In addition, specific claim information reported by ceding companies or obtained through claim audits can alert the Company to emerging trends such as changing legal interpretations of coverage
and liability, claims from unexpected sources or classes of business, and significant changes in the frequency or severity of individual claims. Such information is often used in the process of estimating IBNR reserves. IBNR reserves are established to provide for incurred claims which have not yet been reported at the balance sheet date as well as to adjust for any projected variance in case reserving. Actuaries estimate ultimate losses and loss adjustment expenses using various generally accepted actuarial methods applied to known losses and other relevant information. Like case reserves, IBNR reserves are adjusted as additional information becomes known or payments are made. The process of estimating Loss Reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain.
The estimation of Loss Reserves for the reinsurance segment is subject to the same risk factors as the estimation of Loss Reserves for the insurance segment. In addition, the inherent uncertainties of estimating such reserves are even greater for reinsurers, due primarily to the following factors: (1) the claim-tail for reinsurers is generally longer because claims are first reported to the ceding company and then to the reinsurer through one or more intermediaries, (2) the reliance on premium estimates, where reports have not been received from the ceding company, in the reserving process, (3) the potential for writing a number of reinsurance contracts with different ceding companies with the same exposure to a single loss event, (4) the diversity of loss development patterns among different types of reinsurance contracts, (5) the necessary reliance on the ceding companies for information regarding reported claims and (6) the differing reserving practices among ceding companies.
Ultimate losses and loss adjustment expenses are generally determined by projection of claim emergence and settlement patterns observed in the past that can reasonably be expected to persist into the future. As with the insurance segment, the process of estimating Loss Reserves for the reinsurance segment involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain. As discussed above, such uncertainty is greater for reinsurers compared to insurers. As a result, our reinsurance operations obtain information from numerous sources to assist in the process. Pricing actuaries from the reinsurance segment devote considerable effort to understanding and analyzing a ceding company’s operations and loss history during the underwriting of the business, using a combination of ceding company and industry statistics. Such statistics normally include historical premium and loss data by class of business, individual claim information for larger claims, distributions of insurance limits provided, loss reporting and payment patterns, and rate change history. This analysis is used to project expected loss ratios for each treaty during the upcoming contract period.
As mentioned above, there can be a considerable time lag from the time a claim is reported to a ceding company to the time it is reported to the reinsurer. The lag can be several years in some cases and may be attributed to a number of reasons, including the time it takes to investigate a claim, delays associated with the litigation process, the deterioration in a claimant’s physical condition many years after an accident occurs, the case reserving approach of the ceding company, etc. In the reserving process, the Company assumes that such lags are predictable, on average, over time and therefore the lags are contemplated in the loss reporting patterns used in their actuarial methods. This means that the reinsurance segment must rely on estimates for a longer period of time than does an insurance company.
Backlogs in the recording of assumed reinsurance can also complicate the accuracy of loss reserve estimation. As of December 31, 2025 there were no significant backlogs related to the processing of assumed reinsurance information at our reinsurance operations.
The reinsurance segment relies heavily on information reported by ceding companies, as discussed above. In order to determine the accuracy and completeness of such information, underwriters, actuaries, and claims personnel often perform audits of ceding companies and regularly review information received from ceding companies for unusual or unexpected results. Material findings are usually discussed with the ceding companies. The Company sometimes encounters situations where they determine that a claim presentation from a ceding company is not in accordance with contract terms. In these situations, the Company attempts to resolve the dispute with the ceding company. Most situations are resolved amicably and without the need for litigation or arbitration. However, in the infrequent situations where a resolution is not possible, the Company will vigorously defend its position in such disputes.
Although Loss Reserves are initially determined based on underwriting and pricing analysis, the Company applies several generally accepted actuarial methods, as discussed above, on a quarterly basis to evaluate its Loss Reserves in addition to the expected loss method, in particular for reserves from more mature underwriting years (the year in which business is underwritten). Each quarter, as part of the reserving process, the Company’s actuaries reaffirm that the assumptions used in the reserving process continue to form a sound basis for projection of liabilities. If actual loss activity differs substantially from expectations based on historical information, an adjustment to Loss Reserves may be supported. Estimated Loss Reserves for more mature underwriting years are now based more on actual loss activity and historical patterns than on the initial assumptions based on pricing indications. More recent underwriting years rely more heavily on internal pricing assumptions. The Company places more or less reliance on a particular actuarial method based on the facts and circumstances at the time the estimates of Loss Reserves are made.
In the initial reserving process for short-tail reinsurance lines (consisting of property excluding property catastrophe and property catastrophe exposures), the Company relies on a combination of the reserving methods discussed above. For known catastrophic events, the reserving process also includes the usage of catastrophe models and a heavy reliance on analysis which includes ceding company inquiries and management judgment. The development of property losses may be unstable, especially where there is high catastrophic exposure, may be characterized by high
severity, low frequency losses for excess and catastrophe-exposed business and may be highly correlated across contracts. As time passes, for a given underwriting year, additional weight is given to the paid and incurred B-F loss development methods and historical paid and incurred loss development methods in the reserving process. The Company makes a number of key assumptions in reserving for short-tail lines, including that historical paid and reported development patterns are stable, catastrophe models provide useful information about our exposure to catastrophic events that have occurred and our underwriters’ judgment and guidance received from ceding companies as to potential loss exposures may be relied on. The expected loss ratios used in the initial reserving process for property exposures have varied over time due to changes in pricing, reinsurance structure, estimates of catastrophe losses, terms and conditions and geographical distribution. As losses in property lines are reported relatively quickly, expected loss ratios are selected for the current underwriting year incorporating the experience for earlier underwriting years, adjusted for rate changes, inflation, changes in reinsurance programs, expectations about present and future market conditions and expected attritional losses based on modeling. Due to the short-tail nature of property business, reported loss experience emerges quickly and ultimate losses are known in a reasonably short period of time.
In the initial reserving process for long-tail reinsurance lines (consisting of casualty, specialty, marine and aviation and other exposures), the Company primarily relies on the expected loss method. The development of long-tail business may be unstable, especially if there are high severity major events, with business written on an excess of loss basis typically having a longer tail than business written on a pro rata basis. As time passes, for a given underwriting year, additional weight is given to the paid and incurred B-F loss development methods and eventually to the historical paid and incurred loss development methods in the reserving process. Our reinsurance operations make a number of key assumptions in reserving for long-tail lines, including that the pricing loss ratio is the best estimate of the ultimate loss ratio at the time the contract is entered into, historical paid and reported development patterns are stable and claims personnel and underwriters’ analyses of our exposure to major events are our best estimate of our exposure to the known claims on those events. The expected loss ratios used in our reinsurance operations’ initial reserving process for long-tail contracts have varied over time due to changes in pricing, terms and conditions and reinsurance structure. As the credibility of historical experience for earlier underwriting years increases, the experience from these underwriting years is used in the actuarial analysis to determine future underwriting year expected loss ratios, adjusted for changes in pricing, loss trends, terms and conditions and reinsurance structure.
The following tables present information on the reinsurance segment’s short-duration insurance contracts:
Casualty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$216 $228 $252 $267 $274 $273 $277 $285 $287 $289 $45 N/A
2017271 258 274 302 314 321 336 343 346 55 N/A
2018281 295 286 291 304 314 328 332 53 N/A
2019336 346 372 384 406 405 402 65 N/A
2020389 377 360 379 399 365 108 N/A
2021444 438 428 428 464 163 N/A
2022552 533 546 539 241 N/A
2023664 669 695 385 N/A
2024734 776 624 N/A
20251,002 928 N/A
Total$5,210 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$6 $26 $52 $87 $114 $133 $158 $174 $188 $197 
20176 30 64 113 138 165 190 224 239 
20188 31 107 129 155 183 207 224 
201916 58 97 131 220 258 287 
202018 51 90 132 178 202 
202115 54 103 191 236 
202218 62 114 182 
202319 88 173 
202414 66 
202525 
Total1,831 
All outstanding liabilities before 2016, net of reinsurance406 
Liabilities for losses and loss adjustment expenses, net of reinsurance$3,785 
Property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$23 $16 $12 $9 $6 $6 $5 $4 $4 $4 $— N/A
201786 54 50 36 24 21 21 21 20 — N/A
201869 44 25 12 3 — (2)(4)— N/A
201912 4 4 (4)(11)(7)(8)1 N/A
2020272 337 341 330 319 321 5 N/A
2021323 318 305 307 302 11 N/A
2022306 298 273 262 30 N/A
2023272 272 227 18 N/A
2024512 441 67 N/A
2025415 84 N/A
Total$1,980 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$(7)$2 $2 $3 $2 $2 $2 $2 $2 $3 
201731 32 37 27 14 16 17 17 17 
201827 2 12 (17)(14)(13)(11)(12)
20194 4 8 (17)(16)(25)(26)
202057 158 208 251 262 271 
202166 177 230 239 243 
202270 169 211 219 
20238 84 120 
202460 145 
202582 
Total1,062 
All outstanding liabilities before 2016, net of reinsurance2 
Liabilities for losses and loss adjustment expenses, net of reinsurance$920 
Property excluding property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$174 $144 $136 $135 $138 $135 $129 $130 $127 $124 $3 N/A
2017267 250 237 230 213 205 202 201 197 6 N/A
2018223 239 235 212 202 203 203 197 3 N/A
2019216 206 195 190 190 196 193 11 N/A
2020368 339 319 320 322 313 (1)N/A
2021546 497 491 499 500 14 N/A
2022745 670 660 656 70 N/A
2023839 740 744 117 N/A
20241,212 1,056 325 N/A
20251,170 648 N/A
Total$5,150 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$33 $94 $98 $103 $111 $113 $114 $114 $117 $116 
201728 124 155 164 178 182 186 186 186 
201830 107 151 167 175 177 177 181 
201943 124 150 162 169 170 174 
2020101 207 243 266 280 291 
2021136 269 363 424 457 
2022142 360 468 526 
2023151 382 489 
2024144 445 
2025190 
Total3,055 
All outstanding liabilities before 2016, net of reinsurance8 
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,103 
Marine and aviation (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$27 $23 $23 $19 $17 $15 $12 $11 $11 $10 $2 N/A
201729 26 24 21 20 17 15 15 15 2 N/A
201827 25 24 24 21 21 20 19 2 N/A
201948 55 60 61 62 63 60 6 N/A
202083 76 80 80 82 81 4 N/A
2021110 96 82 79 86 8 N/A
2022126 138 134 167 38 N/A
2023161 170 156 44 N/A
2024233 220 100 N/A
2025227 172 N/A
Total$1,041 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$(7)$(2)$— $3 $6 $7 $7 $7 $7 $8 
20172 7 9 11 12 12 12 12 12 
20182 7 11 13 14 15 16 16 
201911 22 29 35 43 49 49 
20209 26 42 60 66 71 
20218 24 45 53 68 
202212 37 63 86 
202313 43 77 
202418 44 
202516 
Total447 
All outstanding liabilities before 2016, net of reinsurance18 
Liabilities for losses and loss adjustment expenses, net of reinsurance$612 
Specialty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$338 $335 $328 $319 $326 $321 $318 $319 $312 $315 $6 N/A
2017412 405 385 386 384 379 376 372 378 11 N/A
2018431 423 417 442 438 438 431 425 16 N/A
2019441 418 412 408 418 413 398 25 N/A
2020607 536 531 551 543 532 36 N/A
2021628 629 630 637 638 33 N/A
2022962 942 991 950 108 N/A
20231,303 1,230 1,321 330 N/A
20241,696 1,647 623 N/A
20251,960 1,275 N/A
Total$8,564 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$113 $213 $251 $271 $288 $295 $301 $305 $304 $305 
2017141 266 309 325 339 350 360 361 362 
2018135 286 326 348 366 389 393 392 
2019126 217 286 313 335 355 354 
2020138 299 377 413 453 471 
2021156 319 443 508 546 
2022186 465 627 698 
2023207 502 714 
2024331 705 
2025383 
Total4,930 
All outstanding liabilities before 2016, net of reinsurance35 
Liabilities for losses and loss adjustment expenses, net of reinsurance$3,669 
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Casualty2.9 %8.2 %11.8 %12.1 %11.5 %7.8 %7.6 %6.8 %4.7 %3.0 %
Property catastrophe(62.4)%110.1 %(23.8)%138.8 %(24.8)%17.4 %(4.8)%1.0 %2.2 %5.7 %
Property excluding property catastrophe20.9 %37.0 %14.5 %7.3 %5.4 %1.8 %1.2 %0.7 %1.1 %(0.7)%
Marine and aviation1.8 %24.3 %19.8 %15.0 %12.2 %6.4 %2.0 %1.1 %1.1 %6.2 %
Specialty26.2 %28.2 %14.6 %6.7 %5.4 %3.8 %1.2 %0.5 %— %0.1 %
Mortgage Segment
The Company’s mortgage segment includes (1) U.S. primary mortgage insurance (2) U.S. credit risk transfer and other, and (3) international mortgage insurance and reinsurance. The latter two categories along with second lien and student loan exposures are excluded on the basis of insignificance for the purposes of presenting disclosures related to short duration contracts.
For primary mortgage insurance business, the Company establishes case reserves for loans that have been reported as delinquent by loan servicers as well as those that are delinquent but not reported (IBNR reserves). The Company also reserves for the expenses of adjusting claims related to these delinquencies. The trigger that creates a case reserve estimate is that an insured loan is reported to us as being
two payments in arrears. The actuarial reviews and documentation created in the reserving process are completed in accordance with generally accepted actuarial standards. The selected assumptions reflect actuarial judgment based on the analysis of historical data and experience combined with information concerning current underwriting, economic, judicial, regulatory and other influences on ultimate claim settlements.
Because the reserving process requires the Company to forecast future conditions, it is inherently uncertain and requires significant judgment and estimation. The use of different estimates would result in the establishment of different reserve levels. Additionally, changes in estimates are likely to occur from period to period as economic conditions change, and the ultimate liability may vary significantly from the estimates used. Major risk factors
include (but are not limited to) changes in home prices and borrower equity, which can limit the borrower’s ability to sell the property and satisfy the outstanding loan balance, and changes in unemployment, which can affect the borrower’s income and ability to make mortgage payments.
The lead actuarial methodology used by the Company is a frequency-severity method based on the inventory of pending delinquencies. Each month the loan servicers report the delinquency status of each insured loan. Using the frequency-severity method allows the Company to take advantage of its knowledge of the number of delinquent loans and the coverage provided (“risk size”) on those loans by directly relating the reserves to these amounts. The delinquencies are grouped into homogeneous cohorts for analysis, reflecting the age of delinquency. A claim rate is then developed for each cohort which represents the frequency with which the delinquencies become claims. The claim frequency rates are based on an analysis of the patterns of emerging cure counts and claim counts, the foreclosure status of the pending delinquencies, the product and geographical mix of the delinquencies and our view of future economic and claim conditions, which include trends in home prices and unemployment. Claim rates can vary materially by age of delinquency, depending on the mix of delinquencies and economic conditions.
Claim size severity estimates are determined by examining the risk sizes on the delinquent loans and estimating the portion of risk that will be paid, as well as any expenses. This is done based on a review of historical development patterns, an assessment of economic conditions and the level of equity the borrowers may have in their homes, as well as considering economic conditions and loss mitigation opportunities. Mortgage insurance is generally not subject
to large claim sizes, as with some other lines of insurance. A claim size over $250,000 is rare, and this helps reduce the volatility of claim size estimates.
The claim rate and claim size assumptions generate case reserves for the population of reported delinquencies. The reserve for unreported delinquencies (included in IBNR reserves) is estimated by looking at historical patterns of reporting. Claim rates and claim sizes can then be assigned to estimated unreported delinquencies using assumptions made in the establishment of case reserves.
Mortgage insurance Loss Reserves are short-tail, in the sense that the vast majority of delinquencies are resolved within two years of being reported. While reserves are initially analyzed by reserve cohort, as described above, they are also rolled up by underwriting year to ensure that reserve assumptions are consistent with the performance of the underwriting year. The accuracy of prior reserve assumptions is also checked in hindsight to determine if adjustments to the assumptions are needed.
Loss Reserves for the Company’s mortgage reinsurance business and GSE credit risk sharing transactions are comprised of case reserves and IBNR reserves. The Company’s mortgage reinsurance operations receive reports of delinquent loans and claims notices from ceding companies and record case reserves based upon the amount of reserves recommended by the ceding company. In addition, specific claim and delinquency information reported by ceding companies is used in the process of estimating IBNR reserves.

The following table presents information on the mortgage segment’s short-duration insurance contracts:
U.S. primary mortgage insurance (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of paid claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$184 $171 $149 $141 $142 $142 $137 $136 $136 $136 — 3,564 
2017179 132 107 108 109 102 99 99 97 — 2,723 
2018132 96 89 88 72 69 69 66 — 1,990 
2019108 119 110 63 51 52 48 — 1,491 
2020420 374 78 33 31 26 — 904 
2021144 77 20 17 13 — 443 
2022173 55 30 22 — 604 
2023182 71 36 — 727 
2024180 86 — 509 
2025191 1 87 
Total$721 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
201611 72 113 127 131 132 132 133 134 135 
20179 48 79 87 90 92 93 95 95 
20184 31 50 56 59 60 63 64 
20193 20 29 34 39 42 44 
20201 4 8 13 19 21 
2021— 2 5 8 10 
2022— 3 10 14 
2023— 7 18 
20241 16 
20252 
Total419 
All outstanding liabilities before 2016, net of reinsurance9 
Liabilities for losses and loss adjustment expenses, net of reinsurance$311 
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
U.S. Primary4.1 %26.0 %26.0 %14.3 %9.6 %4.2 %2.6 %1.3 %0.7 %0.5 %
The following table represents a reconciliation of the disclosures of net incurred and paid loss development tables to the reserve for losses and loss adjustment expenses at December 31, 2025:
December 31, 2025
Net outstanding liabilities
Insurance
Property, energy, marine and aviation$975 
Third party occurrence business4,454 
Third party claims-made business2,814 
Multi-line and other specialty2,827 
Reinsurance
Casualty3,785 
Property catastrophe920 
Property excluding property catastrophe2,103 
Marine and aviation612 
Specialty3,669 
Mortgage
U.S. primary311 
Other short duration lines not included in disclosures (1)1,436 
Total for short duration lines23,906 
Unpaid losses and loss adjustment expenses recoverable
Insurance
Property, energy, marine and aviation456 
Third party occurrence business2,893 
Third party claims-made business907 
Multi-line and other specialty436 
Reinsurance
Casualty861 
Property catastrophe911 
Property excluding property catastrophe362 
Marine and aviation549 
Specialty1,386 
Mortgage
U.S. primary42 
Other short duration lines not included in disclosures (2)271 
Intercompany eliminations(20)
Total for short duration lines9,054 
Lines other than short duration136 
Discounting(78)
Unallocated claims adjustment expenses529 
587 
Reserve for losses and loss adjustment expenses$33,547 

(1)    Includes amounts primarily associated with the loss portfolio reinsurance agreement related to the MCE Acquisition. See note 2.
(2)    Includes unpaid loss and loss adjustment expenses recoverable of $121 million related to the loss portfolio transfer reinsurance agreements.
v3.25.4
Allowance for Expected Credit Losses
 12 Months Ended
Dec. 31, 2025
Credit Loss [Abstract]  
Allowance for expected credit losses
Premiums Receivable
The following table provides a roll forward of the allowance for expected credit losses of the Company’s premium receivables:
Year Ended December 31, 2025Premium Receivables, Net of AllowanceAllowance for Expected Credit Losses
Balance at beginning of period$5,634 $45 
Change for provision of expected credit losses (1)(2)
Balance at end of period$5,723 $43 
Year Ended December 31, 2024
Balance at beginning of period$4,644 $34 
Provision on business acquired (2)16 
Change for provision of expected credit losses (1)(5)
Balance at end of period$5,634 $45 
(1) Amounts deemed uncollectible are written-off in operating expenses. For the 2025 and 2024 periods, amounts written off totaled $3 million and $3 million, respectively.
(2) Reflects provision for current expected credit losses on premiums receivable related to the MCE Acquisition. See note 2.
Reinsurance Recoverables
The Company monitors the financial condition of its reinsurers and attempts to place coverages only with substantial, financially sound carriers. Although the Company has not experienced any material credit losses to date, an inability of its reinsurers or retrocessionaires to meet their obligations to it over the relevant exposure periods for any reason could have a material adverse effect on its financial condition and results of operations.
The following table provides a roll forward of the allowance for expected credit losses of the Company’s reinsurance recoverables:
Year Ended December 31, 2025Reinsurance Recoverables, Net of AllowanceAllowance for Expected Credit Losses
Balance at beginning of period$8,260 $17 
Change for provision of expected credit losses— 
Balance at end of period$9,526 $17 
Year Ended December 31, 2024
Balance at beginning of period$7,064 $21 
Change for provision of expected credit losses(4)
Balance at end of period8,260 $17 
The following table summarizes the Company’s reinsurance recoverables on paid and unpaid losses (not including ceded unearned premiums) at December 31, 2025 and 2024:
December 31,
20252024
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses$9,526$8,260
% due from carriers with A.M. Best rating of “A-” or better62.1 %63.8 %
% due from all other carriers with no A.M. Best rating (1)37.9 %36.2 %
Largest balance due from any one carrier as % of total shareholders’ equity8.1 %7.8 %
(1)    At December 31, 2025 and 2024 period, over 96% of such amounts were collateralized through reinsurance trusts, funds withheld arrangements, letters of credit or other.
Contractholder Receivables
The following table provides a roll forward of the allowance for expected credit losses of the Company’s contractholder receivables:
Year Ended December 31, 2025Contractholder Receivables, Net of AllowanceAllowance for Expected Credit Losses
Balance at beginning of period$2,161 $5 
Change for provision of expected credit losses2 
Balance at end of period$2,270 $7 
Year Ended December 31, 2024
Balance at beginning of period$1,814 $3 
Change for provision of expected credit losses2 
Balance at end of period2,161 $5 
v3.25.4
Reinsurance
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance
In the normal course of business, the Company’s insurance subsidiaries cede a portion of their premium through pro rata and excess of loss reinsurance agreements on a treaty or facultative basis to third parties. The Company’s reinsurance subsidiaries participate in “common account” retrocessional arrangements for certain pro rata treaties. Such arrangements reduce the effect of individual or aggregate losses to all companies participating on such treaties, including the reinsurers, such as the Company’s reinsurance subsidiaries, and the ceding company. In addition, the Company’s reinsurance subsidiaries may purchase retrocessional coverage as part of their risk management program. The Company’s mortgage subsidiaries cede a portion of their premium through quota share arrangements and enter into various aggregate excess of loss mortgage reinsurance agreements with various special purpose reinsurance companies. Reinsurance recoverables are recorded as assets, predicated on the reinsurers’ ability to meet their obligations under the reinsurance agreements. If the reinsurers are unable to satisfy their obligations under the agreements, the Company’s insurance or reinsurance subsidiaries would be liable for such defaulted amounts.
The effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses with unaffiliated reinsurers were as follows:
Year Ended December 31,
202520242023
Premiums Written
Direct$10,250 $10,056 $9,652 
Assumed12,628 11,455 8,751 
Ceded(6,402)(5,779)(4,935)
Net$16,476 $15,732 $13,468 
Premiums Earned
Direct$10,200 $9,721 $9,131 
Assumed13,089 10,880 7,890 
Ceded(6,224)(5,501)(4,581)
Net$17,065 $15,100 $12,440 
Losses and Loss Adjustment Expenses
Direct$5,975 $5,676 $4,739 
Assumed7,260 6,137 3,975 
Ceded(3,865)(3,471)(2,468)
Net$9,370 $8,342 $6,246 
Bellemeade Re
The Company has entered into various aggregate excess of loss mortgage reinsurance agreements with various special purpose reinsurance companies domiciled in Bermuda (the “Bellemeade Agreements”). For the respective coverage periods, the Company will retain the first layer of the respective aggregate losses and the special purpose reinsurance companies will provide second layer coverage up to the outstanding coverage amount. The Company will then retain losses in excess of the outstanding coverage limit. The aggregate excess of loss reinsurance coverage decreases over a ten-year period as the underlying covered mortgages amortize. See note 12.
The following table summarizes the respective coverages and retentions at December 31, 2025:
Bellemeade Entities
(Issue Date)		Initial Coverage at IssuanceCurrent
Coverage		Remaining Retention, Net
2021-3 Ltd. (1)$639 $35 $130 
2022-1 Ltd. (2)317 54 135 
2022-2 Ltd. (3)327 134 187 
2023-1 Ltd. (4)233 186 164 
2024-1 Ltd. (5)204 163 170 
2025-1 Ltd. (6)249 239 166 
Total$1,969 $811 $952 

(1)    Issued in September 2021, covering in-force policies issued between April 1, 2021 and June 30, 2021. $508 million was directly funded by Bellemeade Re 2021-3 Ltd. via insurance-linked notes, with an additional $131 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(2)    Issued in January 2022, covering in-force policies issued between July 1, 2021 and November 30, 2021. $284 million was directly funded by Bellemeade Re 2022-1 Ltd. via insurance-linked notes, with an additional $33 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(3)    Issued in September 2022, covering in-force policies issued between November 1, 2021 and June 30, 2022. $201 million was directly funded by Bellemeade Re 2022-2 Ltd. via insurance-linked notes, with an additional $126 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(4)    Issued in October 2023, covering in-force policies issued between January 1, 2023 and September 30, 2023. $186 million was directly funded by Bellemeade Re 2023-1 Ltd. via insurance-linked notes, with an additional $47 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(5)    Issued in August 2024, covering in-force policies issued between September 1, 2023 and July 31, 2024. $163 million was directly funded by Bellemeade Re 2024-1 Ltd. via insurance-linked notes, with an additional $41 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(6)    Issued in November 2025, covering in-force policies issued between July 1, 2024 and September 30, 2025. $199 million was directly funded by Bellemeade Re 2025-1 Ltd. via insurance-linked notes, with an additional $50 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
v3.25.4
Investment Information
 12 Months Ended
Dec. 31, 2025
Disclosure Investment Information [Abstract]  
Investment
Available For Sale Investments
The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
Estimated
Fair
Value		Gross Unrealized GainsGross Unrealized LossesAllowance for Expected Credit LossesCost or
Amortized
Cost
December 31, 2025
Fixed maturities:
Corporate bonds$14,058 $265 $(142)$(10)$13,945 
U.S. government and government agencies7,445 23 (21)— 7,443 
Asset backed securities3,574 20 (15)(8)3,577 
Non-U.S. government securities3,270 53 (81)(1)3,299 
Residential mortgage backed securities2,705 34 (21)— 2,692 
Commercial mortgage backed securities1,212 11 (5)(1)1,207 
Municipal bonds162 — (4)— 166 
Total32,426 406 (289)(20)32,329 
Short-term investments2,625 2 (1)— 2,624 
Total$35,051 $408 $(290)$(20)$34,953 
December 31, 2024
Fixed maturities:
Corporate bonds$12,487 $110 $(346)$(12)$12,735 
U.S. government and government agencies6,710 8 (149)— 6,851 
Asset backed securities2,900 19 (32)(8)2,921 
Non-U.S. government securities2,538 30 (107)(1)2,616 
Residential mortgage backed securities1,079 6 (31)— 1,104 
Commercial mortgage backed securities1,058 6 (11)(1)1,064 
Municipal bonds263 — (16)— 279 
Total27,035 179 (692)(22)27,570 
Short-term investments2,784 2 (2)— 2,784 
Total$29,819 $181 $(694)$(22)$30,354 
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
Less than 12 Months12 Months or MoreTotal
Estimated Fair
Value		Gross Unrealized LossesEstimated Fair
Value		Gross Unrealized LossesEstimated Fair
Value		Gross Unrealized Losses
December 31, 2025
Fixed maturities:
Corporate bonds$2,972 $(64)$1,364 $(78)$4,336 $(142)
U.S. government and government agencies3,092 (15)274 (6)3,366 (21)
Non-U.S. government securities2,087 (35)432 (46)2,519 (81)
Residential mortgage backed securities312 (3)178 (18)490 (21)
Asset backed securities806 (2)332 (13)1,138 (15)
Commercial mortgage backed securities239 (1)48 (4)287 (5)
Municipal bonds6 — 137 (4)143 (4)
Total9,514 (120)2,765 (169)12,279 (289)
Short-term investments614 (1)— — 614 (1)
Total$10,128 $(121)$2,765 $(169)$12,893 $(290)
December 31, 2024
Fixed maturities:
Corporate bonds$4,582 $(114)$2,924 $(232)$7,506 $(346)
U.S. government and government agencies5,130 (100)516 (49)5,646 (149)
Non-U.S. government securities1,650 (58)418 (49)2,068 (107)
Residential mortgage backed securities571 (6)186 (25)757 (31)
Asset backed securities236 (8)426 (24)662 (32)
Commercial mortgage backed securities180 (1)434 (10)614 (11)
Municipal bonds48 (1)176 (15)224 (16)
Total12,397 (288)5,080 (404)17,477 (692)
Short-term investments97 (2)— — 97 (2)
Total$12,494 $(290)$5,080 $(404)$17,574 $(694)
At December 31, 2025, on a lot level basis, approximately 7,240 security lots out of a total of approximately 25,330 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $4 million. The Company believes that such securities were temporarily impaired at December 31, 2025. At December 31, 2024, on a lot level basis, approximately 9,980 security lots out of a total of approximately 20,930 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $8 million.
The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2025December 31, 2024
Maturity
Estimated Fair Value
Amortized Cost
Estimated Fair Value
Amortized Cost
Due in one year or less$370 $366 $438 $451 
Due after one year through five years17,053 16,989 15,364 15,590 
Due after five years through 10 years6,893 6,877 5,811 6,039 
Due after 10 years619 621 385 401 
24,935 24,853 21,998 22,481 
Mortgage backed securities2,705 2,692 1,079 1,104 
Commercial mortgage backed securities1,212 1,207 1,058 1,064 
Asset backed securities3,574 3,577 2,900 2,921 
Total$32,426 $32,329 $27,035 $27,570 
Equity Securities, at Fair Value
At December 31, 2025, the Company held $1.9 billion of equity securities, at fair value, compared to $1.7 billion at December 31, 2024.
Net Investment Income
The components of net investment income were derived from the following sources:
Year Ended December 31,
202520242023
Fixed maturities$1,465 $1,266 $917 
Short-term investments102 144 68 
Equity securities (dividends)41 40 22 
Other (1)109 136 93 
Gross investment income1,717 1,586 1,100 
Investment expenses(92)(91)(77)
Net investment income$1,625 $1,495 $1,023 
(1)    Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items.

Net Realized Gains (Losses)
Net realized gains (losses) were as follows:
Year Ended December 31,
202520242023
Available for sale securities:
Gross gains on investment sales$296 $259 $116 
Gross losses on investment sales(271)(354)(547)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities29 3 18 
Other investments38 (144)27 
Equity securities— (1)1 
Short-term investments3 — — 
Equity securities, at fair value :
Net realized gains (losses) on securities sold84 62 61 
Net unrealized gains (losses) on equity securities still held at reporting date130 108 88 
Allowance for credit losses:
Investments related(6)— 3 
Underwriting related3 5 (1)
Derivative instruments (1)327 8 59 
Other (2)(169)251 10 
Net realized gains (losses)$464 $197 $(165)
(1)    See note 11, for information on the Company’s derivative instruments.
(2)    Amounts in the 2025 periods primarily include losses related to the sale of certain alternative investments accounted for under the equity method, while amounts in the 2024 period include benefits from the sale of Castel Underwriting Agencies Limited and the acquisition of RMIC Companies, Inc.
Other Investments, at Fair Value
The following table summarizes the Company’s assets and liabilities which are accounted for using the fair value option:
December 31,
20252024
Other investments$1,957 $2,135 
Fixed maturities1,110 854 
Equity securities5 7 
Short-term investments64 70 
Total other investments$3,136 $3,066 
The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:

December 31,

2025

2024
Investment grade fixed income1,225 1,055 
Private equity250 229 
Lending220 303 
Term loan investments173 430 
Credit related funds87 99 
Energy2 19 
Total
$1,957 $2,135 
Limited Partnership Interests
In the normal course of its activities, the Company invests in limited partnerships as part of its overall investment strategy. Such amounts are included in ‘investments accounted for using the equity method’ and ‘investments accounted for using the fair value option.’ The Company determined that these limited partnership interests represented variable interests in the funds. The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment.
The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet item:
December 31,
20252024
Investments accounted for using the equity method (1)$6,453 $5,980 
Investments accounted for using the fair value option (2)— 48 
Total$6,453 $6,028 
(1)     Aggregate unfunded commitments were $3.6 billion at December 31, 2025, compared to $4.3 billion at December 31, 2024.
(2)    Aggregate unfunded commitments were $65 million at December 31, 2025, compared to $21 million at December 31, 2024.
Investments Accounted For Using the Equity Method
The following table summarizes the Company’s investments accounted for using the equity method, by strategy:

December 31,

20252024
Private equity$2,397 $1,915 
Credit related funds1,616 1,487 
Real estate767 869 
Lending558 616 
Fixed income501 384 
Infrastructure346 425 
Equities231 217 
Energy37 67 
Total
$6,453 $5,980 
In applying the equity method, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the fair value of the underlying securities in the funds). Such investments are generally recorded on a one to three month lag based on the availability of reports from the investment funds.
Equity in Net Income (Loss) of Investments Accounted For Using the Equity Method
The Company recorded equity in net income related to investments accounted for using the equity method of $504 million for 2025, compared to $580 million for 2024 and $278 million for 2023. In applying the equity method, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the market value of the underlying securities in the funds).
A summary of aggregated financial information for the Company’s investment funds and operating affiliates accounted for using the equity method is as follows:
December 31,
20252024
Invested assets$139,175 $113,977 
Total assets156,736 132,647 
Total liabilities37,031 36,614 
Net assets$119,705 $96,033 
Year Ended December 31,
202520242023
Total revenues$21,594 $19,160 $7,766 
Total expenses8,643 7,269 7,174 
Net income (loss)$12,951 $11,891 $592 
Certain of the Company’s other investments and investments accounted for using the equity method are in investment funds for which the Company has the option to redeem at agreed upon values as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investments in investment funds may be redeemed daily, monthly, quarterly or on other terms. Two common redemption restrictions which may impact the Company’s ability to redeem these investment funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the investment fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. If the investment funds are eligible to be redeemed, the time to redeem such fund can take weeks or months following the notification.
Investments in Operating Affiliates
Investments in which the Company has significant influence over the operating and financial policies are classified as ‘investments in operating affiliates’ on the Company’s balance sheets and are accounted for under the equity method. Such investments primarily include the Company’s investment in Coface SA (“Coface”), Greysbridge Holdings Ltd., (“Greysbridge”) and Premia Holdings Ltd. (“Premia”). Investments in Coface and Premia are generally recorded on a three month lag, while the Company’s investment in Greysbridge is not recorded on a lag.
In 2021, the Company completed the share purchase agreement with Natixis to purchase 29.5% of the common equity of Coface, a France-based leader in the global trade credit insurance market. The consideration paid was €9.95 per share, or an aggregate €453 million (approximately $546 million) including related fees. As of December 31, 2025, the Company owned approximately 29.9% of the issued shares of Coface, or 30% excluding treasury shares, with a carrying value of $707 million, compared to $592 million at December 31, 2024.
In 2021, the Company’s investment in Somers Group Holdings Ltd. and its wholly owned subsidiaries (collectively, “Somers”) was acquired by Greysbridge for a cash purchase price of $35.00 per common share. As of December 31, 2025, the Company owns 30% of Greysbridge, compared to 40% at December 31, 2024, with the remaining interests held by third party investors. At December 31, 2025 the
Company’s carrying value in Greysbridge was $486 million, compared to $523 million at December 31, 2024. See note 16.
The Company recorded income from operating affiliates of $180 million for 2025, compared to $200 million for 2024 and $184 million for 2023.
Allowance for Expected Credit Losses
The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
Year Ended December 31, 2025Structured Securities (1)Non-U.S. Government SecuritiesCorporate
Bonds		Total
Balance at beginning of period$9 $1 $12 $22 
Additions for current-period provision for expected credit losses3 — 2 5 
Additions (reductions) for previously recognized expected credit losses(3)— 3 — 
Reductions due to disposals— — (7)(7)
Balance at end of period$9 $1 $10 $20 
Year Ended December 31, 2024
Balance at beginning of period$7 $1 $20 $28 
Additions for current-period provision for expected credit losses— — — — 
Additions (reductions) for previously recognized expected credit losses 3 — (3)— 
Reductions due to disposals(1)— (5)(6)
Balance at end of period$9 $1 $12 $22 
(1)    Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
Restricted Assets
The Company is required to maintain assets on deposit, which primarily consist of fixed maturities, with various regulatory authorities to support its underwriting operations. The Company’s subsidiaries maintain assets in trust accounts as collateral for transactions with affiliated companies and also have investments in segregated portfolios primarily to provide collateral or guarantees for letters of credit to third parties
The following table details the value of the Company’s restricted assets:
December 31,
20252024
Assets used for collateral or guarantees:
Affiliated transactions$5,323 $4,730 
Third party agreements6,784 5,999 
Deposits with U.S. regulatory authorities948 882 
Other (1)1,898 1,437 
Total restricted assets $14,953 $13,048 
(1) Primarily includes Funds at Lloyd’s, deposits with non-U.S. regulatory authorities and other restricted assets.
Reconciliation of Cash and Restricted Cash
The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
December 31,
202520242023
Cash$993 $979 $917 
Restricted cash (included in ‘other assets’)1,074 781 581 
Cash and restricted cash$2,067 $1,760 $1,498 
v3.25.4
Fair Value
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value
Accounting guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use a fair value measure for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement (Level 1 being the highest priority and Level 3 being the lowest priority).
The levels in the hierarchy are defined as follows:
Level 1:
Inputs to the valuation methodology are observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets
Level 2:
Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument
Level 3:
Inputs to the valuation methodology are unobservable and significant to the fair value measurement
Following is a description of the valuation methodologies used for securities measured at fair value, as well as the general classification of such securities pursuant to the valuation hierarchy. The Company reviews its securities measured at fair value and discusses the proper classification of such investments with investment advisers and others.
The Company determines the existence of an active market based on its judgment as to whether transactions for the financial instrument occur in such market with sufficient frequency and volume to provide reliable pricing information. The independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets. The Company uses quoted values and other data provided by nationally recognized independent pricing sources as inputs into its process for determining fair values of its fixed maturity investments. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) quantitative analysis (e.g., comparing the quarterly return for each managed portfolio to its target
benchmark, with significant differences identified and investigated); (ii) a review of the prices obtained in the pricing process and the range of resulting fair values; (iii) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; (iv) a comparison of the fair value estimates to the Company’s knowledge of the current market; (v) a comparison of the pricing services' fair values to other pricing services' fair values for the same investments; and (vi) periodic back-testing, which includes randomly selecting purchased or sold securities and comparing the executed prices to the fair value estimates from the pricing service. A price source hierarchy was maintained in order to determine which price source would be used (i.e., a price obtained from a pricing service with more seniority in the hierarchy will be used over a less senior one in all cases). The hierarchy prioritizes pricing services based on availability and reliability and assigns the highest priority to index providers. Based on the above review, the Company will challenge any prices for a security or portfolio which are considered not to be representative of fair value.
In certain circumstances, when fair values are unavailable from these independent pricing sources, quotes are obtained directly from broker-dealers who are active in the corresponding markets. Such quotes are subject to the validation procedures noted above. Of the $40.3 billion of financial assets and liabilities measured at fair value at December 31, 2025, approximately $278 million, or 0.7%, were priced using non-binding broker-dealer quotes. Of the $35.0 billion of financial assets and liabilities measured at fair value at December 31, 2024, approximately $185 million, or 0.5%, were priced using non-binding broker-dealer quotes.
Fixed maturities
The Company uses the market approach valuation technique to estimate the fair value of its fixed maturity securities, when possible. The market approach includes obtaining prices from independent pricing services, such as index providers and pricing vendors, as well as to a lesser extent quotes from broker-dealers. The independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets. Each source has its own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of “matrix pricing” in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value. The following describes the significant inputs generally used to determine the fair value of the Company’s fixed maturity securities by asset class:
U.S. government and government agencies – valuations provided by independent pricing services, with all prices provided through index providers and pricing vendors. The Company determined that all U.S. Treasuries would be classified as Level 1 securities due to observed levels of trading activity, the high number of strongly correlated pricing quotes received on U.S. Treasuries and other factors. The fair values of U.S. government agency securities are generally determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency securities are classified within Level 2.
Corporate bonds – valuations provided by independent pricing services, substantially all through index providers and pricing vendors with a small amount through broker-dealers. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and from broker-dealers who trade in the relevant security market. As the significant inputs used in the pricing process for corporate bonds are observable market inputs, the fair value of these securities are classified within Level 2. A small number of securities are included in Level 3 due to the lack of an available independent price source for such securities. As the significant inputs used to price these securities are unobservable, the fair value of such securities are classified as Level 3.
Residential mortgage-backed securities – valuations provided by independent pricing services, substantially all through pricing vendors and index providers with a small amount through broker-dealers. The fair values of these securities are generally determined through the use of pricing models (including Option Adjusted Spread) which use spreads to determine the expected average life of the securities. These spreads are generally obtained from the new issue market, secondary trading and from broker-dealers who trade in the relevant security market. The pricing services also review prepayment speeds and other indicators, when applicable. As the significant inputs used in the pricing process for mortgage-backed securities are observable market inputs, the fair value of these securities are classified within Level 2.
Municipal bonds – valuations provided by independent pricing services, with all prices provided through index providers and pricing vendors. The fair values of these securities are generally determined using spreads obtained from broker-dealers who trade in the relevant security market, trade prices and the new issue market. As the significant inputs used in the pricing process for municipal bonds are observable market inputs, the fair value of these securities are classified within Level 2.
Commercial mortgage-backed securities – valuations provided by independent pricing services, substantially all through index providers and pricing vendors with a small amount through broker-dealers. The fair values of these securities are generally determined through the use of pricing models which use spreads to determine the appropriate average life of the securities. These spreads are generally obtained from the new issue market, secondary trading and from broker-dealers who trade in the relevant security market. As the significant inputs used in the pricing process for commercial mortgage-backed securities are observable market inputs, the fair value of these securities are classified within Level 2.
Non-U.S. government securities – valuations provided by independent pricing services, with all prices provided through index providers and pricing vendors. The fair values of these securities are generally based on international indices or valuation models which include daily observed yield curves, cross-currency basis index spreads and country credit spreads. As the significant inputs used in the pricing process for non-U.S. government securities are observable market inputs, the fair value of these securities are classified within Level 2.
Asset-backed securities – valuations provided by independent pricing services, substantially all through index providers and pricing vendors with a small amount through broker-dealers. The fair values of these securities are generally determined through the use of pricing models (including Option Adjusted Spread) which use spreads to determine the appropriate average life of the securities. These spreads are generally obtained from the new issue market, secondary trading and from broker-dealers who trade in the relevant security market. As the significant inputs used in the pricing process for asset-backed securities are observable market inputs, the fair value of these securities are classified within Level 2. A small number of securities are included in Level 3 due to a low level of transparency on the inputs used in the pricing process.
Equity securities
The Company determined that exchange-traded equity securities would be included in Level 1 as their fair values are based on quoted market prices in active markets. Other equity securities are included in Level 2 of the valuation hierarchy. A small number of securities are included in Level 3 due to the lack of an available independent price source for such securities. As the significant inputs used to price these securities are unobservable, the fair value of such securities are classified as Level 3.
Other investments
The Company determined that exchange-traded investments would be included in Level 1 as their fair values are based on quoted market prices in active markets. Other investments also include term loan investments for which fair values are estimated by using quoted prices of term loan investments with similar characteristics, pricing models or matrix pricing. Such investments are generally classified within Level 2. A small number of securities are included in Level 3 due to the lack of an available independent price source for such securities.
Derivative instruments
The Company’s futures contracts, foreign currency forward contracts, interest rate swaps and other derivatives trade in the over-the-counter derivative market. The Company uses the market approach valuation technique to estimate the fair value for these derivatives based on significant observable market inputs from third party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used in the pricing process for these derivative instruments are observable market inputs, the fair value of these securities are classified within Level 2.
Short-term investments
The Company determined that certain of its short-term investments held in highly liquid money market-type funds, Treasury bills and commercial paper would be included in Level 1 as their fair values are based on quoted market prices in active markets. The fair values of certain short-term investments are generally determined using the spread above the risk-free yield curve and are classified within Level 2. Other short-term investments are included in Level 3 due to the lack of an available independent price source for such securities. As the significant inputs used to price these short-term securities are unobservable, the fair value of such securities are classified as Level 3.

Residential mortgage loans
The Company’s residential mortgage loans (included in ‘other assets’ in the consolidated balance sheets) include amounts related to the Company’s whole mortgage loan purchase and sell program. Fair values of residential mortgage loans are generally determined based on market prices. As significant inputs used in pricing process for these residential mortgage loans are observable market inputs, the fair value of these securities are classified within Level 2.
Other liabilities
The Company’s other liabilities include contingent and deferred consideration liabilities related to the Company’s acquisitions. Contingent consideration liabilities are remeasured at fair value at each balance sheet date with changes in fair value recognized in ‘net realized gains (losses).’ To determine the fair value of contingent consideration liabilities, the Company estimates the future payments using an income approach based on modeled inputs which include a weighted average cost of capital. Deferred consideration liabilities are measured at fair value on the transaction date. The Company determined that contingent and deferred consideration liabilities would be included within Level 3.

The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2025:
Fair Value Measurement Using:
Estimated
Fair Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds$14,058 $— $13,930 $128 
U.S. government and government agencies7,445 7,445 — — 
Asset backed securities3,574 — 3,557 17 
Non-U.S. government securities3,270 — 3,270 — 
Residential mortgage backed securities2,705 — 2,705 — 
Commercial mortgage backed securities1,212 — 1,212 — 
Municipal bonds162 — 162 — 
Total32,426 7,445 24,836 145 
Short-term investments2,625 2,326 299 — 
Equity securities, at fair value1,864 1,829 26 9 
Derivative instruments (1)180 — 180 — 
Residential mortgage loans24 — 24 — 
Fair value option:
Corporate bonds1,102 — 1,102 — 
Non-U.S. government bonds3 — 3 — 
Asset backed securities— — — — 
U.S. government and government agencies5 5 — — 
Short-term investments64 2 22 40 
Equity securities5 — — 5 
Other investments398 — 166 232 
Other investments measured at net asset value (2)1,559 
Total3,136 7 1,293 277 
Total assets measured at fair value$40,255 $11,607 $26,658 $431 
Liabilities measured at fair value:
Other liabilities$(18)$— $— $(18)
Derivative instruments (1)(72)— (72)— 
Total liabilities measured at fair value$(90)$— $(72)$(18)
(1)    See note 11.
(2)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2024:
Fair Value Measurement Using:
Estimated
Fair Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds$12,487 $— $12,390 $97 
U.S. government and government agencies6,710 6,709 1 — 
Asset backed securities2,900 — 2,900 — 
Non-U.S. government securities2,538 — 2,538 — 
Residential mortgage backed securities1,079 — 1,079 — 
Commercial mortgage backed securities1,058 — 1,058 — 
Municipal bonds263 — 263 — 
Total27,035 6,709 20,229 97 
Equity securities, at fair value1,675 1,640 28 7 
Short-term investments2,784 2,704 80 — 
Derivative instruments (1)206 — 206 — 
Residential mortgage loans15 — 15 — 
Fair value option:
Corporate bonds832 — 832 — 
Non-U.S. government bonds8 — 8 — 
Asset backed securities— — — — 
U.S. government and government agencies14 14 — — 
Short-term investments70 — 37 33 
Equity securities6 2 — 4 
Other investments752 — 563 189 
Other investments measured at net asset value (2)1,383 
Total3,065 16 1,440 226 
Total assets measured at fair value$34,780 $11,069 $21,998 $330 
Liabilities measured at fair value:
Other liabilities$(73)$— $— $(73)
Derivative instruments (1)(115)— (115)— 
Total liabilities measured at fair value$(188)$— $(115)$(73)
(1)    See note 11.
(2)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for 2025 and 2024:
Assets
Liabilities
Available For Sale
Fair Value Option
Fair Value
Structured Securities (1)Corporate
Bonds		Short-term
Investments		Other
Investments		Short-term
Investments
Equity Securities
Equity
Securities
Other Liabilities
Year Ended December 31, 2025
Balance at beginning of year
$— $97 $— $189 $33 $4 $7 $(73)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)
— 1 — — — 1 — 2 
Included in other comprehensive income— 1 — — — — — (2)
Purchases, issuances, sales and settlements
Purchases
14 1 — 190 67 — 2 — 
Issuances
— — — — — — — — 
Sales
— — — (5)— — — — 
Settlements
(2)(60)— (146)(60)— — 55 
Transfers in and/or out of Level 3
5 88 — 4 — — — — 
Balance at end of year
$17 $128 $— $232 $40 $5 $9 $(18)
Year Ended December 31, 2024
Balance at beginning of year
$— $147 $84 $106 $10 $4 $5 $(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)
— 1 — (5)— — — 10 
Included in other comprehensive income— 2 1 — — — — 1 
Purchases, issuances, sales and settlements
Purchases
— 100 12 148 41 — 2 — 
Issuances
— — — — — — — (64)
Sales
— — — (5)— — — — 
Settlements
— (153)(97)(70)(18)— — 2 
Transfers in and/or out of Level 3
— — — 15 — — — — 
Balance at end of year
$— $97 $— $189 $33 $4 $7 $(73)
(1) Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
(2) Gains or losses were included in net realized gains (losses).

Financial Instruments Disclosed, But Not Carried, At Fair Value
The Company uses various financial instruments in the normal course of its business. The carrying values of cash, accrued investment income, receivable for securities sold, certain other assets, payable for securities purchased and certain other liabilities approximated their fair values at December 31, 2025, due to their respective short maturities. As these financial instruments are not actively traded, their respective fair values are classified within Level 2.
At December 31, 2025, the Company’s senior notes were carried at their cost, net of debt issuance costs, of $2.7 billion and had a fair value of $2.5 billion. At December 31, 2024, the Company’s senior notes were carried at their cost, net of debt issuance costs, of $2.7 billion and had a fair value of $2.4 billion. The fair values of the senior notes were obtained from a third party pricing service and are based on observable market inputs. As such, the fair value of the senior notes is classified within Level 2.

Fair Value Measurements on a Non-Recurring Basis
The Company measures the fair value of certain assets on a non-recurring basis, generally quarterly, annually, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include investments accounted for using the equity method, certain other investments, goodwill and intangible assets, and long-lived assets. The Company uses a variety of techniques to measure the fair value of these assets when appropriate, as described below:
Investments accounted for using the equity method. When the Company determines that the carrying value of these assets may not be recoverable, the Company records the assets at fair value with the loss recognized in income. In such cases, the Company measures the fair value of these assets using the techniques discussed above in “—Fair Value Measurements on a Recurring Basis.”
Goodwill and Intangible Assets. The Company tests goodwill and intangible assets annually for impairment or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. When the Company determines goodwill and intangible assets may be impaired, the Company uses techniques including discounted expected future cash flows, to measure fair value.
Long-Lived Assets. The Company tests its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of a long-lived asset may not be recoverable.
v3.25.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
The Company’s investment strategy allows for the use of derivative instruments. The Company’s derivative instruments are recorded on its consolidated balance sheets at fair value. The Company utilizes exchange traded U.S. Treasury note, Eurodollar and other futures contracts and commodity futures to manage portfolio duration or replicate investment positions in its portfolios and the Company routinely utilizes foreign currency forward contracts, currency options, index futures contracts and other derivatives as part of its total return objective. In addition, certain of the Company’s investments are managed in portfolios which incorporate the use of foreign currency forward contracts which are intended to provide an economic hedge against foreign currency movements.
The following table summarizes information on the fair values and notional values of the Company’s derivative instruments:
Estimated Fair Value
 Asset
Derivatives (1)		Liability Derivatives (1)Notional
Value (2)
December 31, 2025   
Futures contracts$81 $(19)$8,022 
Foreign currency forward contracts75 (38)2,458 
Other (3)24 (15)161 
Total$180 $(72)
December 31, 2024   
Futures contracts$78 $(46)$4,781 
Foreign currency forward contracts90 (48)1,698 
Other (3)38 (21)236 
Total$206 $(115)
(1)    The fair value of asset derivatives are included in ‘other assets’ and the fair value of liability derivatives are included in ‘other liabilities.’
(2)    Represents the absolute notional value of all outstanding contracts, consisting of long and short positions.
(3)    Includes swaps, options and other derivatives contracts.

The Company did not hold any derivatives which were designated as hedging instruments at December 31, 2025 or 2024.
The Company’s derivative instruments can be traded under master netting agreements, which establish terms that apply to all derivative transactions with a counterparty. In the event of a bankruptcy or other stipulated event of default, such agreements provide that the non-defaulting party may elect to terminate all outstanding derivative transactions, in which case all individual derivative positions (loss or gain) with a counterparty are closed out and netted and replaced with a single amount, usually referred to as the termination amount, which is expressed in a single currency. The resulting single net amount, where positive, is payable to the party “in-the-money” regardless of whether or not it is the defaulting party, unless the parties have agreed that only the non-defaulting party is entitled to receive a termination payment where the net amount is positive and is in its favor.
At December 31, 2025, $180 million and $72 million, respectively, of asset derivatives and liability derivatives were subject to a master netting agreement compared to $206 million and $115 million, respectively, at December 31, 2024. The remaining derivatives included in the table above were not subject to a master netting agreement.
Realized and unrealized contract gains and losses on the Company’s derivative instruments are reflected in ‘net realized gains (losses)’ in the consolidated statements of income, as summarized in the following table:
Derivatives not designated as hedging instruments
Year Ended December 31,
202520242023
Net realized gains (losses):
Futures contracts$211 $4 $49 
Foreign currency forward contracts65 (6)21 
Other (1)51 10 (11)
Total$327 $8 $59 
(1) Includes realized gains or losses on swaps, options and other derivatives contracts.
v3.25.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]  
Variable Interest Entity Bellemeade Re
The Company has entered into aggregate excess of loss mortgage reinsurance agreements with various special purpose reinsurance companies domiciled in Bermuda (the “Bellemeade Agreements”). At the time the Bellemeade Agreements were entered into, the applicability of the accounting guidance that addresses VIEs was evaluated. As a result of the evaluation of the Bellemeade Agreements, the Company concluded that these entities are VIEs. However, given that the ceding insurers do not have the unilateral power to direct those activities that are significant to their economic performance, the Company does not consolidate such entities in its consolidated financial statements. The reinsurance premium paid in regard to the Bellemeade Agreements is calculated by multiplying the outstanding
reinsurance coverage amount at the beginning of the period by the coupon rate, which is the SOFR plus a contractual risk margin, less the actual investment income collected during the preceding month on the assets included in the underlying reinsurance trusts. In the event the assets included in the underlying reinsurance trusts became severely impaired or worthless and the special purpose reinsurance companies were unable to meet their future obligations, the Company’s mortgage insurance subsidiaries would be liable to fulfill claim payments to policyholders. The Company’s maximum exposure to loss associated with these VIEs is determined as the amount of mortgage insurance claim payments on the insured policies, net of aggregate reinsurance payments previously received, up to the full aggregate excess of loss reinsurance coverage amounts.
The following table summarizes the total assets of the Bellemeade entities:
December 31, 2025December 31, 2024
Bellemeade Entities
 (Issue Date)		Total VIE AssetsCoverage
Remaining from
Reinsurers (1)		Total VIE Assets
2021-3 Ltd. (Sep-21)$21 $14 $363 
2022-1 Ltd. (Jan-22)42 12 202 
2022-2 Ltd. (Sep-22)43 91 180 
2023-1 Ltd. (Oct-23)149 37 186 
2024-1 Ltd. (Aug-24)130 33 163 
2025-1 Ltd. (Nov-25)191 48 — 
Total$576 $235 $1,094 
(1) Coverage from a separate panel of reinsurers remaining at December 31, 2025.
v3.25.4
Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Comprehensive Income Note Disclosure [Abstract]  
Other Comprehensive Income (Loss)
The following table presents the changes in each component of AOCI, net of noncontrolling interests:
Unrealized Appreciation on Available-For-Sale InvestmentsForeign Currency Translation AdjustmentsTotal
Year Ended December 31, 2025
Beginning balance$(507)$(213)$(720)
Other comprehensive income (loss) before reclassifications661 84 745 
Amounts reclassified from accumulated other comprehensive income(20)— (20)
Net current period other comprehensive income (loss)641 84 725 
Ending balance$134 $(129)$5 
Year Ended December 31, 2024
Beginning balance$(565)$(111)$(676)
Other comprehensive income (loss) before reclassifications(23)(102)(125)
Amounts reclassified from accumulated other comprehensive income81 — 81 
Net current period other comprehensive income (loss)58 (102)(44)
Ending balance$(507)$(213)$(720)
Year Ended December 31, 2023
Beginning balance$(1,512)$(134)$(1,646)
Other comprehensive income (loss) before reclassifications547 23 570 
Amounts reclassified from accumulated other comprehensive income400 — 400 
Net current period other comprehensive income (loss)947 23 970 
Ending balance$(565)$(111)$(676)
The following tables present details about amounts reclassified from accumulated other comprehensive income and the tax effects allocated to each component of other comprehensive income (loss):
Consolidated Statement of IncomeAmounts Reclassified from AOCI
Details AboutLine Item That IncludesYear Ended December 31,
 AOCI ComponentsReclassification202520242023
Unrealized appreciation on available-for-sale investments
Net realized gains (losses)$25 $(95)$(431)
Provision for credit losses(6)— 3 
Total before tax19 (95)(428)
Income tax (expense) benefit1 14 28 
Net of tax$20 $(81)$(400)
Following are the related tax effects allocated to each component of other comprehensive income (loss):
Before TaxTax ExpenseNet of Tax
Amount(Benefit)Amount
Year Ended December 31, 2025
Unrealized appreciation (decline) in value of investments:
Unrealized holding gains (losses) arising during period$707 $46 $661 
Less reclassification of net realized gains (losses) included in net income19 (1)20 
Foreign currency translation adjustments86 2 84 
Other comprehensive income (loss)$774 $49 $725 
Year Ended December 31, 2024
Unrealized appreciation (decline) in value of investments:
Unrealized holding gains (losses) arising during period$(23)$— $(23)
Less reclassification of net realized gains (losses) included in net income(95)(14)(81)
Foreign currency translation adjustments(105)(3)(102)
Other comprehensive income (loss)$(33)$11 $(44)
Year Ended December 31, 2023
Unrealized appreciation (decline) in value of investments:
Unrealized holding gains (losses) arising during period$617 $70 $547 
Less reclassification of net realized gains (losses) included in net income(428)(28)(400)
Foreign currency translation adjustments23 — 23 
Other comprehensive income (loss)$1,068 $98 $970 
v3.25.4
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share
The calculation of basic earnings per common share is computed by dividing income available to Arch common shareholders by the weighted average number of Common Shares and common share equivalents outstanding. The following table sets forth the computation of basic and diluted earnings per common share:
Year Ended December 31,
202520242023
Numerator:
Net income$4,399 $4,312 $4,442 
Amounts attributable to noncontrolling interests— — 1 
Net income available to Arch4,399 4,312 4,443 
Preferred dividends(40)(40)(40)
Net income available to Arch common shareholders$4,359 $4,272 $4,403 
Denominator:
Weighted average common shares outstanding368.4 372.5 368.7 
Effect of dilutive common share equivalents:
Nonvested restricted shares1.6 2.1 2.5 
Stock options (1)5.9 7.2 7.6 
Weighted average common shares and common share equivalents outstanding – diluted375.9 381.8 378.8 
Earnings per common share:
Basic$11.83 $11.47 $11.94 
Diluted$11.60 $11.19 $11.62 
(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 2025, 2024 and 2023, the number of stock options excluded were 2.4 million, 2.2 million and 0.5 million, respectively.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Arch Capital is incorporated under the laws of Bermuda and, under Bermuda law in effect prior to 2025, was not obligated to pay taxes on income or capital gains in Bermuda. Upon its formation in 2000, the Company received a written undertaking from the Minister of Finance in Bermuda under the Exempted Undertakings Tax Protection Act 1966 assuring that, in the event that any legislation is enacted in Bermuda imposing any tax computed on profits, income, gain or appreciation on any capital asset, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to Arch Capital or any of its operations until March 31, 2035. However, on December 27, 2023, the Government of Bermuda enacted the Bermuda Corporate Income Tax Act (“Bermuda CIT Act”), imposing a 15% tax on certain Bermuda constituent entities of multi-national groups for tax years beginning on or after January 1, 2025. The Bermuda CIT Act was drafted to supersede the Company’s previously granted tax assurance, resulting in the Company becoming subject to Bermuda corporate income tax starting in 2025.
The Bermuda CIT Act and amendments, together with the widespread adoption of the OECD Pillar II minimum tax proposal, has resulted in an increase to the minimum effective tax rate to approximately 15% in most jurisdictions in which Arch operates.
Arch Capital has subsidiaries and branches that operate in various jurisdictions around the world. The significant jurisdictions in which Arch Capital’s subsidiaries and branches are subject to tax are the United States, Bermuda, United Kingdom, Ireland, Switzerland, Australia, Canada, and Gibraltar.
The components of income taxes attributable to operations were as follows:
Year Ended December 31,
202520242023
Current expense (benefit):
Federal - Bermuda$211 $1 $7 
Foreign - United States270 332 251 
Foreign - Other105 64 30 
586 397 288 
Deferred expense (benefit):
Federal - Bermuda100 12 (1,179)
Foreign - United States60 (21)(20)
Foreign - Other14 (26)38 
174 (35)(1,161)
Income tax expense (benefit)$760 $362 $(873)
The Company’s income or loss before income taxes was earned in the following jurisdictions:
Year Ended December 31,
202520242023
Income (Loss) Before Income Taxes:
Domestic - Bermuda$3,121 $2,611 $2,099 
Foreign - United States1,660 1,438 1,239 
Foreign - Other378 625 232 
Total$5,159 $4,674 $3,570 
The expected tax provision computed on pre-tax income or loss at the weighted average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. The 2025 applicable statutory tax rates by jurisdiction were as follows: Australia (30.0%), Canada (25.7%) United Kingdom (25.0%), United States (21.0%), Switzerland (19.6%), Bermuda (15.0%), Gibraltar (15.0%) and Ireland (12.5%).
The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Bermuda statutory income tax rate:
Year Ended December 31,
2025
Rate Impact
Bermuda Federal Statutory Tax Rate$774 15.0 %
Foreign tax effects
United States
Tax rate differential99 1.9 %
Other(17)(0.3)%
Bermuda
Foreign tax credits(56)(1.1)%
Other20 0.4 %
United Kingdom
Effect of cross-border tax laws45 0.9 %
Other9 0.2 %
Other foreign taxes7 0.1 %
Effect of changes in tax laws or rates enacted in the current period (65)(1.3)%
Nontaxable or nondeductible items / other
Investment income(54)(1.0)%
Other(22)(0.4)%
Other20 0.3 %
Total$760 14.7 %
A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate follows:
Year Ended December 31,
20242023
Expected income tax expense (benefit) computed on pre-tax income at weighted average income tax rate$424 $300 
Addition (reduction) in income tax expense (benefit) resulting from:
Sale of subsidiaries/Bargain purchase option(45)— 
Investment income(39)(14)
Change in tax rate12 (1,179)
Share based compensation(11)(13)
Tax credits(5)(3)
Base eroding tax/Alternative minimum tax5 9 
State taxes, net of U.S. federal tax benefit4 6 
Change in valuation allowance3 4 
Uncertain tax position3 — 
Dividend withholding taxes3 9 
Other8 8 
Income tax expense (benefit)$362 $(873)
The effect of a change in tax laws or rates on deferred income tax assets and liabilities is recognized in income in the period in which such change is enacted.
Deferred income tax assets and liabilities reflect temporary differences based on enacted tax rates between the carrying amounts of assets and liabilities for financial reporting and income tax purposes.
Significant components of the Company’s deferred income tax assets and liabilities were as follows:
December 31,
20252024
Deferred income tax assets:
Net operating loss$72 $77 
Discounting of net loss reserves116 203 
Net unearned premium reserve243 190 
Compensation liabilities99 75 
Foreign tax credit carryforward54 22 
Goodwill and intangible assets835 1,034 
Bad debt reserves18 15 
Depreciation and amortization137 151 
Lease liability31 32 
Net unrealized decline of investments41 77 
Fair value adjustment to senior notes47 41 
Advance claim payments59 — 
Other, net10 — 
Deferred income tax assets before valuation allowance1,762 1,917 
Valuation allowance(46)(18)
Deferred income tax assets net of valuation allowance1,716 1,899 
Deferred income tax liabilities:
Lloyds year of account deferral(18)(19)
Contingency reserve(104)(27)
Deferred policy acquisition costs(77)(143)
Investment related(78)(43)
Right-of-use asset(23)(25)
Other— (6)
Total deferred income tax liabilities(300)(263)
Net deferred income tax assets$1,416 $1,636 
The Company provides a valuation allowance to reduce the net value of certain deferred income tax assets to an amount which management expects to more likely than not be realized. As of December 31, 2025, the Company’s valuation allowance was $46 million, compared to $18 million at December 31, 2024. The valuation allowance at December 31, 2025, was primarily attributable to Foreign Tax Credits generated by the Company’s branch in Switzerland, and Net Operating Losses related to the Company’s operations in Australia, Gibraltar and Hong Kong.
At December 31, 2025, the Company’s net operating loss carryforwards and tax credits were as follows:
Year Ended December 31,
2025
Expiration
Operating Loss Carryforwards
United Kingdom$118 No expiration
United States (1)70 
2029 - 2038
Australia44 No expiration
Hong Kong39 No expiration
Gibraltar31 No expiration
Ireland30 No expiration
Cyprus1 No expiration
Netherlands 1 No expiration
Tax Credits
Ireland foreign tax credits27 No expiration
U.K. foreign tax credits20 No expiration
U.S. foreign tax credits9 2031 - 2035
(1) The Company’s U.S. operations have recorded $70 million of net operating loss (“NOL”) carryforwards that are subject to annual usage limitations under Section 382 of the Internal Revenue Code (“the Code”).
The Company’s U.S. mortgage operations are eligible for a tax deduction, subject to certain limitations, under Section 832(e) of the Code for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that the Company purchases non-interest bearing U.S. Mortgage Guaranty Tax and Loss Bonds (“T&L Bonds”) issued by the U.S. Treasury Department in an amount equal to the tax benefit derived from deducting any portion of the statutory contingency reserves. T&L Bonds are reflected in ‘other assets’ on the Company’s balance sheet and totaled approximately $107 million at December 31, 2025, compared to $47 million at December 31, 2024.
Deferred income tax liabilities have not been accrued with respect to the undistributed earnings of the Company's U.S., U.K., Ireland, and Canadian subsidiaries because Management has concluded that all such earnings will either be indefinitely reinvested or can be distributed in a tax-free manner. Earnings that can be distributed free of tax will not attract dividend withholding taxes in the paying jurisdiction, nor will the dividend receipts be taxable in the recipient jurisdiction. Potential tax implications of repatriation from the Company’s unremitted earnings that are indefinitely reinvested are driven by facts at the time of distribution. Therefore, it is not practicable to estimate the income tax liabilities that might be incurred if such earnings were remitted.
The Company recognizes interest and penalties relating to unrecognized tax benefits in the provision for income taxes. As of December 31, 2025, the Company’s total unrecognized tax benefits, including interest and penalties, were $6 million. If recognized, the full amount of the unrecognized tax benefit would impact the consolidated effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
December 31,
20252024
Balance at beginning of year$5 $2 
Additions based on tax positions related to the current year1 1 
Additions for tax positions of prior years— 2 
Reductions for tax positions of prior years— — 
Settlements— — 
Balance at end of year$6 $5 
The Company, its subsidiaries and branches file income tax returns in various federal, state and local jurisdictions. The following table details open tax years that are potentially subject to examination by local tax authorities, in the following major jurisdictions:
JurisdictionTax Years
United States
2019-2025
United Kingdom
2022-2025
Ireland
2021-2025
Switzerland
2021-2025
Australia
2020-2025
Canada
2021-2025
Gibraltar
2020-2025
As of December 31, 2025, the Company’s current income tax payable (included in “Other liabilities”) was $75 million. The Company’s taxes paid by jurisdiction were as follows:
December 31,
2025
Federal Bermuda taxes paid$131 
Foreign taxes paid
United States - federal taxes paid227
United States - other taxes paid19
Australia26
Other55
Total Foreign taxes paid327
Total$458 
v3.25.4
Transactions with Related Parties
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Transactions with Related Parties
In 2017, the Company acquired approximately 25% of Premia. Premia is the parent of Premia Reinsurance Ltd., a multi-line Bermuda reinsurance company. Premia’s strategy is to reinsure or acquire companies or reserve portfolios in the non-life property and casualty insurance and reinsurance run-off market. 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. Arch has appointed two directors to serve on the seven person board of directors of Premia. Arch Re Bermuda is providing a quota share reinsurance treaty on certain business written by Premia, and subsidiaries of Arch Capital are providing certain administrative and support services to Premia, in each case pursuant to separate multi-year agreements. During the 2025 and 2024 periods, the Company did not enter into any new reinsurance transactions with Premia. At December 31, 2025, the Company recorded a funds held asset from Premia of $124 million, compared to $137 million at December 31, 2024.
Somers is wholly owned by Greysbridge, and Greysbridge is owned 30% by the Company with the remaining interests held by third party investors. The Company entered into certain reinsurance transactions with Somers. During 2025, 2024 and 2023 periods, the Company’s net premiums written was reduced by $705 million, $738 million and $574 million, respectively. In addition, Somers paid certain acquisition costs and administrative fees to the Company. At December 31, 2025, the Company recorded a reinsurance recoverable on unpaid and paid losses from Somers of $2.0 billion and a reinsurance balance payable to Somers of $550 million. At December 31, 2024, reinsurance recoverable on unpaid and paid losses from Somers was $1.6 billion, with a reinsurance balance payable to Somers of $489 million.
Pursuant to the terms of the Greysbridge shareholder agreement, as amended, following the expiration of a specified period, Arch Capital has a call right (but not the obligation) and certain third party investors have put rights (but not the obligation) to purchase or sell, as applicable, a specified amount of each such investor’s initial common shares on an annual basis at Greysbridge’s year-end book value per share. Obligations under put/call option notices are recognized on the Company’s balance sheet in both other assets and other liabilities. At December 31, 2025, the Company’s balance sheet included $162 million in both other assets and other liabilities for such put notices. Transactions related to the put shares are expected to close in the 2026 calendar year, subject to any regulatory approval.
During the 2024 period, the Company completed the acquisition of Watford Insurance Company from Somers for a total consideration paid of $35 million.
As of December 31, 2025, the Company owned $35 million in aggregate principal amount of Somers 6.5% senior notes, due July 2, 2029.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
In the ordinary course of business, the Company renews and enters into new leases for office property and equipment. At the lease inception date, the Company determines whether a contract contains a lease and its classification as a finance or operating lease. Primarily all of the Company’s leases are classified as operating leases. The Company’s operating leases have remaining lease terms of up to 12 years, some of which include options to extend the lease term. The Company considers these options when determining the lease term and measuring its lease liability and right-of-use asset. In addition, the Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Short-term operating leases with an initial term of twelve months or less were excluded on the Company's consolidated balance sheet and represent an inconsequential amount of operating lease expense.
As most leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.
Additional information regarding the Company’s operating leases is as follows:
December 31,
20252024
Operating lease costs$32 $34 
Sublease income (1)$(2)$(2)
Cash payments included in the measurement of lease liabilities reported in operating cash flows$31 $30 
Right-of-use assets obtained in exchange for new lease liabilities$13 $30 
Right-of-use assets (2)$120 $129 
Operating lease liability (2)$156 $163 
Weighted average discount rate5.0 %4.9 %
Weighted average remaining lease term7.1 years7.2 years
(1)    The sublease income primarily relates to office property in Raleigh, North Carolina.
(2)    The right-of-use assets are included in ‘other assets’ while the operating lease liability is included in ‘other liabilities.’
The following table presents the contractual maturities of the Company's operating lease liabilities at December 31, 2025:
Years Ending December 31,
2026$33 
202731 
202827 
202921 
203019 
2032 and thereafter56 
Total undiscounted lease liability$187 
Less: present value adjustment(31)
Operating lease liability$156 
Rental expense was approximately $36 million, $35 million and $38 million for 2025, 2024 and 2023, respectively.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Concentrations of Credit Risk
The creditworthiness of a counterparty is evaluated by the Company, taking into account credit ratings assigned by independent agencies. The credit approval process involves an assessment of factors, including, among others, the counterparty, country and industry credit exposure limits. Collateral may be required, at the discretion of the Company, on certain transactions based on the creditworthiness of the counterparty.
The areas where significant concentrations of credit risk may exist include unpaid losses and loss adjustment expenses recoverable, contractholder receivables, ceded unearned premiums, paid losses and loss adjustment expenses recoverable net of reinsurance balances payable, investments and cash and cash equivalent balances. A credit exposure exists with respect to reinsurance recoverables as they may become uncollectible. The Company manages its credit risk in its reinsurance relationships by transacting with reinsurers that it considers financially sound and, if necessary, the Company may hold collateral in the form of funds, trust accounts and/or irrevocable letters of credit. This collateral can be drawn on for amounts that remain unpaid beyond specified time periods on an individual reinsurer basis. In addition, certain insurance policies written by the Company’s insurance operations feature large deductibles, primarily in its construction and national accounts lines of business. Under such contracts, the Company is obligated to pay the claimant for the full amount of the claim. The Company is subsequently reimbursed by the policyholder for the deductible amount. These amounts are included on a gross basis in the consolidated balance sheet in contractholder payables and contractholder receivables, respectively. In the event that the Company is unable to collect from the policyholder, the Company would be liable for such defaulted amounts. Collateral, primarily in
the form of letters of credit, cash and trusts, is obtained from the policyholder to mitigate the Company’s credit risk. In the instances where the company receives collateral in the form of cash, the Company records a related liability in “Collateral held for insured obligations.”
In addition, the Company underwrites a significant amount of its business through brokers and a credit risk exists should any of these brokers be unable to fulfill their contractual obligations with respect to the payments of insurance and reinsurance balances owed to the Company. The following table summarizes the percentage of the Company’s gross premiums written generated from or placed by the largest brokers:
Broker

Year Ended December 31,

202520242023
Marsh & McLennan Companies and its subsidiaries16.6 %18.6 %19.0 %
Aon Corporation and its subsidiaries14.6 %14.5 %13.9 %
No other broker and no one insured or reinsured accounted for more than 10% of gross premiums written for 2025, 2024 and 2023.
The Company’s available for sale investment portfolio is managed in accordance with guidelines that have been tailored to meet specific investment strategies, including standards of diversification, which limit the allowable holdings of any single issue. There were no investments in any entity in excess of 10% of the Company’s shareholders’ equity at December 31, 2025 other than investments issued or guaranteed by the United States government or its agencies.
Investment Commitments
The Company’s investment commitments, which are primarily related to agreements entered into by the Company to invest in funds and separately managed accounts when called upon, were approximately $3.7 billion and $4.4 billion at December 31, 2025 and 2024, respectively.
Purchase Obligations
The Company has also entered into certain agreements which commit the Company to purchase goods or services, primarily related to software and computerized systems. Such purchase obligations were approximately $307 million and $260 million at December 31, 2025 and 2024, respectively.
Employment and Other Arrangements
At December 31, 2025, the Company has entered into employment agreements with certain of its executive officers. Such employment arrangements provide for compensation in the form of base salary, annual bonus, share-based awards, participation in the Company’s employee benefit programs and the reimbursements of expenses.
v3.25.4
Debt and Financing Arrangements
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
The Company’s senior notes payable at December 31, 2025 and 2024 were as follows:
Carrying Amount at
InterestPrincipal
December 31,
(Fixed)Amount20252024
2034 notes (1)7.350 %$300 $298 $298 
2043 notes (2)5.144 %500 496 496 
2026 notes (3)4.011 %500 499 499 
2046 notes (4)5.031 %450 446 446 
2050 notes (5)3.635 %1,000 990 989 
$2,750 $2,729 $2,728 
(1) Senior notes of Arch Capital issued on May 4, 2004 and due May 1, 2034 (“2034 notes”).
(2) Senior notes of Arch-U.S., a wholly-owned subsidiary of Arch Capital, issued on December 13, 2013 and due November 1, 2043 (“2043 notes”), fully and unconditionally guaranteed by Arch Capital.
(3) Senior notes of Arch Capital Finance LLC (“Arch Finance”), a wholly-owned finance subsidiary of Arch Capital, issued on December 8, 2016 and due December 15, 2026 (“2026 notes”), fully and unconditionally guaranteed by Arch Capital.
(4) Senior notes of Arch Finance issued on December 8, 2016 and due December 15, 2046 (“2046 notes”), fully and unconditionally guaranteed by Arch Capital
(5) Senior notes of Arch Capital issued on June 30, 2020 and due June 30, 2050 (“2050 notes”).
The 2034 notes are Arch Capital’s senior unsecured obligations and rank equally with all of its existing and future senior unsecured indebtedness. Interest payments on the 2034 notes are due on May 1st and November 1st of each year. Arch Capital may redeem the 2034 notes at any time and from time to time, in whole or in part, at a “make-whole” redemption price.
The 2043 notes are unsecured and unsubordinated obligations of Arch-U.S. and Arch Capital, respectively, and rank equally and ratably with the other unsecured and unsubordinated indebtedness of Arch-U.S. and Arch Capital, respectively. Interest payments on the 2043 notes are due on May 1st and November 1st of each year. Arch-U.S. may redeem the 2043 notes at any time and from time to time, in whole or in part, at a “make-whole” redemption price.
The 2026 notes are unsecured and unsubordinated obligations of Arch Finance and Arch Capital, respectively, and rank equally and ratably with the other unsecured and unsubordinated indebtedness of Arch Finance and Arch Capital, respectively. Interest payments on the 2026 notes are due on June 15th and December 15th of each year. Arch Finance may redeem the 2026 notes at any time and from time to time, in whole or in part, at a “make-whole” redemption price.
The 2046 notes are unsecured and unsubordinated obligations of Arch Finance and Arch Capital, respectively, and rank equally and ratably with the other unsecured and unsubordinated indebtedness of Arch Finance and Arch Capital, respectively. Interest payments on the 2046 notes are due on June 15th and December 15th of each year. Arch Finance may redeem the 2046 notes at any time and from time to time, in whole or in part, at a “make-whole” redemption price.
The 2050 notes are Arch Capital’s senior unsecured obligations and rank equally with all of its existing and future senior unsecured indebtedness. Interest payments on the 2050 notes are due on June 30 and December 30 of each year. Arch Capital may redeem the 2050 notes at any time and from time to time, in whole or in part, at a “make-whole” redemption price.
Letter of Credit and Revolving Credit Facilities
In the normal course of its operations, the Company enters into agreements with financial institutions that provide access to secured and unsecured credit facilities.
Group Credit Facility
Arch Capital and certain of its subsidiaries have access to a credit facility with a syndicate of financial institutions (the “Group Credit Facility”) that expires on August 23, 2028. The Group Credit Facility consists of a $425 million secured facility for letters of credit (the “Secured Facility”) and a $500 million unsecured facility for revolving loans and letters of credit (the “Unsecured Facility”). At December 31, 2025, the Secured Facility had $224 million of letters of credit outstanding and remaining capacity of $201 million, and the Unsecured Facility had no outstanding revolving loans or letters of credit, with remaining capacity of $500 million.
The Group Credit Facility contains certain restrictive and maintenance covenants customary for facilities of this type, including restrictions on indebtedness, minimum consolidated tangible net worth, maximum leverage levels and minimum financial strength ratings. Arch Capital and its subsidiaries which are party to the agreement were in compliance with all covenants contained therein at December 31, 2025.
Obligations of each borrower for letters of credit under the Secured Facility are secured by cash and eligible securities of such borrower and held in collateral accounts. Commitments under the Group Credit Facility may be increased up to, but not exceeding, an aggregate of $1.5 billion. Arch Capital has a one-time option to convert any or all outstanding revolving loans of Arch Capital and/or Arch-U.S. to term loans with the same terms as the revolving loans except that any prepayments may not be re-borrowed. Borrowings of revolving loans may be made at a variable rate based on Secured Overnight Financing Rate (“SOFR”). Secured letters of credit are available for issuance on behalf of certain Arch Capital subsidiaries. Arch Capital guarantees the obligations of Arch-U.S. and Arch U.S. MI Holdings Inc., Arch-U.S. guarantees the obligations of Arch Capital, and Arch Capital Finance LLC guarantees the obligations of Arch Capital and Arch-U.S.
Other Credit Facilities
Arch Re Bermuda, a wholly-owned subsidiary of Arch Capital, has access to a $175 million unsecured letter of credit facility with Lloyds Bank Corporate Markets plc., which expires on September 27, 2026. At December 31, 2025, this credit facility had $129 million of letters of credit outstanding and remaining capacity of $46 million.
Arch Re Bermuda also has access to a letter of credit facility with a syndicate of financial institutions, which expires on December 31, 2029. Such credit facility provides for a $700 million facility for letters of credit in respect of Tier 2 Funds at Lloyd’s. As of December 31, 2025, $700 million face amount of letters of credit had been issued under this facility.
In addition, Arch Re Bermuda had outstanding secured letters of credit through other facilities in the amount of $52 million, which were issued in the normal course of business (“LOC Facilities”). The principal purpose of the LOC Facilities is to issue, as required, evergreen standby letters of credit in favor of primary insurance or reinsurance counterparties with which certain of Arch Capital’s subsidiaries has entered into reinsurance arrangements.
When issued, all secured letters of credit are backed by a portion of the investment portfolio and cash. At December 31, 2025, these letters of credit were secured by investments and cash with a fair value of $498 million. The Company had no outstanding revolving credit agreement borrowings at December 31, 2025 and 2024.
Federal Home Loan Bank Membership
Certain subsidiaries of the Company are members of Federal Home Loan Banks (“FHLBs”). Members may borrow from the FHLBs at competitive rates subject to certain conditions. Conditions include maintaining sufficient collateral deposits for funding and a requirement to hold stock in the FHLBs related to both membership and outstanding advances. At December 31, 2025 and 2024, the Company had no advances outstanding under the FHLB program.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
The following table shows an analysis of goodwill and intangible assets:
GoodwillIntangible assets (indefinite life)Intangible assets (finite life)Total
Net balance at
December 31, 2023		$345 $70 $316 $731 
Acquisitions (1)246 9 637 892 
Amortization— — (235)(235)
Foreign currency movements and
other adjustments (2)		(20)— (17)(37)
Net balance at
December 31, 2024		571 79 701 1,351 
Acquisitions (1)30 — 2 32 
Amortization— — (193)(193)
Foreign currency movements and
other adjustments		6 2 24 32 
Net balance at
December 31, 2025		$607 $81 $534 $1,222 
Gross balance at
December 31, 2025		$606 $80 $1,726 $2,412 
Accumulated amortization— — (1,171)(1,171)
Foreign currency movements and
other adjustments		1 1 (21)(19)
Net balance at
December 31, 2025		$607 $81 $534 $1,222 
(1) See note 2.
(2) Amount primarily related to the sale of Castel Underwriting Agencies
Limited.
The following table presents the components of goodwill and intangible assets:
Gross BalanceAccumulated
Amortization		Foreign Currency Translation Adjustment and OtherNet
Balance
December 31, 2025
Acquired insurance contracts$620 $(619)$— $1 
Operating platform117 (78)— 39 
Distribution relationships865 (427)(21)417 
Goodwill606 — 1 607 
Insurance licenses58 — — 58 
Syndicate capacity22 — 1 23 
Unfavorable service contract(10)10 — — 
Other134 (57)— 77 
Total$2,412 $(1,171)$(19)$1,222 
December 31, 2024
Acquired insurance contracts$620 $(562)$1 $59 
Operating platform117 (63)— 54 
Distribution relationships865 (358)(30)477 
Goodwill576 — (5)571 
Insurance licenses58 — — 58 
Syndicate capacity22 — (1)21 
Unfavorable service contract(10)10 — — 
Other132 (21)— 111 
Total$2,380 $(994)$(35)$1,351 
The estimated remaining amortization expense for the Company’s intangible assets with finite lives is as follows:
2026$119 
202793 
202878 
202965 
203051 
2031 and thereafter128 
Total$534 
The estimated remaining useful lives of these assets range from one to eleven years at December 31, 2025.
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Authorized and Issued
The authorized share capital of Arch Capital consists of 1.8 billion Common Shares, par value of $0.0011 per share, and 50 million Preferred Shares, par value of $0.01 per share.
Common Shares
The following table presents a roll-forward of changes in Arch Capital’s issued and outstanding Common Shares:
Year Ended December 31,
202520242023
Common Shares:
Shares issued and outstanding, beginning of year595.6 591.9 588.3 
Shares issued (1)3.1 2.5 2.8 
Restricted shares issued, net of cancellations1.1 1.2 0.8 
Shares issued and outstanding, end of year599.8 595.6 591.9 
Common shares in treasury, end of year(240.8)(219.2)(218.5)
Shares issued and outstanding, end of year359.0 376.4 373.4 
(1)    Includes shares issued from the exercise of stock options and stock appreciation rights, the vesting of restricted share units and shares issued from the employee share purchase plan.
Special Cash Dividend
In 2024, the Board of Directors of Arch Capital (the “Board”) has declared and paid a special cash dividend of $1.9 billion to common shareholders, representing $5.00 per outstanding common share.
Share Repurchase Program
The Board has authorized the investment in Arch Capital’s common shares through a share repurchase program. At December 31, 2025, $1.1 billion of share repurchases were available under the program. Repurchases under the program may be effected from time to time in open market. 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. From January 1 through February 24, 2026, the Company repurchased approximately 4.3 million common shares for an aggregate purchase price of $405 million. At February 24, 2026, approximately $702 million of repurchases were available under the Company’s share repurchase program.
Repurchases of Arch Capital’s common shares in connection with the share repurchase plan and other share-based transactions were held in the treasury under the cost method, and the cost of the common shares acquired is included in ‘Common shares held in treasury, at cost.’ At December 31, 2025, Arch Capital held 240.8 million shares for an aggregate cost of $6.4 billion in treasury, at cost.
The Company’s repurchases under the share repurchase program were as follows:
Year Ended December 31,
202520242023
Aggregate cost of shares repurchased$1,889.8 $23.5 $— 
Shares repurchased21.2 0.3 — 
Average price per share repurchased$89.26 $89.63 $— 
Since the inception of the share repurchase program through December 31, 2025, Arch Capital has repurchased approximately 455.0 million common shares for an aggregate purchase price of $7.8 billion.
Series G Preferred Shares
In June 2021, Arch Capital completed a $500 million underwritten public offering of 20.0 million depositary shares (the “Depositary Shares”), each of which represents a 1/1,000th interest in a share of its 4.55% Non-Cumulative Preferred Shares, Series G, $0.01 par value and $25,000 liquidation preference per share (equivalent to $25 liquidation preference per Depositary Share) (the “Series G Preferred Shares”). Each Depositary Share, evidenced by a depositary receipt, entitles the holder, through the depositary, to a proportional fractional interest in all rights and preferences of the Series G Preferred Shares represented thereby (including any dividend, liquidation, redemption and voting rights).

Holders of Series G Preferred Shares will be entitled to receive dividend payments only when, as and if declared by the Board or a duly authorized committee of the Board. Any such dividends will be payable from, and including, the date of original issue on a noncumulative basis, quarterly in arrears on the last day of March, June, September and December of each year, at an annual rate of 4.55%. Dividends on the Series G Preferred Shares are not cumulative. The Company will be restricted from paying dividends on or repurchasing its common shares unless certain dividend payments are made on the Series G Preferred Shares. The Company may not declare or pay a dividend on the Series G Preferred Shares under certain circumstances, including if the Company is or, after giving effect to such payment, would be in breach of applicable individual or group solvency and liquidity requirements or applicable individual or group enhanced capital
requirements (“ECR”). The Series G Preferred Shares may not be redeemed at any time if the ECR would be breached immediately before or after giving effect to such redemption, unless the Company replaces the capital represented by preference shares to be redeemed with capital having equal or better capital treatment.

Except in specified circumstances relating to certain tax or corporate events, the Series G Preferred Shares are not redeemable prior to June 11, 2026. On and after that date, the Series G Preferred Shares will be redeemable at the Company’s option, in whole or in part, at a redemption price of $25,000 per share of the Series G Preferred Shares (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends to, but excluding, the redemption date. The Depositary Shares will be redeemed if and to the extent the related Series G Preferred Shares are redeemed by the Company. Neither the Depositary Shares nor the Series G Preferred Shares have a stated maturity, nor will they be subject to any sinking fund or mandatory redemption. The Series G Preferred Shares are not convertible into any other securities. The Series G Preferred Shares do not have voting rights, except under limited circumstances.
Series F Preferred Shares
In August 2017 and November 2017, Arch Capital completed combined $330 million of underwritten public offerings ($230 million in August 2017 and $100 million in November 2017) of 13.2 million depositary shares (the “Series F Depositary Shares”), each of which represents a 1/1,000th interest in a share of its 5.45% Non-Cumulative Preferred Shares, Series F, with a $0.01 par value and $25,000 liquidation preference per share (equivalent to $25 liquidation preference per Series F Depositary Share) (the “Series F Preferred Shares”). Each Series F Depositary Share, evidenced by a depositary receipt, entitles the holder, through the depositary, to a proportional fractional interest in all rights and preferences of the Series F Preferred Shares represented thereby (including any dividend, liquidation, redemption and voting rights).
Holders of Series F Preferred Shares will be entitled to receive dividend payments only when, as and if declared by the Board or a duly authorized committee of the board. Any such dividends will be payable from, and including, the date of original issue on a noncumulative basis, quarterly in arrears on the last day of March, June, September and December of each year, at an annual rate of 5.45%. Dividends on the Series F Preferred Shares are not cumulative. The Company will be restricted from paying dividends on or repurchasing its common shares unless certain dividend payments are made on the Series F Preferred Shares.
Except in specified circumstances relating to certain tax or corporate events, the Series F Preferred Shares are not redeemable prior to August 17, 2022 (the fifth anniversary of the issue date). On and after that date, the Series F Preferred Shares will be redeemable at the Company’s option, in whole or in part, at a redemption price of $25,000 per share of the Series F Preferred Shares (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends to, but excluding, the redemption date. The Series F Depositary Shares will be redeemed if and to the extent the related Series F Preferred Shares are redeemed by the Company. Neither the Series F Depositary Shares nor the Series F Preferred Shares have a stated maturity, nor will they be subject to any sinking fund or mandatory redemption. The Series F Preferred Shares are not convertible into any other securities. The Series F Preferred Shares will not have voting rights, except under limited circumstances.
v3.25.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
Long Term Incentive and Share Award Plans
The Company utilizes share-based compensation plans for officers, other employees and directors of Arch Capital and its subsidiaries to provide competitive compensation opportunities, to encourage long-term service, to recognize individual contributions and reward achievement of performance goals and to promote the creation of long-term value for shareholders by aligning the interests of such persons with those of shareholders.
The 2022 Long-Term Incentive and Share Award Plan (“the 2022 Plan”) became effective as of May 4, 2022 following approval by shareholders of the Company. The 2022 Plan provides for the issuance of stock options, stock appreciation rights, restricted shares, restricted share units payable in common shares or cash, dividend equivalents, performance shares and performance units and other share-based awards to Arch Capital’s eligible employees and directors. The number of common shares reserved for grants under the 2022 Plan, subject to anti-dilution adjustments in the event of certain changes in Arch Capital’s capital structure, is 9.0 million; provided that no more than 6.0 million common shares may be issued as incentive stock options under Section 422 of the Code. The 2022 Plan will terminate as to future awards on February 25, 2032. At December 31, 2025, 5.6 million shares are available for future issuance.
The 2018 Long-Term Incentive and Share Award Plan (the “2018 Plan”) became effective as of May 9, 2018 following approval by shareholders of the Company. The 2018 Plan provides for the issuance of restricted stock units, performance units, restricted shares, performance shares, stock options and stock appreciation rights and other equity-based awards to our eligible employees and directors. The 2018 Plan authorizes the issuance of 34.5 million common shares; provided that no more than 6.0 million common shares may be issued as incentive stock options under Section 422 of the Code. The 2018 Plan will terminate as to future awards on February 28, 2028. At December 31, 2025, 2.3 million shares are available for future issuance.
Upon shareholder approval on May 4, 2023, the Amended and Restated Arch Capital Group Ltd. 2007 Employee Share Purchase Plan (the “ESPP”) became effective. The total common shares that may be purchased under the ESPP was increased by 3.0 million shares for a total of 12.75 million shares authorized. The purpose of the ESPP is to give employees of the Company an opportunity to purchase common shares through payroll deductions, thereby encouraging employees to share in the economic growth and success of the Company. The ESPP is designed to qualify as an “employee share purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended. At December 31, 2025, 2.8 million shares remain available for issuance.
Stock Options and Stock Appreciation Rights
The Company generally issues stock options and SARs to eligible employees, with exercise prices equal to the fair market values of the Company’s Common Shares on the grant dates (adjusted for special dividends). Such grants generally vest over a three year period with one-third vesting on the first, second and third anniversaries of the grant date. In connection with the Company’s leadership transition in November 2024, the Compensation and Human Capital Committee approved the grant of equity awards, which consist of 1.75 million premium-priced stock options to eligible employees. The premium-priced stock options have an exercise price equal to 1.685 times the closing price of the Company's common shares on the grant date (or $161.24 per share) and will vest in full on the third anniversary of the grant date.
The grant date fair value is determined using the Black-Scholes option valuation model. The expected life assumption is based on an expected term analysis, which incorporates the Company’s historical exercise experience. Expected volatility is based on the Company’s daily historical trading data of its common shares. The table below summarizes the assumptions used:
Year Ended December 31,
202520242023
Dividend yield— %— %— %
Expected volatility (1)26.8 %26.5 %25.1 %
Risk free interest rate (1)4.1 %4.4 %4.1 %
Expected option life (1)6.0 years9.0 years6.0 years
(1) The 2024 period includes an expected volatility, risk free interest rate and expected option life of 26.65%, 4.39% and 10 years, respectively, related to the grant of 1.75 million premium-priced stock options.
A summary of stock option and SAR activity under the Company’s Long Term Incentive and Share Award Plans during 2025 is presented below:
Year Ended December 31, 2025
Number of
Options / SARs		Weighted Average Exercise PriceWeighted Average Contractual TermAggregate Intrinsic Value
Outstanding, beginning of year12,429,034 $48.54 
Granted426,623 $91.91 
Exercised(2,654,091)$23.84 
Forfeited or expired(12,660)$82.94 
Outstanding, end of year10,188,906 $56.74 4.42$514 
Exercisable, end of year7,587,153 $29.84 2.94$501 
The aggregate intrinsic value of stock options and SARs exercised represents the difference between the exercise price of the stock options and SARs and the closing market price of the Company’s common shares on the exercise dates. During 2025, the Company received proceeds of $54 million from the exercise of stock options and recognized a tax benefit of $28 million from the exercise of stock options and SARs.
Year Ended December 31,
202520242023
Weighted average grant date fair value$32.47 $29.03 $23.50 
Aggregate intrinsic value of Options/SARs exercised (in millions)$180 $153 $116 
Restricted Common Shares and Restricted Units
The Company also issues restricted share and unit awards to eligible employees and directors, for which the fair value is equal to the fair market values of the Company’s Common Shares on the grant dates. Restricted share and unit awards generally vest over a three year period with one-third vesting on the first, second and third anniversaries of the grant date.
A summary of restricted share and restricted unit activity under the Company’s Long Term Incentive and Share Award Plans for 2025 is presented below:
Number of Restricted
Common
Shares
Number of Restricted
Unit
Awards
Unvested Shares:
Unvested balance, beginning of year1,528,541 281,093 
Granted659,548 165,222 
Vested(730,148)(141,933)
Forfeited(47,457)(14,329)
Unvested balance, end of year1,410,484 290,053 
Weighted Average Grant Date Fair Value:
Unvested balance, beginning of year$76.34 $73.58 
Granted$91.87 $91.82 
Vested$69.63 $65.98 
Forfeited$85.55 $85.17 
Unvested balance, end of year$86.77 $87.12 
The following table presents the weighted average grant date fair value of restricted shares and restricted unit awards granted and the aggregate fair value of restricted shares and unit awards vesting in each year.
Year Ended December 31,
202520242023
Number of restricted shares and restricted unit awards granted 824,770 982,339 825,191 
Weighted average grant date fair value$91.86 $89.86 $69.42 
Aggregate fair value of vested restricted share and unit awards (in millions)$79 $85 $122 
The aggregate intrinsic value of restricted units outstanding at December 31, 2025 was $28 million.
Performance Awards
The Company also issues performance share and unit awards (“performance awards”) to eligible employees, which are earned based on the achievement of pre-established threshold, target and maximum goals over three-year performance periods. Final payouts depend on the level of achievement along with each employees continued service through the vest date, and can vary between 0% and 200%. The grant date fair value of the performance awards is measured using a Monte Carlo simulation model, which incorporated the assumptions summarized in the table below. Expected volatility is based on the Company’s daily historical trading data of its common shares. The cumulative compensation expense recognized and unrecognized as of any reporting period date represents the adjusted estimate of performance shares and units that will ultimately be awarded, valued at their original grant date fair values.
Year Ended December 31,
202520242023
Expected volatility25.5 %25.3 %30.4 %
Risk free interest rate3.9 %4.5 %4.6 %
Number of Performance
Shares
Number of Performance
Units
Unvested Shares:
Unvested balance, beginning of year1,679,376 52,937 
Granted468,452 16,723 
Performance adjustment (1) (2)— 20,009 
Vested(656,616)(40,018)
Forfeited(14,794)(1,596)
Unvested balance, end of year1,476,418 48,055 
Weighted Average Grant Date Fair Value:
Unvested balance, beginning of year$70.07 $70.57 
Granted$93.26 $93.26 
Performance adjustment (1) (2)$0.00 $49.91 
Vested$49.91 $49.91 
Forfeited$85.70 $85.61 
Unvested balance, end of year$86.24 $86.57 
(1)    The performance adjustment represents the difference between the number of performance shares granted and earned, which vested following the end of the performance period. The performance shares were granted at the maximum level of achievement.
(2)    The performance adjustment represents the change in PSUs, which vested following the end of the performance period. The performance units were granted at the target level of achievement.

The following table presents the weighted average grant date fair values of performance awards granted.
Year Ended December 31,
202520242023
Number of performance awards485,175 492,634 568,576 
Weighted average grant date fair value$93.26 $93.28 $74.09 
Aggregate fair value of vested performance share and unit awards (in millions)$64 $61 $14 
The aggregate intrinsic value of performance units outstanding at December 31, 2025 was $5 million.
The issuance of share-based awards and amortization thereon has no effect on the Company’s consolidated shareholders’ equity.
Share-Based Compensation Expense
The following tables present pre-tax and after-tax share-based compensation expense recognized as well as the unrecognized compensation cost associated with unvested awards and the weighted average period over which it is expected to be recognized:
Year Ended December 31,
202520242023
Pre-Tax
Stock options and SARs$30 $15 $11 
Restricted share and unit awards71 57 54 
Performance awards41 55 23 
ESPP6 6 4 
Total$148 $133 $92 
After-Tax
Stock options and SARs$25 $13 $10 
Restricted share and unit awards57 48 45 
Performance awards34 50 21 
ESPP6 5 4 
Total$122 $116 $80 

December 31, 2025
Stock Options and SARs (1)Restricted Common
Shares and Units (1)		Performance Common Shares and Units
Unrecognized compensation cost related to unvested awards$38 $70 $11 
Weighted average recognition period (years)1.491.130.37
(1) Includes awards granted in connection with 1.75 million premium-priced stock options and 0.3 million time-vested restricted shares granted in November 2024.
v3.25.4
Retirement Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Plans
For purposes of providing employees with retirement benefits, the Company maintains defined contribution retirement plans. Contributions are based on the participants’ eligible compensation. For 2025, 2024 and 2023, the Company expensed $94 million, $86 million and $77 million, respectively, related to these retirement plans.
v3.25.4
Legal Proceedings
 12 Months Ended
Dec. 31, 2025
Disclosure Legal Proceedings [Abstract]  
Legal Proceedings The Company, in common with the insurance industry in general, is subject to litigation and arbitration in the normal course of its business. As of December 31, 2025, the Company was not a party to any litigation or arbitration which is expected by management to have a material adverse effect on the Company’s results of operations and financial condition and liquidity.
v3.25.4
Statutory Information
 12 Months Ended
Dec. 31, 2025
Disclosure Statutory Information [Abstract]  
Statutory Information
The Company’s insurance and reinsurance subsidiaries are subject to insurance and/or reinsurance laws and regulations in the jurisdictions in which they operate. These regulations include certain restrictions on the amount of dividends or other distributions available to shareholders without prior approval of the insurance regulatory authorities.
The actual and required statutory capital and surplus for the Company’s principal operating subsidiaries at December 31, 2025 and 2024:
December 31,
20252024
Actual capital and surplus (1):
Bermuda$30,908 $28,422 
Ireland1,780 1,476 
United States8,722 7,547 
United Kingdom1,487 1,585 
Canada93 83 
Australia372 377 
Required capital and surplus:
Bermuda$9,323 $8,344 
Ireland1,408 1,142 
United States2,331 2,152 
United Kingdom1,399 1,302 
Canada68 57 
Australia115 143 
(1)Such amounts include ownership interests in affiliated insurance and reinsurance subsidiaries.
There were no state-prescribed or permitted regulatory accounting practices for any of the Company’s insurance or reinsurance entities that resulted in reported statutory surplus that differed from that which would have been reported under the prescribed practices of the respective regulatory authorities, including the National Association of Insurance Commissioners. The differences between statutory financial statements and statements prepared in accordance with GAAP vary by jurisdiction, however, with the primary differences being that statutory financial statements may not reflect deferred acquisition costs, certain net deferred income tax assets, goodwill and intangible assets, unrealized appreciation or depreciation on debt securities and certain unauthorized reinsurance recoverables and include contingency reserves.
The statutory net income (loss) for the Company’s principal operating subsidiaries for 2025, 2024 and 2023 was as follows:
Year Ended December 31,
202520242023
Statutory net income (loss):
Bermuda$4,648 $4,750 $3,519 
Ireland103 62 53 
United States1,249 918 592 
United Kingdom24 41 72 
Canada4 6 6 
Australia48 54 68 
Bermuda
The Company’s Bermuda insurance and reinsurance subsidiaries are subject to the Bermuda Insurance Act 1978 and related regulations, each as amended (the “Insurance Act”). Arch Re Bermuda, the Company’s principal reinsurance and insurance subsidiary, is dual licensed as a Class 4 general business insurer and a Class C long-term insurer while Arch Group Reinsurance Ltd. (“AGRL”) is registered as a Class 3A general business insurer and provides affiliated quota share reinsurance covering certain U.S. business. The Insurance Act requires that both entities maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin and the enhanced capital requirement (“ECR”) as determined by the Bermuda Monetary Authority (“BMA”). The ECR is calculated based on the Bermuda Solvency Capital Requirement model, a risk-based model that takes into account the risk characteristics of different aspects of the company’s business. At December 31, 2025 and 2024, the actual and required capital and surplus were based on the economic balance sheet requirements.
Under the Insurance Act, Arch Re Bermuda and AGRL are restricted with respect to the payment of dividends. Each entity is prohibited from declaring or paying in any financial year dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year’s statutory balance sheet) unless it files, at least seven days before payment of such dividends, with the BMA an affidavit stating that it will continue to meet the required margins following the declaration of those dividends. Accordingly, Arch Re Bermuda can pay approximately $6.4 billion to Arch Capital during 2026 without providing an affidavit to the BMA. Dividends or distributions, if any, made by AGRL would result in an increase in available capital at Arch-U.S.
Ireland
The Company has three Irish subsidiaries: Arch Re Europe, an authorized life and non-life reinsurer, Arch Insurance (EU), an authorized non-life insurer and Arch Underwriting Europe, a registered insurance and reinsurance intermediary. Irish authorized reinsurers and insurers, such as Arch Re Europe, Arch Insurance (EU) and Irish intermediaries, and Arch Underwriters Europe, are subject to the general body of Irish laws and regulations including the provisions of the Companies Act 2014. As part of the Company’s Brexit plan, Arch Insurance (EU) received approval from the Central Bank of Ireland (“CBI”) to expand the nature of its business in 2019 and commenced writing insurance lines in the European Economic Area in 2020, and the Part VII Transfer was completed at the end of December 2020. Arch Re Europe, Arch Insurance (EU) and Arch Underwriters Europe are subject to the supervision of the CBI and must comply with Irish insurance acts and regulations as well as with directions and guidance issued by the CBI. Arch Re Europe and Arch Insurance (EU) are required to maintain a minimum level of capital. At December 31, 2025 and 2024, these requirements were met.

The amount of dividends these subsidiaries are permitted to declare is limited to accumulated, realized profits, so far as not previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not previously written off in a reduction or reorganization of capital duly made. The solvency and capital requirements must still be met following any distribution. Dividends or distributions, if any, made by Arch Re Europe would result in an increase in available capital at Arch Re Bermuda.

United States
The Company’s U.S. insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate. The ability of the Company’s regulated insurance subsidiaries to pay dividends or make distributions is dependent on their ability to meet applicable regulatory standards. These regulations include restrictions that limit the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities.

Dividends or distributions, if any, made by Arch Re U.S. would result in an increase in available capital at Arch-U.S., the Company’s U.S. holding company. Arch Re U.S. can declare a maximum of approximately $523 million of dividends during 2026 subject to the approval of the Commissioner of the Delaware Department of Insurance.
AMIC and UGRIC are approved as eligible mortgage insurers by Fannie Mae and Freddie Mac, subject to their comprehensive requirements, known as the Private Mortgage Insurer Eligibility Requirements or “PMIERs.” In August 2024, the GSEs updated PMIERs to incorporate new deductions to the definition of available assets for investment risk. This update became effective March 31, 2025, but the impact will be phased in through September 30, 2026. Further, the amount of assets required to satisfy the revised financial requirements of the PMIERs may be affected by many factors, including macroeconomic conditions, the size and composition of our mortgage insurance portfolio, and the amount of risk ceded to reinsurers that may be deducted in our calculation of “minimum required assets.”
The Company’s U.S. mortgage insurance subsidiaries are also subject to regulation by their respective domiciliary and primary regulators, which include the Wisconsin Office of the Commissioner of Insurance (“Wisconsin OCI”) and the North Carolina Department of Insurance (“NC DOI”), as well as the state insurance departments in each state in which they are licensed. As mandated by state insurance laws, mortgage insurers are generally mono-line companies. Each company is subject to the statutory requirements of their domiciliary regulator as to payment of dividends and return of capital; the GSEs may also impart limitations on dividends with respect to the Company’s eligible mortgage insurers, such as if available assets fall below the required minimum assets. Under respective state law, the Company’s U.S. mortgage subsidiaries can declare a maximum of approximately $295 million of ordinary dividends in 2026, however, dividend capacity is limited by the respective companies unassigned surplus amounts. Such dividends
would increase the available capital at Arch U.S. MI Holdings Inc., a subsidiary of Arch-U.S.
Mortgage insurance companies licensed in Wisconsin or North Carolina are required to establish contingency loss reserves for purposes of statutory accounting in an amount equal to at least 50% of net earned premiums. These amounts generally cannot be withdrawn for a period of 10 years and are separate liabilities for statutory accounting purposes, which affects the ability to pay dividends. However, with prior regulatory approval, a mortgage insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of net premiums earned in a calendar year.
Under Wisconsin and North Carolina law, as well as that of 14 other states, a mortgage insurer must maintain a minimum amount of statutory capital relative to its risk in force in order for the mortgage insurer to continue to write new business. While formulations of minimum capital vary in certain jurisdictions, the most common measure applied allows for a maximum risk-to-capital ratio of 25 to 1. Wisconsin and North Carolina require mortgage insurers to maintain a “minimum policyholder position” calculated in accordance with their respective regulations. Policyholders' position consists primarily of statutory policyholders' surplus plus the contingency loss reserves.
United Kingdom
The Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”) regulate insurance and reinsurance companies and the FCA regulates firms carrying on insurance mediation activities operating in the U.K., both under the Financial Services and Markets Act 2000. In May 2004, Arch Insurance (U.K.) was granted the relevant permissions for the classes of insurance business which it underwrites in the U.K. AMAL currently manages our Lloyd’s Syndicates pursuant to its authorizations by the U.K. regulators and Lloyd’s. All U.K. companies are also subject to a range of statutory provisions, including the laws and regulations of the Companies Act 2006 (as amended) (the “U.K. Companies Act”).
Arch Insurance (U.K.) and AMAL must maintain a margin of solvency at all times under the Solvency II Directive from the European Insurance and Occupational Pensions Authority. The regulations stipulate that insurers are required to maintain the minimum capital requirement and solvency capital requirement at all times. At December 31, 2025 and 2024, these requirements were met.
As corporate members of Lloyd’s, AMAL (as managing agent of the Company’s Lloyd’s Syndicates) and each syndicate’s respective corporate members are subject to the oversight of the Council of Lloyd’s. The capital required to support a Syndicate’s underwriting capacity, or funds at Lloyd’s, is assessed annually and is determined by Lloyd’s in accordance with the capital adequacy rules established by the PRA. The Company has provided capital to support the underwriting of our Lloyd’s Syndicates in the form of pledged assets and letters of credit provided by Arch Re Bermuda. The amount which the Company provides as funds at Lloyd’s is not available for distribution to the Company for the payment of dividends. Lloyd’s is supervised by the PRA and required to implement certain rules prescribed by the PRA under the Lloyd’s Act of 1982 regarding the operation of the Lloyd’s market. With respect to managing agents and corporate members, Lloyd’s prescribes certain minimum standards relating to management and control, solvency and other requirements and monitors managing agents’ compliance with such standards.
Under U.K. law, all U.K. companies are restricted from declaring a dividend to their shareholders unless they have “profits available for distribution.” The calculation as to whether a company has sufficient profits is based on its accumulated realized profits minus its accumulated realized losses. U.K. insurance regulatory laws do not prohibit the payment of dividends, but the PRA or FCA, as applicable, requires that insurance companies and insurance intermediaries maintain certain solvency margins and may restrict the payment of a dividend by Arch Insurance (U.K.) and AMAL.
Canada
Arch Insurance Canada and the Canadian branch of Arch Re U.S. (“Arch Re Canada”) are subject to federal, as well as provincial and territorial, regulation in Canada. The Office of the Superintendent of Financial Institutions (“OSFI”) is the federal regulatory body that, under the Insurance Companies Act (Canada), regulates federal Canadian and non-Canadian insurance companies operating in Canada. Arch Insurance Canada and Arch Re Canada are subject to regulation in the provinces and territories in which they underwrite insurance/reinsurance, and the primary goal of insurance/reinsurance regulation at the provincial and territorial levels is to govern the market conduct of insurance/reinsurance companies. Arch Insurance Canada is licensed to carry on insurance business by OSFI and in each province and territory. Arch Re Canada is licensed to carry-on reinsurance business by OSFI and in the provinces of Ontario and Quebec.
Under the Insurance Companies Act (Canada), Arch Insurance Canada is required to maintain an adequate amount of capital in Canada, calculated in accordance with a test promulgated by OSFI called the Minimum Capital Test (“MCT”), and Arch Re Canada is required to maintain an adequate margin of assets over liabilities in Canada, calculated in accordance with a test promulgated by OSFI called the Branch Adequacy of Assets Test. Under the Insurance Companies Act (Canada), approval of the Minister of Finance (Canada) is required in connection with certain acquisitions of shares of, or control of, Canadian insurance companies such as Arch Insurance Canada, and notice to and/or approval of OSFI is required in connection with the payment of dividends by or redemption of shares by Canadian insurance companies such as Arch Insurance Canada.

Australia
The Australian Prudential Regulation Authority (“APRA”) is an independent statutory authority responsible for prudential supervision of institutions across banking, insurance and superannuation and promotes financial stability in Australia. Arch Indemnity has been authorized to conduct monoline lenders’ mortgage insurance business in Australia since June 2002 and was acquired by Arch Capital on August 30, 2021 and since that date is the primary provider of lenders’ mortgage insurance for the group. Arch Indemnity has also been licensed by the Australian Securities and Investments Commission (“ASIC”) since March 2011 to engage in credit activities in Australia. Arch LMI Pty Ltd. (“Arch LMI”) was formerly authorized by APRA in January 2019 to conduct monoline lenders’ mortgage insurance business in Australia; however, in 2022, we converted Arch LMI to a services company for our Australian lenders mortgage insurance operations and the company relinquished its APRA authorization. Major regulatory requirements that are applicable to Arch Indemnity in general as an insurance provider and financial institution in Australia include requirements and compliance with minimum capital levels; risk management strategy; corporate governance standards, privacy legislation on the collection, use and storage of personal information; cyber security obligations imposed by APRA and ASIC; modern slavery legislation; anti-money laundering and counter-terrorism legislation. At December 31, 2025 and 2024, these requirements were met.
Arch Capital also conducts property and casualty insurance business in Australia through the Company’s Lloyd’s platform. This insurance business is managed by and distributed through local coverholders and is subject to Lloyd’s Supervision. In addition, the business is subject to local Australian prudential regulatory oversight by APRA, and additional separate financial services market conduct regulation by the Australian Securities and Investments Commission.
v3.25.4
Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Registrant
SCHEDULE II


ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(U.S. dollars in millions)

Balance Sheet
(Parent Company Only)


December 31,
20252024
Assets
Total investments$40 $43 
Cash13 13 
Investments in subsidiaries25,275 22,035 
Investment in operating affiliates3 3 
Due from subsidiaries and affiliates16 6 
Other assets194 66 
Total assets$25,541 $22,166 
Liabilities
Senior notes$1,288 $1,287 
Due to subsidiaries and affiliates6 11 
Other liabilities41 48 
Total liabilities1,335 1,346 
Shareholders' Equity
Non-cumulative preferred shares830 830 
Common shares ($0.0011 par, shares issued: 599.8 and 595.6)
1 1 
Additional paid-in capital2,735 2,510 
Retained earnings27,045 22,686 
Accumulated other comprehensive income (loss), net of deferred income tax5 (720)
Common shares held in treasury, at cost (shares: 240.8 and 219.2)
(6,410)(4,487)
Total shareholders' equity$24,206 $20,820 
Total liabilities and shareholders' equity$25,541 $22,166 


The financial information for the parent company (Arch Capital Group Ltd.) should be read in conjunction with the Consolidated Financial Statements and Notes thereto.
Statement of Income
(Parent Company Only)


Year Ended
December 31,
202520242023
Revenues
Net investment income$3 $5 $2 
Net realized gains (losses)(10)(4)— 
Total revenues(7)1 2 
Expenses
Corporate expenses57 116 93 
Interest expense59 59 59 
Total expenses116 175 152 
Income (loss) before income taxes and income (loss) from operating affiliates(123)(174)(150)
Income tax (expense) benefit58 — 41 
Income (loss) from operating affiliates(1)(1)(1)
Income (loss) before equity in net income of subsidiaries(66)(175)(110)
Equity in net income of subsidiaries4,465 4,487 4,553 
Net income available to Arch4,399 4,312 4,443 
Preferred dividends(40)(40)(40)
Net income available to Arch common shareholders$4,359 $4,272 $4,403 

The financial information for the parent company (Arch Capital Group Ltd.) should be read in conjunction with the Consolidated Financial Statements and Notes thereto.
Statement of Cash Flows
(Parent Company Only)



Year Ended
December 31,
202520242023
Operating Activities:
Net Cash Provided By Operating Activities$1,873 $2,398 $46 
Investing Activities:
Net (purchases) sales of short-term investments3 (26)(8)
Acquisitions, net of cash— (450)— 
Other10 5 1 
Net Cash Used For Investing Activities13 (471)(7)
Financing Activities:
Purchases of common shares under share repurchase program(1,889)(24)— 
Proceeds from common shares issued, net50 7 (2)
Common dividends paid(7)(1,866)— 
Preferred dividends paid(40)(40)(40)
Net Cash Used For Financing Activities(1,886)(1,923)(42)
Increase (decrease) in cash and restricted cash— 4 (3)
Cash and restricted cash, beginning of year13 9 12 
Cash and restricted cash, end of period$13 $13 $9 


The financial information for the parent company (Arch Capital Group Ltd.) should be read in conjunction with the Consolidated Financial Statements and Notes thereto.
v3.25.4
Schedule III - Supplementary Insurance Information
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]  
Supplementary Insurance Information
SCHEDULE III


ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
SUPPLEMENTARY INSURANCE INFORMATION
(U.S. dollars in millions)
Deferred Acquisition CostsReserves for Losses and Loss Adjustment ExpensesUnearned PremiumsNet Premiums EarnedNet Investment Income (1)Net Losses and Loss Adjustment Expenses IncurredAmortization of Deferred Acquisition CostsOther Operating Expenses (2)Net Premiums Written
December 31, 2025
Insurance$788 $17,527 $5,199 $7,771 NM$4,764 $1,496 $1,172 $7,798 
Reinsurance872 15,523 4,545 8,122 NM4,610 1,644 469 7,618 
Mortgage57 497 356 1,172 NM(4)13 185 1,060 
Total$1,717 $33,547 $10,100 $17,065 NM$9,370 $3,153 $1,826 $16,476 
December 31, 2024
Insurance$696 $16,277 $4,857 $6,627 NM$4,070 $1,217 $995 $6,874 
Reinsurance981 12,567 4,891 7,242 NM4,327 1,432 270 7,746 
Mortgage57 525 470 1,231 NM(55)2 207 1,112 
Total$1,734 $29,369 $10,218 $15,100 NM$8,342 $2,651 $1,472 $15,732 
December 31, 2023
Insurance$566 $12,250 $3,917 $5,446 NM$3,122 $1,055 $819 $5,862 
Reinsurance901 9,924 4,254 5,836 NM3,227 1,240 288 6,554 
Mortgage64 578 637 1,158 NM(103)17 194 1,052 
Total$1,531 $22,752 $8,808 $12,440 NM$6,246 $2,312 $1,301 $13,468 
(1)    The Company does not manage its assets by segment and, accordingly, net investment income is not allocated to each underwriting segment.
(2)    Certain other operating expenses relate to the Company’s corporate items. Such amounts are not reflected in the table above. See note 4, “Segment Information,” to our consolidated financial statements in Item 8 for information
v3.25.4
Schedule IV - Reinsurance
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Reinsurance
SCHEDULE IV
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
REINSURANCE
(U.S. dollars in millions)
Gross AmountCeded to Other Companies (1)Assumed From Other Companies (1)Net
Amount		Percentage of Amount Assumed to Net
Year Ended December 31, 2025
Premiums Written:
Insurance
$8,268 $(2,637)$2,167 $7,798 27.8 %
Reinsurance
895 (3,531)10,254 7,618 134.6 %
Mortgage
1,087 (245)218 1,060 20.6 %
Total
$10,250 $(6,402)$12,628 $16,476 76.6 %
Year Ended December 31, 2024
Premiums Written:
Insurance
$7,970 $(2,179)$1,083 $6,874 15.8 %
Reinsurance
956 (3,366)10,156 7,746 131.1 %
Mortgage
1,130 (239)221 1,112 19.9 %
Total
$10,056 $(5,779)$11,455 $15,732 72.8 %
Year Ended December 31, 2023
Premiums Written:
Insurance
$7,865 $(2,049)$46 $5,862 0.8 %
Reinsurance
626 (2,559)8,487 6,554 129.5 %
Mortgage
1,161 (335)226 1,052 21.5 %
Total
$9,652 $(4,935)$8,751 $13,468 65.0 %
(1)    Certain amounts included in the gross premiums written of each segment are related to intersegment transactions and are included in the gross premiums written of each segment. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total.
v3.25.4
Schedule VI - Supplementary Information For Property and Casualty Insurance Underwriters
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]  
Supplementary Information for Property and Casualty Insurance Underwriters
SCHEDULE VI
ARCH CAPITAL GROUP LTD. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION FOR PROPERTY AND CASUALTY INSURANCE UNDERWRITERS
(U.S. dollars in millions)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn IColumn JColumn K
Affiliation with RegistrantDeferred Acquisition CostsReserves for Losses and Loss Adjustment ExpensesDiscount, if any, deducted in Column CUnearned PremiumsNet
Premiums Earned		Net Investment IncomeNet Losses and Loss Adjustment Expenses Incurred Related toAmortization
of Deferred Acquisition Costs		Net Paid Losses and Loss Adjustment ExpensesNet
Premiums Written
(a) Current Year(b)
Prior Years
Consolidated Subsidiaries
2025$1,717 $33,547 $78 $10,100 $17,065 $1,625 $9,970 $(600)$3,153 $7,025 $16,476 
20241,734 29,369 68 10,218 15,100 1,495 8,849 (507)2,651 5,073 15,732 
20231,531 22,752 66 8,808 12,440 1,023 6,784 (538)2,312 4,093 13,468 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk management and strategy
We prioritize the management of cybersecurity risk and the protection of information across our enterprise by embedding data protection and cybersecurity risk management in our operations. Our processes for assessing, identifying, and managing material risks from cybersecurity threats have been integrated into our overall risk management system and processes. For example, to identify and assess risks from cybersecurity threats, our enterprise risk management program considers cybersecurity as part of the Company’s risk assessment process, and our risk management framework requires risk owners to monitor key risks such as cybersecurity on a continuous basis. See Item 1, “Business—Enterprise Risk Management” for additional information.
As a foundation of our approach to cybersecurity risk, we have implemented processes at several levels across our enterprise to help assess, identify and manage cybersecurity risks and incidents. Our privacy and information security policies and standards cover topics such as information sharing, privacy, data handling and data management as well as more detailed information technology (“IT”) processes encompassing incident response, access control, artificial intelligence, disaster recovery and testing, among other areas. These policies and standards are regularly reviewed and updated at least annually based on the risk and regulatory environment in which we operate. We closely monitor privacy and cybersecurity, AI and operational resilience laws, regulations and guidance applicable to us. See Item 1, “Business—Regulation—Cybersecurity and Privacy” for additional details.
We use many third parties for IT functions and our vendor management group performs information security risk assessments on our third party service providers with respect to their ability to protect data from unauthorized access, and on a risk weighted basis, we perform re-assessments routinely. The Company also requires these third party service providers to adhere to privacy and cybersecurity measures and has a third party service provider monitoring program in place that reviews changes to the security posture of certain higher risk third party service providers.
Our operations rely on the secure processing, storage and transmission of confidential and other information in our computer systems and networks. Computer viruses, hackers, employee or vendor error or misconduct, and other external hazards could expose our information systems and those of our vendors to security breaches, cybersecurity incidents or other disruptions, any of which could materially and adversely affect our ability to conduct our business. We annually undergo an external penetration testing by a third party cybersecurity firm. These tests and our tabletop exercises enable us to incorporate recommendations and learnings in our program. While we and third parties with which we do business have experienced cybersecurity incidents, to date, the Company does not believe that any previous cybersecurity incidents have materially affected the Company.
The sophistication of cybersecurity threats, including through the use of AI, continues to increase, and the controls and preventative actions that we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may be insufficient. In addition, new technology that could result in greater operational efficiency such as AI may further expose our information systems to the risk of cybersecurity incidents. See Item 1A, “Risk Factors—Risk Relating to Our Industry, Business & Operations—Technology failures and cyber attacks, including, but not limited to, ransomware, exploitation in software or code with malicious intent, state-sponsored cyber attacks, as well as vulnerabilities relating to new technologies, such as generative AI, may impact us or our business partners and service providers, causing a disruption in service and operations which could materially and negatively impact our business and/or expose us to litigation.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We prioritize the management of cybersecurity risk and the protection of information across our enterprise by embedding data protection and cybersecurity risk management in our operations. Our processes for assessing, identifying, and managing material risks from cybersecurity threats have been integrated into our overall risk management system and processes. For example, to identify and assess risks from cybersecurity threats, our enterprise risk management program considers cybersecurity as part of the Company’s risk assessment process, and our risk management framework requires risk owners to monitor key risks such as cybersecurity on a continuous basis. As a foundation of our approach to cybersecurity risk, we have implemented processes at several levels across our enterprise to help assess, identify and manage cybersecurity risks and incidents. Our privacy and information security policies and standards cover topics such as information sharing, privacy, data handling and data management as well as more detailed information technology (“IT”) processes encompassing incident response, access control, artificial intelligence, disaster recovery and testing, among other areas. These policies and standards are regularly reviewed and updated at least annually based on the risk and regulatory environment in which we operate. We closely monitor privacy and cybersecurity, AI and operational resilience laws, regulations and guidance applicable to us.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
As part of our overall risk management approach, we recognize the importance of identifying and managing cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised of independent directors from our Board, oversees the Board’s responsibilities relating to the operational (including IT risks, business continuity and data security) risk affairs of the Company. Our Audit Committee is informed of such risks through quarterly reports from our Chief Information Officer (“CIO”) and Chief Operations Officer (“COO”), with input from our Chief Information Security Officer (“CISO”).
Our cybersecurity and IT executives include our CIO, who has 35 years of experience in Information Technology, including 22 years in the financial services space. His responsibilities as the CIO include all areas of Information Technology and information security oversight. Our CISO, has 20 years of experience in information security. The CISO holds certifications from leading security associations. The information security personnel reporting to the CISO hold various leading security certifications. The CISO, reporting to the CIO, oversees the implementation and compliance of our information security standards and mitigation of related risks. We also have three management level committees and a team that supports our processes to assess and manage cybersecurity risk.
•The Privacy and Security Committee (“P&S Committee”), co-chaired by the CISO and our Deputy General Counsel, brings together Information Security, legal, compliance, human resources and other function leads. The P&S Committee provides a forum for these cross-functional members of management to: consider new laws and regulations relating to privacy and security; consider emerging risks relating to cybersecurity and data protection; approve, review and update policies and standards as appropriate; and promote cross-functional collaboration to manage cybersecurity and privacy risks across the enterprise.
•The Operational Risk Committee (“ORC”), comprised of senior IT, operations, risk, legal and compliance leaders across business segments, manages risks from matters related to business continuity including risks posed by cybersecurity threats, and implements controls to mitigate such operational risks. Among other processes, the ORC reviews the Company’s programs and processes related to business operations and resiliency, including crisis incident management and cyber risk response, third party risk, vendor management, facilities, unplanned downtime, business disruption, business continuity and disaster recovery. Key information reviewed by the ORC, including as it relates to cybersecurity, are included in the COO’s quarterly report to the Audit Committee.
•The Crisis Incident Management Team (“CIMT”), which includes senior executives across the Company, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages. Each quarter, the CIMT exercises its communication plan to confirm that its members can be alerted quickly in the event of an actual crisis and meet as a team to discuss the event and response options.
•The IT Steering Committee (“IT Committee”, which includes our CIO, CISO, COO and members of executive leadership, oversees IT initiatives while considering cybersecurity risk mitigation with respect to these initiatives.
•The Artificial Intelligence Governance and Oversight Committee (“AIGOC”), which includes senior executives from IT, legal, compliance, risk and analytics, focuses on the governance of AI through the Company Artificial Intelligence Policy, annual training and vetting new AI technologies. New AI use cases presented to the AIGOC for approval include a review of cybersecurity controls, among other considerations such as regulatory and business factors.
The P&S Committee, ORC, CIMT, AIGOC and IT Committee are comprised of executives with reporting lines to the CIO and/or the COO.
At the employee level, we maintain an experienced IT security team tasked with ongoing reviews of our technology systems, implementation of our privacy and cybersecurity program and support for the CIO and CISO in carrying out their reporting, security and mitigation functions. We also hold employee training on privacy and cybersecurity, records and information management, conduct regular phishing tests and generally seek to promote awareness of cybersecurity risk through communication and education to all our employees.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] As part of our overall risk management approach, we recognize the importance of identifying and managing cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised of independent directors from our Board, oversees the Board’s responsibilities relating to the operational (including IT risks, business continuity and data security) risk affairs of the Company.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee is informed of such risks through quarterly reports from our Chief Information Officer (“CIO”) and Chief Operations Officer (“COO”), with input from our Chief Information Security Officer (“CISO”). Key information reviewed by the ORC, including as it relates to cybersecurity, are included in the COO’s quarterly report to the Audit Committee.
Cybersecurity Risk Role of Management [Text Block]
Our cybersecurity and IT executives include our CIO, who has 35 years of experience in Information Technology, including 22 years in the financial services space. His responsibilities as the CIO include all areas of Information Technology and information security oversight. Our CISO, has 20 years of experience in information security. The CISO holds certifications from leading security associations. The information security personnel reporting to the CISO hold various leading security certifications. The CISO, reporting to the CIO, oversees the implementation and compliance of our information security standards and mitigation of related risks. We also have three management level committees and a team that supports our processes to assess and manage cybersecurity risk.
•The Privacy and Security Committee (“P&S Committee”), co-chaired by the CISO and our Deputy General Counsel, brings together Information Security, legal, compliance, human resources and other function leads. The P&S Committee provides a forum for these cross-functional members of management to: consider new laws and regulations relating to privacy and security; consider emerging risks relating to cybersecurity and data protection; approve, review and update policies and standards as appropriate; and promote cross-functional collaboration to manage cybersecurity and privacy risks across the enterprise.
•The Operational Risk Committee (“ORC”), comprised of senior IT, operations, risk, legal and compliance leaders across business segments, manages risks from matters related to business continuity including risks posed by cybersecurity threats, and implements controls to mitigate such operational risks. Among other processes, the ORC reviews the Company’s programs and processes related to business operations and resiliency, including crisis incident management and cyber risk response, third party risk, vendor management, facilities, unplanned downtime, business disruption, business continuity and disaster recovery. Key information reviewed by the ORC, including as it relates to cybersecurity, are included in the COO’s quarterly report to the Audit Committee.
•The Crisis Incident Management Team (“CIMT”), which includes senior executives across the Company, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages. Each quarter, the CIMT exercises its communication plan to confirm that its members can be alerted quickly in the event of an actual crisis and meet as a team to discuss the event and response options.
•The IT Steering Committee (“IT Committee”, which includes our CIO, CISO, COO and members of executive leadership, oversees IT initiatives while considering cybersecurity risk mitigation with respect to these initiatives.
•The Artificial Intelligence Governance and Oversight Committee (“AIGOC”), which includes senior executives from IT, legal, compliance, risk and analytics, focuses on the governance of AI through the Company Artificial Intelligence Policy, annual training and vetting new AI technologies. New AI use cases presented to the AIGOC for approval include a review of cybersecurity controls, among other considerations such as regulatory and business factors.
The P&S Committee, ORC, CIMT, AIGOC and IT Committee are comprised of executives with reporting lines to the CIO and/or the COO.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our cybersecurity and IT executives include our CIO, who has 35 years of experience in Information Technology, including 22 years in the financial services space. His responsibilities as the CIO include all areas of Information Technology and information security oversight. Our CISO, has 20 years of experience in information security. The CISO holds certifications from leading security associations. The information security personnel reporting to the CISO hold various leading security certifications. The CISO, reporting to the CIO, oversees the implementation and compliance of our information security standards and mitigation of related risks. We also have three management level committees and a team that supports our processes to assess and manage cybersecurity risk.
•The Privacy and Security Committee (“P&S Committee”), co-chaired by the CISO and our Deputy General Counsel, brings together Information Security, legal, compliance, human resources and other function leads. The P&S Committee provides a forum for these cross-functional members of management to: consider new laws and regulations relating to privacy and security; consider emerging risks relating to cybersecurity and data protection; approve, review and update policies and standards as appropriate; and promote cross-functional collaboration to manage cybersecurity and privacy risks across the enterprise.
•The Operational Risk Committee (“ORC”), comprised of senior IT, operations, risk, legal and compliance leaders across business segments, manages risks from matters related to business continuity including risks posed by cybersecurity threats, and implements controls to mitigate such operational risks. Among other processes, the ORC reviews the Company’s programs and processes related to business operations and resiliency, including crisis incident management and cyber risk response, third party risk, vendor management, facilities, unplanned downtime, business disruption, business continuity and disaster recovery. Key information reviewed by the ORC, including as it relates to cybersecurity, are included in the COO’s quarterly report to the Audit Committee.
•The Crisis Incident Management Team (“CIMT”), which includes senior executives across the Company, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages. Each quarter, the CIMT exercises its communication plan to confirm that its members can be alerted quickly in the event of an actual crisis and meet as a team to discuss the event and response options.
•The IT Steering Committee (“IT Committee”, which includes our CIO, CISO, COO and members of executive leadership, oversees IT initiatives while considering cybersecurity risk mitigation with respect to these initiatives.
•The Artificial Intelligence Governance and Oversight Committee (“AIGOC”), which includes senior executives from IT, legal, compliance, risk and analytics, focuses on the governance of AI through the Company Artificial Intelligence Policy, annual training and vetting new AI technologies. New AI use cases presented to the AIGOC for approval include a review of cybersecurity controls, among other considerations such as regulatory and business factors.
The P&S Committee, ORC, CIMT, AIGOC and IT Committee are comprised of executives with reporting lines to the CIO and/or the COO.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity and IT executives include our CIO, who has 35 years of experience in Information Technology, including 22 years in the financial services space. His responsibilities as the CIO include all areas of Information Technology and information security oversight. Our CISO, has 20 years of experience in information security. The CISO holds certifications from leading security associations. The information security personnel reporting to the CISO hold various leading security certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The CISO, reporting to the CIO, oversees the implementation and compliance of our information security standards and mitigation of related risks. We also have three management level committees and a team that supports our processes to assess and manage cybersecurity risk.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Reclassification of prior year information 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, shareholders’equity or cash flows.
Basis of presentation
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Arch Capital and its subsidiaries, including Arch Reinsurance Ltd. (“Arch Re Bermuda”), Arch Reinsurance Company (“Arch Re U.S.”), Arch Capital Group (U.S.) Inc.(“Arch-U.S.”), Arch Insurance Company, Arch Specialty
Insurance Company, Arch Property Casualty Insurance Company, Arch Indemnity Insurance Company, Arch Wilsure Insurance Company, Arch Insurance Canada Ltd. (“Arch Insurance Canada”), Arch Reinsurance Europe Designated Activity Company (“Arch Re Europe”), Arch Mortgage Insurance Company (“AMIC”), Arch Mortgage Guaranty Company (“AMG”), United Guaranty Residential Insurance Company (“UGRIC”), Arch Lenders Mortgage Indemnity Ltd. (“Arch Indemnity”), Arch Insurance (EU) Designated Activity Company (“Arch Insurance (EU)”), Arch Insurance (U.K.) Limited (“Arch Insurance (U.K.)”) and the Company’s participation on Lloyd’s of London syndicates: 2012 (“Arch Syndicate 2012”) and 1955 (“Arch Syndicate 1955” and together with Arch Syndicate 2012, the Company’s “Lloyd’s Syndicates”). All significant intercompany transactions and balances have been eliminated in consolidation.
Use of estimates
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. The Company’s principal estimates include:
•The reserve for losses and loss adjustment expenses;
•Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses, including the provision for uncollectible amounts;
•Estimates of written and earned premiums;
•The valuation of the investment portfolio and assessment of allowance for credit losses;
•The valuation of purchased intangible assets;
•The assessment of goodwill and intangible assets for impairment; and
•The valuation of deferred income tax assets.
Premiums
Insurance. Insurance premiums written are generally recorded at the policy inception and are primarily earned on a pro rata basis over the terms of the policies for all products, usually 12 months. Premiums written include estimates that are derived from multiple sources which include the historical experience of the underlying business, similar business and available industry information. Unearned premium reserves represent the portion of premiums written that relates to the unexpired terms of in-force insurance policies.
Reinsurance. Reinsurance premiums written include amounts reported by brokers and ceding companies, supplemented by the Company’s own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company’s experience with the ceding companies, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each line of business, and management’s judgment of the impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company. On an ongoing basis, the Company’s underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account the Company’s historical experience with the brokers or ceding companies. In addition, reinsurance contracts under which the Company assumes business generally contain specific provisions which allow the Company to perform audits of the ceding company to ensure compliance with the terms and conditions of the contract, including accurate and timely reporting of information. Based on a review of all available information, management establishes premium estimates where reports have not been received. Premium estimates are updated when new information is received and differences between such estimates and actual amounts are recorded in the period in which estimates are changed or the actual amounts are determined.
Reinsurance premiums written are recorded based on the type of contracts the Company writes. Premiums on the Company’s excess of loss and pro rata reinsurance contracts are estimated when the business is underwritten. For excess of loss contracts, premiums are recorded as written based on the terms of the contract. Estimates of premiums written under pro rata contracts are recorded in the period in which the underlying risks are expected to incept and are based on information provided by the brokers and the ceding companies. For multi-year reinsurance treaties which are payable in annual installments, generally, only the initial annual installment is included as premiums written at policy inception due to the ability of the reinsured to commute or cancel coverage during the term of the policy. The remaining annual installments are included as premiums written at each successive anniversary date within the multi-year term.
Reinsurance premiums written, irrespective of the class of business, are generally earned on a pro rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a “losses occurring” basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a “risks attaching” basis cover claims which attach to the underlying insurance policies written during
the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned in proportion to the period of risk coverage. Certain of the Company’s reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected experience under such contracts.
The Company also writes certain reinsurance business that is intended to provide insurers with risk management solutions that complement traditional reinsurance. Under these contracts, the Company assumes a measured amount of insurance risk in exchange for an anticipated margin, which is typically lower than on traditional reinsurance contracts. The terms and conditions of these contracts may include additional or return premiums based on loss experience, loss corridors, sublimits and caps. Examples of such business include aggregate stop-loss coverages, financial quota share coverages and multi-year retrospectively rated excess of loss coverages. If these contracts are deemed to transfer risk, they are accounted for as reinsurance. Otherwise, such contracts are accounted for under the deposit method.
Mortgage. Mortgage guaranty insurance policies are contracts that are generally non-cancelable by the insurer, are renewable at a fixed price, and provide for payment of premiums on a monthly, annual or single basis. Upon renewal, the Company is not able to re-underwrite or re-price its policies. Consistent with industry accounting practices, premiums written on a monthly basis are earned as coverage is provided. Premiums written on an annual basis are amortized on a monthly pro rata basis over the year of coverage. Primary mortgage insurance premiums written on policies covering more than one year are referred to as single premiums. A portion of the revenue from single premiums is recognized in premiums earned in the current period, and the remaining portion is deferred as unearned premiums and earned over the estimated expiration of risk of the policy. If single premium policies related to insured loans are canceled due to repayment by the borrower and the policy is a non-refundable product, the remaining unearned premium related to each canceled policy is recognized as earned premium upon notification of the cancellation.
Unearned premiums for the Company’s mortgage operations represent the portion of premiums written that is applicable to the estimated unexpired risk of insured loans. A portion of premium payments may be refundable if the insured cancels coverage, which generally occurs when the loan is repaid and the policy is refundable, the loan amortizes to a sufficiently low amount to trigger a lender
permitted or legally required cancellation, or the value of the property has increased sufficiently to trigger a lender permitted cancellation.Premium refunds reduce premiums earned in the consolidated statements of income. Generally, only unearned premiums are refundable.
Reinstatement premiums for the Company’s insurance and reinsurance operations are recognized at the time a loss event occurs, where coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. Reinstatement premiums, if obligatory, are fully earned when recognized. The accrual of reinstatement premiums is based on an estimate of losses and loss adjustment expenses, which reflects management’s judgment.
Premium estimates are reviewed by management at least quarterly. Such review includes a comparison of actual reported premiums to expected ultimate premiums along with a review of the aging and collection of premium estimates. Based on management’s review, the appropriateness of the premium estimates is evaluated, and any adjustment to these estimates is recorded in the period in which it becomes known. Adjustments to premium estimates could be material and such adjustments could directly and significantly impact earnings favorably or unfavorably in the period they are determined because the estimated premium may be fully or substantially earned. A significant portion of amounts included as premiums receivable, which represent estimated premiums written, net of commissions, are not currently due based on the terms of the underlying contracts.
Premiums receivable include amounts receivable from agents, brokers and insured that are both currently due and amounts not yet due on insurance, reinsurance and mortgage insurance policies. Premiums receivable balances are reported net of an allowance for expected credit losses. The Company monitors credit risk associated with premiums receivable through its ongoing review of amounts outstanding, aging of the receivable, historical loss data, and counterparty financial strength measures. The allowance also includes estimated uncollectible amounts related to dispute risk. In certain instances, credit risk may be reduced by the Company’s right to offset loss obligations or unearned premiums against premiums receivable. Any allowance for credit losses is charged to net realized gains (losses) in the period the receivable is recorded and revised in subsequent periods to reflect changes in the Company’s estimate of expected credit losses.
Acquisition costs Acquisition costs that are directly related and incremental to the successful acquisition or renewal of business are deferred and amortized based on the type of contract. The Company’s insurance and reinsurance operations capitalize incremental direct external costs that result from acquiring a contract but do not capitalize salaries, benefits and other internal underwriting costs. For the Company’s mortgage insurance operations, which include a substantial direct sales force, both external and certain internal direct costs are deferred and amortized. For property and casualty insurance and reinsurance contracts, deferred acquisition costs are amortized over the period in which the related premiums are earned. Consistent with mortgage insurance industry accounting practice, amortization of acquisition costs related to the mortgage insurance contracts for each underwriting year’s book of business is recorded in proportion to estimated gross profits. Estimated gross profits are comprised of earned premiums and losses and loss adjustment expenses. For each underwriting year, the Company estimates the rate of amortization to reflect actual experience and any changes to persistency or loss development.
Deferred acquisition costs are carried at their estimated realizable value and take into account anticipated losses and loss adjustment expenses, based on historical and current experience, and anticipated investment income.
A premium deficiency occurs if the sum of anticipated losses and loss adjustment expenses, unamortized acquisition costs and maintenance costs exceed unearned premiums (including expected future premiums) and anticipated investment income. A premium deficiency reserve (“PDR”) is recorded by charging any unamortized acquisition costs to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds unamortized acquisition costs then a liability is accrued for the excess deficiency.
To assess the need for a PDR on mortgage exposures, the Company develops loss projections based on modeled loan defaults related to its current policies in force. This projection is based on recent trends in default experience, severity and rates of defaulted loans moving to claim, as well as recent trends in the rate at which loans are prepaid, and incorporates anticipated interest income. Evaluating the expected profitability of the Company’s existing mortgage insurance business and the need for a PDR for its mortgage business involves significant reliance upon assumptions and estimates with regard to the likelihood, magnitude and timing of potential losses and premium revenues.
Deposit accounting
Certain assumed reinsurance contracts that are deemed not to transfer insurance risk, are accounted for using the deposit method of accounting. However, it is possible that the Company could incur financial losses on such contracts. Management exercises significant judgment in the assumptions used in determining whether assumed contracts should be accounted for as reinsurance contracts or deposit contracts. For those contracts that contain only significant underwriting risk, the estimated profit margin is deferred and amortized over the contract period and such amount is included in the Company’s underwriting results. When the estimated profit margin is explicit, the margin is reflected as other underwriting income and any adverse financial results on such contracts are reflected as incurred losses. When the estimated profit margin is implicit, the margin is reflected as an offset to paid losses and any adverse financial results on such contracts are reflected as incurred losses. Additional judgments are required when applying the accounting guidance with respect to the revenue recognition criteria for contracts deemed to transfer only significant underwriting risk. For those contracts that contain only significant timing risk, an accretion rate is established at inception of the contract based on actuarial estimates whereby the deposit accounting liability is increased to the estimated amount payable over the contract term. The accretion on the deposit is based on the expected rate of return required to fund the expected future payment obligations. Periodically the Company reassesses the estimated ultimate liability and the related expected rate of return. The accretion of the deposit accounting liability as well as changes to the estimated ultimate liability and the accretion rate would be reflected as part of interest expense in the Company’s results of operations. Any negative accretion in a deposit accounting liability is shown in other underwriting income in the Company’s results of operations.
Under some of these contracts, the ceding company retains the related assets on a funds held basis. Such amounts are included in “Other assets” on the Company’s balance sheet. Interest income produced by those assets are recorded as part of net investment income in the Company's results of operations.
Retroactive reinsurance
Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered by the underlying policies reinsured. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and, accordingly, the Company bifurcates the prospective and retrospective elements of these reinsurance contracts and accounts for each element separately where practical.
Underwriting income generated in connection with retroactive reinsurance contracts is deferred and amortized into income over the settlement period while losses are charged to income immediately. Subsequent changes in estimated amount or timing of cash flows under such retroactive reinsurance contracts are accounted for by adjusting the previously deferred amount to the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction, with a corresponding charge or credit to income.
Reinsurance ceded In the normal course of business, the Company purchases reinsurance to increase capacity and to limit the impact of individual losses and events on its underwriting results by reinsuring certain levels of risk with other insurance enterprises or reinsurers. The Company uses pro rata, excess of loss and facultative reinsurance contracts. Reinsurance ceding commissions that represent a recovery of acquisition costs are recognized as a reduction to acquisition costs while the remaining portion is deferred. The accompanying consolidated statement of income reflects premiums and losses and loss adjustment expenses and acquisition costs, net of reinsurance ceded.Reinsurance premiums ceded and unpaid losses and loss adjustment expenses recoverable are estimated in a manner consistent with that of the original policies issued and the terms of the reinsurance contracts. If the reinsurers are unable to satisfy their obligations under the agreements, the Company’s insurance or reinsurance subsidiaries would be liable for such defaulted amounts.Reinsurance recoverables are recorded as assets, predicated on the reinsurers’ ability to meet their obligations under the reinsurance agreements. In certain instances, the Company obtains collateral, including letters of credit and trust accounts to further reduce the credit exposure on its reinsurance recoverables. The Company reports its reinsurance recoverables net of an allowance for expected credit loss. The allowance is based upon the Company’s ongoing review of amounts outstanding, the financial condition of its reinsurers, amounts and form of collateral obtained and other relevant factors. A ratings based probability-of-default and loss-given-default methodology is used to estimate the allowance for expected credit loss. Any allowance for credit losses is charged to net realized gains (losses) in the period the recoverable is recorded and revised in subsequent periods to reflect changes in the Company’s estimate of expected credit losses.
Cash
Cash includes cash equivalents, which are investments with original maturities of three months or less which are not part of the investment portfolio.
Restricted cash
Restricted cash represents amounts held for the benefit of third parties or is legally or contractually restricted as to withdrawal or usage by the Company. Such amounts are included in “Other assets” on the Company’s balance sheet.
Investments
The Company currently classifies substantially all of its fixed maturity investments and short-term investments as “available for sale” and, accordingly, they are carried at estimated fair value (also known as fair value) with the changes in fair value recorded as an unrealized gain or loss component of accumulated other comprehensive income in shareholders’ equity. The fair value of fixed maturity securities and equity securities is generally determined from quotations received from nationally recognized pricing services, or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments comprise securities due to mature within one year of the date of issue. Short-term investments include certain cash equivalents which are part of investment portfolios under the management of external and internal investment managers.
The Company’s investment portfolio includes certain funds that, due to their ownership structure, are accounted for by the Company using the equity method. In applying the equity method, these investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the fair value of the underlying securities in the funds). Such investments are generally recorded on a one to three month lag based on the availability of reports from the investment funds. Changes in the carrying value of such investments are recorded in net income as “Equity in net income (loss) of investments accounted for using the equity method.” As such, fluctuations in the carrying value of the investments accounted for using the equity method may increase the volatility of the Company’s reported results of operations.
The Company’s investment portfolio includes equity securities that are accounted for at fair value. Such holdings primarily include publicly traded common stocks. Dividend income on equities is reflected in net investment income. Changes in fair value on equity securities are included in “Net realized gains (losses)” in the consolidated statement of income.
The Company elected to carry certain fixed maturity securities, equity securities, short-term investments and other investments at fair value under the fair value option afforded by accounting guidance regarding the fair value option for financial assets and liabilities. The fair value for certain of the Company’s other investments are determined using net asset values (“NAVs”) as advised by external fund managers. The NAV is based on the fund manager’s valuation of the underlying holdings in accordance with the fund’s governing documents.
Changes in fair value of investments accounted for using the fair value option are included in “Net realized gains (losses).” The primary reasons for electing the fair value option were to address simplification and cost-benefit considerations.
The Company invests in reverse repurchase agreements that are generally treated as collateralized receivables. Receivables for reverse repurchase agreements are reflected in “Other investments” or “Short-term investments” in the Company's consolidated balance sheet depending on their terms. These agreements are recorded at their contracted resale amount plus accrued interest, other than those that are accounted for at fair value. In reverse repurchase transactions, the Company obtains an interest in the purchased assets that are received as collateral.
The Company invests in limited partner interests and shares of limited liability companies. Such amounts are included in investments accounted for using the equity method and other investments. These investments can often have characteristics of a variable interest entity (“VIE”). A VIE refers to entities that have characteristics such as (i) insufficient equity at risk to allow the entity to finance its activities without additional financial support or (ii) instances where the equity investors, as a group, do not have the characteristic of a controlling financial interest. If the Company is determined to be the primary beneficiary, it is required to consolidate the VIE. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (i) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. At inception of the VIE as well as on an ongoing basis, the Company determines whether it is the primary beneficiary based on an analysis of the Company’s level of
involvement in the VIE, the contractual terms, and the overall structure of the VIE. The Company's maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company's consolidated balance sheet and any unfunded commitment.
The Company conducts a periodic review to identify and evaluate credit based impairments related to the Company’s available for sale investments. The Company derives estimated credit losses by comparing expected future cash flows to be collected to the amortized cost of the security. Estimates of expected future cash flows consider among other things, macroeconomic conditions as well as the financial condition, near-term and long-term prospects for the issuer, and the likelihood of the recoverability of principal and interest. Effective January 1, 2020, credit losses are recognized through an allowance account subject to reversal, rather than a reduction in amortized cost. Declines in value attributable to factors other than credit are reported as an unrealized loss in other comprehensive income while the allowance for credit loss is charged to net realized gains (losses) in the consolidated statement of income.
For available for sale investments that the Company intends to sell or for which it is more likely than not that the Company would be required to sell before an anticipated recovery in value, the full amount of the impairment is included in net realized gains (losses). The new cost basis of the investment is the previous amortized cost basis reduced by the impairment recognized in net realized gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value.
The Company reports accrued investment income separately from investment balances and has elected not to measure an allowance for credit losses for accrued investment income. Any uncollectible accrued interest income is written off in the period it is deemed uncollectible.
Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. Anticipated prepayments and expected maturities are used in applying the interest method for certain investments such as mortgage and other asset-backed securities. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The net investment in such securities is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the security. Such adjustments, if any, are included in net investment income when determined.
Investment gains or losses realized on the sale of investments, except for certain fund investments, are determined on a first-in, first-out basis and are reflected in net income. Investment gains or losses realized on the sale of certain fund investments are determined on an average cost basis. Unrealized appreciation or decline in the value of available for sale securities, which are carried at fair value, is excluded from net income and recorded as a separate component of accumulated other comprehensive income, net of applicable deferred income tax.
Derivative instruments The Company recognizes all derivative instruments, including embedded derivative instruments, at fair value in its consolidated balance sheets. The Company employs the use of derivative instruments within its operations to mitigate risks arising from assets and liabilities held in foreign currencies as well as part of its overall investment strategy. For such instruments, changes in assets and liabilities measured at fair value are recorded as “Net realized gains (losses)” in the consolidated statements of income. In addition, the Company’s derivative instruments include amounts related to underwriting activities where an insurance or reinsurance contract meets the accounting definition of a derivative instrument. For such contracts, changes in fair value are reflected in “Other underwriting income” in the consolidated statements of income as the underlying contract originates from the Company’s underwriting operations. For the periods ended 2025, 2024, and 2023, the Company did not designate any derivative instruments as hedges under the relevant accounting guidance.
Reserves for losses and loss adjustment expenses
Insurance and Reinsurance. The reserve for losses and loss adjustment expenses consists of estimates of unpaid reported losses and loss adjustment expenses and estimates for losses incurred but not reported. The reserve for unpaid reported losses and loss adjustment expenses, established by management based on reports from ceding companies and claims from insureds, excludes estimates of amounts related to losses under high deductible policies, and represents the estimated ultimate cost of events or conditions that have been reported to or specifically identified by the Company. Such reserves are supplemented by management’s estimates of reserves for losses incurred for which reports or claims have not been received. The Company’s reserves are based on a combination of reserving methods, incorporating both Company and industry loss development patterns. The Company selects the initial expected loss and loss adjustment expense ratios based on information derived by its underwriters and actuaries during the initial pricing of the business, supplemented by industry data where appropriate. Such ratios consider, among other
things, rate changes and changes in terms and conditions that have been observed in the market. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in income in the period in which they are determined. As actual loss information has been reported, the Company has developed its own loss experience and its reserving methods include other actuarial techniques. Over time, such techniques have been given further weight in its reserving process based on the continuing maturation of the Company’s reserves. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claims severity and frequency and other factors which may vary significantly as claims are settled. Accordingly, ultimate losses and loss adjustment expenses may differ materially from the amounts recorded in the accompanying consolidated financial statements. Losses and loss adjustment expenses are recorded on an undiscounted basis, except for excess workers’ compensation and employers’ liability business written by the Company’s insurance operations.
Mortgage. The reserves for mortgage guaranty insurance losses and loss adjustment expenses are the estimated claim settlement costs on notices of delinquency that have been received by the Company, as well as loan delinquencies that have been incurred but have not been reported by the lenders. Consistent with primary mortgage insurance industry accounting practice, the Company does not establish loss reserves for future claims on insured loans that are not currently delinquent (defined as two or more payments in arrears). The Company establishes loss reserves on a case-by-case basis when insured loans are reported delinquent using estimated claim rates and average claim sizes for each cohort, net of any salvage recoverable. The Company also reserves for delinquencies that have occurred but have not yet been reported to the Company prior to the close of an accounting period. To determine this reserve, the Company estimates the number of delinquencies not yet reported using historical information regarding late reported delinquencies and applies estimated claim rates and claim sizes for the estimated delinquencies not yet reported.
The establishment of reserves across the Company’s segments is an inherently uncertain process, are necessarily based on estimates, and the ultimate net cost may vary from such estimates. The methods for making such estimates and for establishing the resulting liability are reviewed and updated using the most current information available. Any resulting adjustments, which may be material, are reflected in current operations.
Contractholders receivables and payables
Certain insurance policies written by the Company’s U.S. insurance operations feature large deductibles, primarily in its construction and national accounts line of business. Under such contracts, the Company is obligated to pay the claimant for the full amount of the claim. The Company is subsequently reimbursed by the policy holder for the deductible amount. These amounts are included on a gross basis in the consolidated balance sheet as contractholder payables and contractholder receivables. In the event that the Company is unable to collect from the policyholder, the Company would be liable for such defaulted amounts. Collateral, primarily in the form of letters of credit, cash and trusts, is obtained from the policyholder to mitigate the Company’s credit risk. In the instances where the Company receives collateral in the form of cash, the Company reflects it in “Collateral held for insured obligations.”
Contractholder receivables are reported net of an allowance for expected credit losses. The allowance is based upon the Company’s ongoing review of amounts outstanding, changes in policyholder credit standing, amounts and form of collateral obtained, and other relevant factors. A ratings based probability-of-default and loss-given-default methodology is used to estimate the allowance for expected credit losses. Any allowance for credit losses is charged to net realized gains (losses) in the period the receivable is recorded and revised in subsequent periods to reflect changes in the Company’s estimate of expected credit losses.
Foreign exchange
Assets and liabilities of foreign operations whose functional currency is not the U.S. Dollar are translated at the prevailing exchange rates at each balance sheet date. Revenues and expenses of such foreign operations are translated at average exchange rates during the year. The net effect of the translation adjustments for foreign operations is included in accumulated other comprehensive income, net of applicable deferred income tax. Monetary assets and liabilities, such as premiums receivable and the reserve for losses and loss adjustment expenses, denominated in foreign currencies are revalued at the exchange rate in effect at the balance sheet date with the resulting foreign exchange gains and losses included in net income. Accounts that are classified as non-monetary, such as deferred acquisition costs and the unearned premium reserves, are not revalued. In the case of foreign currency denominated fixed maturity securities which are classified as “available for sale,” the change in exchange rates between the local currency in which the investments are denominated and the Company’s functional currency at each balance sheet date is included in unrealized
appreciation or decline in value of securities, a component of accumulated other comprehensive income, net of applicable deferred income tax.
Income taxes Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred income tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made.
The Company recognizes a tax benefit where it concludes that it is more likely than not that the tax benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50% likely to be realized. The Company records interest and penalties related to unrecognized tax benefits in the provision for income taxes.
Share-based payment arrangements
The Company applies a fair value based measurement method in accounting for its share-based payment arrangements with eligible employees and directors. Compensation expense is estimated based on the fair value of the award at the grant date and is recognized in net income over the requisite service period with a corresponding increase in shareholders’ equity. No value is attributed to awards that employees forfeit because they fail to satisfy vesting conditions. The Company’s (i) time-based awards generally vest over a three year period with one-third vesting on the first, second and third anniversaries of the grant date and (ii) performance-based awards cliff vest after each three year performance period based on achievement of the specified performance criteria. The share-based compensation expense associated with awards that have graded vesting features and vest based on service conditions only is calculated on a straight-line basis over the requisite service period for the entire award. Compensation
expense recognized in connection with performance awards is based on the achievement of the specified performance and service conditions. The final measure of compensation expense recognized over the requisite service period reflects the final performance outcome. During the recognition period compensation expense is accrued based on the performance condition that is probable of achievement. For awards granted to retirement-eligible employees where no service is required for the employee to retain the award, the grant date fair value is immediately recognized as compensation expense at the grant date because the employee is able to retain the award without continuing to provide service. For employees near retirement eligibility, attribution of compensation cost is over the period from the grant date to the retirement eligibility date. These charges had no impact on the Company’s cash flows or total shareholders’ equity.
Guaranty fund and other related assessments
Liabilities for guaranty fund and other related assessments in the Company’s insurance and reinsurance operations are accrued when the Company receives notice that an amount is payable, or earlier if a reasonable estimate of the assessment can be made.
Treasury shares
Treasury shares are common shares purchased by the Company and not subsequently canceled. These shares are recorded at cost and result in a reduction of the Company’s shareholders’ equity in its Consolidated Balance Sheets.
Goodwill and intangible assets
Goodwill represents the excess of the purchase price of business combination over the fair value of the net assets acquired and is assigned to the applicable reporting unit at acquisition. The annual goodwill impairment test was performed as of October 1, 2025. Impairment tests may be performed more frequently if the facts and circumstances indicate a possible impairment. In performing impairment tests, the Company may first assess qualitative factors to determine whether it is more likely than not (that is, more than a 50% probability) that the fair value of a reporting unit exceeds its carrying amount as a basis for determining whether it is necessary to perform goodwill impairment test described in the accounting guidance.
Indefinite-lived intangible assets, such as insurance licenses are evaluated for impairment similar to goodwill. Finite-lived intangible assets and liabilities include the value of acquired insurance and reinsurance contracts, which are estimated based on the present value of future expected cash flows and amortized in proportion to the estimated profits
expected to be realized. Other finite-lived intangible assets, including customer lists, trade name and IT platforms, are amortized over their useful lives. Finite-lived intangible assets and liabilities are periodically reviewed for indicators of impairment. An impairment is recognized when the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value.
If goodwill or intangible assets are impaired, such assets are written down to their fair values with the related expense recorded in the Company’s results of operations.
Investment in operating affiliates
Investment in operating affiliates primarily represent the Company’s investments in which it has significant influence and which are accounted for under the equity method of accounting. In applying the equity method of accounting, investments in operating affiliates are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income or loss of the operating affiliate. The Company records its proportionate share of other comprehensive income or loss of the operating affiliate as a component of other comprehensive income. Adjustments are based on the most recently available financial information from the operating affiliate. Changes in the carrying value of these investments are recorded in income (loss) from operating affiliates.
Funds held arrangements
Funds held arrangements are agreements with a third party reinsurance company, where the reinsured retains the related assets on a funds held basis. Such amounts are included in “Other assets” on the Company’s balance sheet. Investment returns produced by those assets are recorded as part of net investment income and net realized gains (losses) in the Company's consolidated results of operations. Funds held as collateral by the Company are included in “Other liabilities” and changes to the funds held liability are reflected as part of interest expense in the Company’s consolidated results of operations.
Government grants
The Company claims substance-based government grants and refundable tax credits based on eligible expenditures in the jurisdictions in which it operates. Such amounts are recognized as reductions to the related expenses from which they are derived in the period where it is probable, the conditions for receiving the grant or refundable tax credits are satisfied. Government grants and refundable tax credits receivable are included in ‘Other assets’ and the benefit is primarily reflected as a reduction to ‘other operating expenses’ and ‘corporate expenses’ in the Company’s consolidated results of operations.
Recent accounting pronouncements
Recently Issued Accounting Standards Adopted
The Company adopted ASU 2023-09, “Improvements to Income Tax Disclosures,” which was issued in December 2023 with the stated purpose of enhancing the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The Company adopted this ASU on a prospective basis. The adoption of this ASU did not have any effect on the Company’s consolidated financial statements.
Recently Issued Accounting Standards Not Yet Adopted
ASU 2024-03, “Disaggregation of Income Statement Expenses” was issued in November 2024, which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statements and related disclosures.
ASU 2025-06, “Intangibles – Goodwill and Other – Internal- Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” was issued in September 2025. The new guidance amends the accounting for the internal-use software by eliminating references to software development project stages. Under the revised standard, entities must capitalize software costs when (i) management has authorized and committed funding for the project, and (ii) it is probable that the project will be completed and the software will function as intended. The update also clarifies that both internal and external training costs, as well as maintenance costs, must be expensed as incurred. The ASU is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. The requirements may be applied prospectively, with options for modified retrospective or full retrospective application. The Company plans to early adopt this ASU on a prospective basis beginning January 1, 2026, consistent with the permitted early adoption rules. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements and related disclosures.
ASU 2025-10, “Accounting for Government Grants Received by Business Entities”, was issued in December 2025. The ASU establishes authoritative guidance for the recognition, measurement, and presentation of government grants. The amendments in this ASU are effective for public business entities for annual reporting periods beginning after December 15, 2028, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
v3.25.4
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Business Combination
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.
TotalUseful Life
Purchase price
Cash paid (a)$450 
Assets Acquired
Cash and investments, at fair value$2,332 
Premiums receivable, net of commissions224
Intangible asset -- distribution relationships22010 years
Intangible asset -- value of business acquired165
1-2 years
Intangible asset -- other (1)180
5-7 years
Other assets acquired175
Total assets acquired$3,296 
Liabilities Acquired
Reserves for losses and loss adjustment expenses $2,468 
Unearned premiums636
Other liabilities acquired18
Total liabilities acquired3,122 
Identifiable net assets acquired (b)$174 
Goodwill (a) - (b)$276 
(1) Includes $130 million related to the net fair value adjustment to reserves for loss and loss adjustment expenses on August 1, 2024.
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Analysis of underwriting income (loss) by segment and reconciliation to net income (loss) available to common shareholders
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, summary information regarding net premiums written and earned by major line of business and net premiums written by location:
Year Ended December 31, 2025
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$10,435 $11,149 $1,305 $22,878 
Premiums ceded (1)(2,637)(3,531)(245)(6,402)
Net premiums written7,798 7,618 1,060 16,476 
Change in unearned premiums(27)504 112 589 
Net premiums earned7,771 8,122 1,172 17,065 
Other underwriting income (2)36 159 22 217 
Losses and loss adjustment expenses(4,764)(4,610)4 (9,370)
Acquisition expenses(1,496)(1,644)(13)(3,153)
Other operating expenses (3)(1,172)(469)(185)(1,826)
Underwriting income$375 $1,558 $1,000 2,933 
Net investment income1,625 
Net realized gains (losses)464 
Equity in net income (loss) of investments accounted for using the equity method504 
Other income (loss)54 
Corporate expenses (4)(57)
Transaction costs and other (4)(75)
Amortization of intangible assets(193)
Interest expense(148)
Net foreign exchange gains (losses)(128)
Income (loss) before income taxes and income (loss) from operating affiliates4,979 
Income tax (expense) benefit(760)
Income (loss) from operating affiliates180 
Net income (loss)4,399 
Amounts attributable to redeemable noncontrolling interests— 
Net income (loss) available to Arch4,399 
Preferred dividends(40)
Net income (loss) available to Arch common shareholders$4,359 
Underwriting Ratios
Loss ratio61.3 %56.8 %-0.4 %54.9 %
Acquisition expense ratio19.3 %20.2 %1.1 %18.5 %
Other operating expense ratio (5)14.6 %3.8 %13.9 %9.4 %
Combined ratio95.2 %80.8 %14.6 %82.8 %
Goodwill and intangible assets$793 $98 $331 $1,222 
Total investable assets$47,369 
Total assets79,241 
Total liabilities55,035 
(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)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
(3)    Other operating expenses primarily include expenses that are related to compensation and employee benefits, information technology and professional fees, reduced in part by substance based credits. See note 3(u).
(4)    Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’ See note 3(u).
(5)    The ‘Other operating expense ratio’ for the 2025 period includes ‘Other underwriting income.’
Year Ended December 31, 2024
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$9,053 $11,112 $1,351 $21,511 
Premiums ceded (1)(2,179)(3,366)(239)(5,779)
Net premiums written6,874 7,746 1,112 15,732 
Change in unearned premiums(247)(504)119 (632)
Net premiums earned6,627 7,242 1,231 15,100 
Other underwriting income— 9 17 26 
Losses and loss adjustment expenses(4,070)(4,327)55 (8,342)
Acquisition expenses(1,217)(1,432)(2)(2,651)
Other operating expenses (2)(995)(270)(207)(1,472)
Underwriting income (loss)$345 $1,222 $1,094 2,661 
Net investment income1,495 
Net realized gains (losses)197 
Equity in net income (loss) of investments accounted for using the equity method580 
Other income (loss)42 
Corporate expenses (3)(119)
Transaction costs and other (3)(81)
Amortization of intangible assets(235)
Interest expense(141)
Net foreign exchange gains (losses)75 
Income (loss) before income taxes and income (loss) from operating affiliates4,474 
Income tax (expense) benefit(362)
Income (loss) from operating affiliates200 
Net income (loss)4,312 
Amounts attributable to redeemable noncontrolling interests— 
Net income (loss) available to Arch4,312 
Preferred dividends(40)
Net income (loss) available to Arch common shareholders$4,272 
Underwriting Ratios
Loss ratio61.4 %59.7 %-4.4 %55.2 %
Acquisition expense ratio18.4 %19.8 %0.2 %17.6 %
Other operating expense ratio15.0 %3.7 %16.8 %9.7 %
Combined ratio94.8 %83.2 %12.6 %82.5 %
Goodwill and intangible assets$916 $102 $333 $1,351 
Total investable assets$41,388 
Total assets70,906 
Total liabilities50,086 
(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)    Other operating expenses primarily include expenses that are related to compensation and employee benefits, information technology and professional fees.
(3)    Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’
Year Ended December 31, 2023
InsuranceReinsuranceMortgageTotal
Gross premiums written (1)$7,911 $9,113 $1,387 $18,403 
Premiums ceded (1)(2,049)(2,559)(335)(4,935)
Net premiums written5,862 6,554 1,052 13,468 
Change in unearned premiums(416)(718)106 (1,028)
Net premiums earned5,446 5,836 1,158 12,440 
Other underwriting income— 17 14 31 
Losses and loss adjustment expenses(3,122)(3,227)103 (6,246)
Acquisition expenses(1,055)(1,240)(17)(2,312)
Other operating expenses (2)(819)(288)(194)(1,301)
Underwriting income (loss)$450 $1,098 $1,064 2,612 
Net investment income1,023 
Net realized gains (losses)(165)
Equity in net income (loss) of investments accounted for using the equity method278 
Other income (loss)27 
Corporate expenses (3)(96)
Transaction costs and other (3)(6)
Amortization of intangible assets(95)
Interest expense(133)
Net foreign exchange gains (losses)(60)
Income (loss) before income taxes and income (loss) from operating affiliates3,385 
Income tax (expense) benefit873 
Income (loss) from operating affiliates184 
Net income4,442 
Amounts attributable to redeemable noncontrolling interests1 
Net income (loss) available to Arch4,443 
Preferred dividends(40)
Net income (loss) available to Arch common shareholders$4,403 
Underwriting Ratios
Loss ratio57.3 %55.3 %-8.9 %50.2 %
Acquisition expense ratio19.4 %21.2 %1.4 %18.6 %
Other operating expense ratio15.0 %4.9 %16.8 %10.5 %
Combined ratio91.7 %81.4 %9.3 %79.3 %
Goodwill and intangible assets$224 $130 $377 $731 
Total investable assets$34,589 
Total assets58,906 
Total liabilities40,551 
(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)    Other operating expenses primarily include expenses that are related to compensation and employee benefits, information technology and professional fees.
(3)    Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’
Summary of information regarding net premiums earned by major line of business and net premiums written by underwriting location
The following tables provide summary information regarding net premiums earned by major line of business and net premiums written by underwriting location:
INSURANCE SEGMENTYear Ended December 31,
202520242023
Net premiums earned
North America
Property and short-tail specialty$1,373 $1,165 $976 
Other liability - occurrence1,321942618
Other liability - claims made786843866
Commercial multi-peril792435193
Commercial automobile581459343
Workers compensation591549495
Other291309290
Total North America5,7354,7023,781
International
Property and short-tail specialty$1,099 $1,061 $885 
Casualty and other937864780
Total International 2,0361,9251,665
Total$7,771 $6,627 $5,446 
Net premiums written by underwriting location
North America$5,724 $4,869 $3,995 
International2,0742,0051,867
Total$7,798 $6,874 $5,862 
REINSURANCE SEGMENTYear Ended December 31,
202520242023
Net premiums earned
Specialty$2,906 $2,619 $2,097 
Property excluding property catastrophe2,2522,1481,645
Casualty1,4321,0881,005
Property catastrophe1,065959742
Marine and aviation317276229
Other150152118
Total$8,122 $7,242 $5,836 
Net premiums written by underwriting location
Bermuda$3,672 $3,425 $3,288 
United States1,7982,1351,756 
Europe and other2,1482,1861,510 
Total$7,618 $7,746 $6,554 
MORTGAGE SEGMENTYear Ended December 31,
202520242023
Net premiums earned
U.S. primary mortgage insurance$802 $845 $759 
U.S. credit risk transfer (CRT) and other207213220
International mortgage insurance/reinsurance163173179
Total$1,172 $1,231 $1,158 
Net premiums written by underwriting location
United States$780 $823 $743 
Other280 289 309 
Total$1,060 $1,112 $1,052 
v3.25.4
Reserve for Losses and Loss Adjustment Expenses (Tables)
 12 Months Ended
Dec. 31, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Analysis of losses and loss adjustment expenses and reconciliation of beginning and ending reserve balances
The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:
Year Ended December 31,
202520242023
Reserve for losses and loss adjustment expenses at beginning of year$29,369 $22,752 $20,032 
Unpaid losses and loss adjustment expenses recoverable7,821 6,690 6,280 
Net reserve for losses and loss adjustment expenses at beginning of year21,548 16,062 13,752 
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year9,970 8,849 6,784 
Prior years(600)(507)(538)
Total net incurred losses and loss adjustment expenses9,370 8,342 6,246 
Net losses and loss adjustment expense reserves of acquired business (1)50 2,477 — 
Foreign exchange (gains) losses and other550 (260)157 
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year(1,862)(1,176)(1,081)
Prior years(5,163)(3,897)(3,012)
Total net paid losses and loss adjustment expenses(7,025)(5,073)(4,093)
Net reserve for losses and loss adjustment expenses at end of year24,493 21,548 16,062 
Unpaid losses and loss adjustment expenses recoverable9,054 7,821 6,690 
Reserve for losses and loss adjustment expenses at end of year$33,547 $29,369 $22,752 
(1) Activity in the 2025 and 2024 periods primarily related to the MCE Acquisition (see note 2).
Schedule of Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense The table below summarizes (favorable) and adverse net PYD by segment and tail length:
(Favorable) AdverseYear Ended December 31,
2025Short-tailedLong-tailedTotal
Insurance$(61)$18 $(43)
Reinsurance(386)64 (322)
Mortgage(235)— (235)
Total$(682)$82 $(600)
2024
Insurance$(53)$16 $(37)
Reinsurance(232)44 (188)
Mortgage(282)— (282)
Total$(567)$60 $(507)
2023
Insurance$(85)$43 $(42)
Reinsurance(202)50 (152)
Mortgage(344)— (344)
Total$(631)$93 $(538)
v3.25.4
Short Duration Contracts (Tables)
 12 Months Ended
Dec. 31, 2025
Short Duration Contracts Disclosure [Abstract]  
Levels of disaggregation
The Company’s reserves for losses and loss adjustment expenses primarily relate to short-duration contracts with various characteristics (e.g., type of coverage, geography, claims duration). The Company considered such information in determining the level of disaggregation for disclosures related to its short-duration contracts, as detailed in the table below:
Reportable segmentLevel of disaggregationIncluded lines of business
InsuranceProperty energy, marine and aviationProperty energy, marine and aviation
Third party occurrence business
Excess and surplus casualty (excluding contract binding); construction and national accounts; and other (including alternative market risks, excess workers’ compensation and employer’s liability insurance coverages)
Third party claims-made businessProfessional lines
Multi-line and other specialty
Programs; contract binding (part of excess and surplus casualty); travel, accident and health; warranty and lenders solutions; and other (contract and commercial surety coverages); MCE business1
ReinsuranceCasualtyCasualty
Property catastropheProperty catastrophe
Property excluding property catastropheProperty excluding property catastrophe
Marine and aviationMarine and aviation
SpecialtySpecialty
MortgageDirect mortgage insurance in the U.S.Mortgage insurance on U.S. primary exposures
(1) Includes business underwritten under a new business reinsurance agreement related to the MCE Acquisition. See note 2.
Reconciliation of claims development to liability
The following table represents a reconciliation of the disclosures of net incurred and paid loss development tables to the reserve for losses and loss adjustment expenses at December 31, 2025:
December 31, 2025
Net outstanding liabilities
Insurance
Property, energy, marine and aviation$975 
Third party occurrence business4,454 
Third party claims-made business2,814 
Multi-line and other specialty2,827 
Reinsurance
Casualty3,785 
Property catastrophe920 
Property excluding property catastrophe2,103 
Marine and aviation612 
Specialty3,669 
Mortgage
U.S. primary311 
Other short duration lines not included in disclosures (1)1,436 
Total for short duration lines23,906 
Unpaid losses and loss adjustment expenses recoverable
Insurance
Property, energy, marine and aviation456 
Third party occurrence business2,893 
Third party claims-made business907 
Multi-line and other specialty436 
Reinsurance
Casualty861 
Property catastrophe911 
Property excluding property catastrophe362 
Marine and aviation549 
Specialty1,386 
Mortgage
U.S. primary42 
Other short duration lines not included in disclosures (2)271 
Intercompany eliminations(20)
Total for short duration lines9,054 
Lines other than short duration136 
Discounting(78)
Unallocated claims adjustment expenses529 
587 
Reserve for losses and loss adjustment expenses$33,547 

(1)    Includes amounts primarily associated with the loss portfolio reinsurance agreement related to the MCE Acquisition. See note 2.
(2)    Includes unpaid loss and loss adjustment expenses recoverable of $121 million related to the loss portfolio transfer reinsurance agreements.
Insurance  
Claims Development [Line Items]  
Claims development tables
The following tables present information on the insurance segment’s short-duration insurance contracts:
Property, energy, marine and aviation (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$104 $101 $105 $100 $96 $92 $87 $87 $86 $86 $— 6,189 
2017281 246 236 230 231 225 225 224 225 — 6,512 
2018181 186 174 170 170 172 170 171 — 5,091 
2019179 179 165 161 159 156 156 (2)7,518 
2020359 329 336 333 337 335 1 8,558 
2021427 429 423 421 420 12 10,380 
2022522 495 576 679 91 16,853 
2023571 510 483 48 22,016 
2024703 607 142 25,054 
2025693 327 21,693 
Total$3,855 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$25 $83 $98 $97 $94 $91 $87 $87 $86 $86 
201730 140 195 212 216 218 220 221 223 
201830 102 135 143 150 154 157 162 
201926 105 134 139 148 153 155 
202056 194 251 293 306 317 
202190 268 343 365 396 
2022100 276 337 547 
2023146 271 378 
2024195 363 
2025267 
Total2,894 
All outstanding liabilities before 2016, net of reinsurance14 
Liabilities for losses and loss adjustment expenses, net of reinsurance$975 
Third party occurrence business (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$389 $394 $406 $399 $375 $367 $363 $352 $345 $331 $49 78,399 
2017417 417 422 412 407 406 404 408 398 72 84,591 
2018430 453 450 451 459 461 448 435 84 79,101 
2019456 487 480 471 470 451 439 80 87,700 
2020606 616 640 632 606 594 91 92,035 
2021622 662 659 671 688 66 94,124 
2022687 726 735 737 300 95,570 
2023877 936 936 482 100,702 
20241,001 1,038 756 103,711 
20251,153 1,022 79,110 
Total$6,749 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$12 $42 $87 $137 $164 $195 $215 $230 $246 $252 
201713 52 100 135 165 221 247 271 289 
201817 64 115 154 200 247 271 289 
201918 73 122 173 214 255 282 
202024 76 155 235 318 374 
202126 91 174 323 444 
202224 85 186 294 
202332 156 264 
202437 136 
202546 
Total2,670 
All outstanding liabilities before 2016, net of reinsurance375 
Liabilities for losses and loss adjustment expenses, net of reinsurance$4,454 
Third party claims-made business (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$275 $291 $308 $314 $322 $327 $329 $327 $329 $325 $8 15,135 
2017270 285 311 308 323 316 337 339 326 23 15,712 
2018272 314 319 335 347 366 366 362 22 17,304 
2019288 317 317 321 329 329 326 34 17,428 
2020383 412 423 445 432 419 54 17,580 
2021514 517 498 461 446 119 19,120 
2022668 654 589 570 186 21,348 
2023809 895 901 375 26,037 
2024736 777 432 29,857 
2025882 736 29,188 
Total$5,334 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$11 $68 $127 $158 $205 $242 $257 $295 $296 $304 
20179 67 113 143 196 232 257 276 284 
201812 68 118 158 208 258 285 305 
201912 65 122 154 196 235 254 
202017 87 151 214 265 309 
202123 90 162 223 269 
202225 100 218 307 
202364 200 332 
202456 196 
202549 
Total2,609 
All outstanding liabilities before 2016, net of reinsurance89 
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,814 
Multi-line and other specialty (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$408 $430 $427 $416 $410 $408 $408 $406 $404 $403 $3 196,531 
2017482 500 491 500 504 512 515 514 516 4 235,002 
2018512 564 562 564 564 564 564 566 6 265,421 
2019566 611 639 650 656 670 666 8 247,961 
2020616 567 513 515 519 519 22 170,515 
2021634 618 613 634 643 33 137,791 
2022677 640 639 624 64 156,572 
2023815 809 823 133 176,315 
20241,419 1,442 508 200,279 
20251,987 1,195 140,332 
Total$8,189 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$176 $304 $341 $362 $379 $385 $390 $391 $396 $397 
2017181 342 380 423 446 472 479 493 499 
2018211 388 442 479 508 526 543 550 
2019212 385 486 548 576 611 629 
2020171 308 358 405 450 469 
2021157 334 427 511 557 
2022177 370 439 491 
2023253 489 588 
2024336 727 
2025493 
Total5,400 
All outstanding liabilities before 2016, net of reinsurance38 
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,827 
Percentage annual payout by age
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Property, energy, marine and aviation23.0 %41.4 %18.2 %8.9 %3.3 %1.0 %— %1.1 %(0.1)%0.1 %
Third party occurrence business3.7 %10.1 %12.4 %13.4 %11.3 %10.5 %6.1 %5.0 %4.6 %2.0 %
Third party claims-made business4.7 %16.1 %16.3 %12.0 %13.3 %11.8 %6.4 %7.7 %1.3 %2.4 %
Multi-line and other specialty31.2 %29.0 %11.0 %8.5 %5.6 %3.7 %2.1 %1.4 %1.1 %0.4 %
Reinsurance  
Claims Development [Line Items]  
Claims development tables
The following tables present information on the reinsurance segment’s short-duration insurance contracts:
Casualty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$216 $228 $252 $267 $274 $273 $277 $285 $287 $289 $45 N/A
2017271 258 274 302 314 321 336 343 346 55 N/A
2018281 295 286 291 304 314 328 332 53 N/A
2019336 346 372 384 406 405 402 65 N/A
2020389 377 360 379 399 365 108 N/A
2021444 438 428 428 464 163 N/A
2022552 533 546 539 241 N/A
2023664 669 695 385 N/A
2024734 776 624 N/A
20251,002 928 N/A
Total$5,210 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$6 $26 $52 $87 $114 $133 $158 $174 $188 $197 
20176 30 64 113 138 165 190 224 239 
20188 31 107 129 155 183 207 224 
201916 58 97 131 220 258 287 
202018 51 90 132 178 202 
202115 54 103 191 236 
202218 62 114 182 
202319 88 173 
202414 66 
202525 
Total1,831 
All outstanding liabilities before 2016, net of reinsurance406 
Liabilities for losses and loss adjustment expenses, net of reinsurance$3,785 
Property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$23 $16 $12 $9 $6 $6 $5 $4 $4 $4 $— N/A
201786 54 50 36 24 21 21 21 20 — N/A
201869 44 25 12 3 — (2)(4)— N/A
201912 4 4 (4)(11)(7)(8)1 N/A
2020272 337 341 330 319 321 5 N/A
2021323 318 305 307 302 11 N/A
2022306 298 273 262 30 N/A
2023272 272 227 18 N/A
2024512 441 67 N/A
2025415 84 N/A
Total$1,980 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$(7)$2 $2 $3 $2 $2 $2 $2 $2 $3 
201731 32 37 27 14 16 17 17 17 
201827 2 12 (17)(14)(13)(11)(12)
20194 4 8 (17)(16)(25)(26)
202057 158 208 251 262 271 
202166 177 230 239 243 
202270 169 211 219 
20238 84 120 
202460 145 
202582 
Total1,062 
All outstanding liabilities before 2016, net of reinsurance2 
Liabilities for losses and loss adjustment expenses, net of reinsurance$920 
Property excluding property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$174 $144 $136 $135 $138 $135 $129 $130 $127 $124 $3 N/A
2017267 250 237 230 213 205 202 201 197 6 N/A
2018223 239 235 212 202 203 203 197 3 N/A
2019216 206 195 190 190 196 193 11 N/A
2020368 339 319 320 322 313 (1)N/A
2021546 497 491 499 500 14 N/A
2022745 670 660 656 70 N/A
2023839 740 744 117 N/A
20241,212 1,056 325 N/A
20251,170 648 N/A
Total$5,150 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$33 $94 $98 $103 $111 $113 $114 $114 $117 $116 
201728 124 155 164 178 182 186 186 186 
201830 107 151 167 175 177 177 181 
201943 124 150 162 169 170 174 
2020101 207 243 266 280 291 
2021136 269 363 424 457 
2022142 360 468 526 
2023151 382 489 
2024144 445 
2025190 
Total3,055 
All outstanding liabilities before 2016, net of reinsurance8 
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,103 
Marine and aviation (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$27 $23 $23 $19 $17 $15 $12 $11 $11 $10 $2 N/A
201729 26 24 21 20 17 15 15 15 2 N/A
201827 25 24 24 21 21 20 19 2 N/A
201948 55 60 61 62 63 60 6 N/A
202083 76 80 80 82 81 4 N/A
2021110 96 82 79 86 8 N/A
2022126 138 134 167 38 N/A
2023161 170 156 44 N/A
2024233 220 100 N/A
2025227 172 N/A
Total$1,041 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$(7)$(2)$— $3 $6 $7 $7 $7 $7 $8 
20172 7 9 11 12 12 12 12 12 
20182 7 11 13 14 15 16 16 
201911 22 29 35 43 49 49 
20209 26 42 60 66 71 
20218 24 45 53 68 
202212 37 63 86 
202313 43 77 
202418 44 
202516 
Total447 
All outstanding liabilities before 2016, net of reinsurance18 
Liabilities for losses and loss adjustment expenses, net of reinsurance$612 
Specialty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$338 $335 $328 $319 $326 $321 $318 $319 $312 $315 $6 N/A
2017412 405 385 386 384 379 376 372 378 11 N/A
2018431 423 417 442 438 438 431 425 16 N/A
2019441 418 412 408 418 413 398 25 N/A
2020607 536 531 551 543 532 36 N/A
2021628 629 630 637 638 33 N/A
2022962 942 991 950 108 N/A
20231,303 1,230 1,321 330 N/A
20241,696 1,647 623 N/A
20251,960 1,275 N/A
Total$8,564 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$113 $213 $251 $271 $288 $295 $301 $305 $304 $305 
2017141 266 309 325 339 350 360 361 362 
2018135 286 326 348 366 389 393 392 
2019126 217 286 313 335 355 354 
2020138 299 377 413 453 471 
2021156 319 443 508 546 
2022186 465 627 698 
2023207 502 714 
2024331 705 
2025383 
Total4,930 
All outstanding liabilities before 2016, net of reinsurance35 
Liabilities for losses and loss adjustment expenses, net of reinsurance$3,669 
Percentage annual payout by age
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Casualty2.9 %8.2 %11.8 %12.1 %11.5 %7.8 %7.6 %6.8 %4.7 %3.0 %
Property catastrophe(62.4)%110.1 %(23.8)%138.8 %(24.8)%17.4 %(4.8)%1.0 %2.2 %5.7 %
Property excluding property catastrophe20.9 %37.0 %14.5 %7.3 %5.4 %1.8 %1.2 %0.7 %1.1 %(0.7)%
Marine and aviation1.8 %24.3 %19.8 %15.0 %12.2 %6.4 %2.0 %1.1 %1.1 %6.2 %
Specialty26.2 %28.2 %14.6 %6.7 %5.4 %3.8 %1.2 %0.5 %— %0.1 %
Mortgage  
Claims Development [Line Items]  
Claims development tables
The following table presents information on the mortgage segment’s short-duration insurance contracts:
U.S. primary mortgage insurance (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of paid claims
Year ended December 31,
Accident year2016
unaudited		2017
unaudited		2018
unaudited		2019
unaudited		2020
unaudited		2021
unaudited		2022
unaudited		2023
unaudited		2024
unaudited		2025
2016$184 $171 $149 $141 $142 $142 $137 $136 $136 $136 — 3,564 
2017179 132 107 108 109 102 99 99 97 — 2,723 
2018132 96 89 88 72 69 69 66 — 1,990 
2019108 119 110 63 51 52 48 — 1,491 
2020420 374 78 33 31 26 — 904 
2021144 77 20 17 13 — 443 
2022173 55 30 22 — 604 
2023182 71 36 — 727 
2024180 86 — 509 
2025191 1 87 
Total$721 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
201611 72 113 127 131 132 132 133 134 135 
20179 48 79 87 90 92 93 95 95 
20184 31 50 56 59 60 63 64 
20193 20 29 34 39 42 44 
20201 4 8 13 19 21 
2021— 2 5 8 10 
2022— 3 10 14 
2023— 7 18 
20241 16 
20252 
Total419 
All outstanding liabilities before 2016, net of reinsurance9 
Liabilities for losses and loss adjustment expenses, net of reinsurance$311 
Percentage annual payout by age
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
U.S. Primary4.1 %26.0 %26.0 %14.3 %9.6 %4.2 %2.6 %1.3 %0.7 %0.5 %
v3.25.4
Allowance for Expected Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2025
Credit Loss [Abstract]  
Allowance for credit losses on premiums receivable
The following table provides a roll forward of the allowance for expected credit losses of the Company’s premium receivables:
Year Ended December 31, 2025Premium Receivables, Net of AllowanceAllowance for Expected Credit Losses
Balance at beginning of period$5,634 $45 
Change for provision of expected credit losses (1)(2)
Balance at end of period$5,723 $43 
Year Ended December 31, 2024
Balance at beginning of period$4,644 $34 
Provision on business acquired (2)16 
Change for provision of expected credit losses (1)(5)
Balance at end of period$5,634 $45 
(1) Amounts deemed uncollectible are written-off in operating expenses. For the 2025 and 2024 periods, amounts written off totaled $3 million and $3 million, respectively.
(2) Reflects provision for current expected credit losses on premiums receivable related to the MCE Acquisition. See note 2.
Allowance for credit losses on reinsurance recoverable
The following table provides a roll forward of the allowance for expected credit losses of the Company’s reinsurance recoverables:
Year Ended December 31, 2025Reinsurance Recoverables, Net of AllowanceAllowance for Expected Credit Losses
Balance at beginning of period$8,260 $17 
Change for provision of expected credit losses— 
Balance at end of period$9,526 $17 
Year Ended December 31, 2024
Balance at beginning of period$7,064 $21 
Change for provision of expected credit losses(4)
Balance at end of period8,260 $17 
Summary of reinsurance recoverables on paid and unpaid losses
The following table summarizes the Company’s reinsurance recoverables on paid and unpaid losses (not including ceded unearned premiums) at December 31, 2025 and 2024:
December 31,
20252024
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses$9,526$8,260
% due from carriers with A.M. Best rating of “A-” or better62.1 %63.8 %
% due from all other carriers with no A.M. Best rating (1)37.9 %36.2 %
Largest balance due from any one carrier as % of total shareholders’ equity8.1 %7.8 %
(1)    At December 31, 2025 and 2024 period, over 96% of such amounts were collateralized through reinsurance trusts, funds withheld arrangements, letters of credit or other.
Allowance for credit losses on contractholder receivables
The following table provides a roll forward of the allowance for expected credit losses of the Company’s contractholder receivables:
Year Ended December 31, 2025Contractholder Receivables, Net of AllowanceAllowance for Expected Credit Losses
Balance at beginning of period$2,161 $5 
Change for provision of expected credit losses2 
Balance at end of period$2,270 $7 
Year Ended December 31, 2024
Balance at beginning of period$1,814 $3 
Change for provision of expected credit losses2 
Balance at end of period2,161 $5 
v3.25.4
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Effects of reinsurance
The effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses with unaffiliated reinsurers were as follows:
Year Ended December 31,
202520242023
Premiums Written
Direct$10,250 $10,056 $9,652 
Assumed12,628 11,455 8,751 
Ceded(6,402)(5,779)(4,935)
Net$16,476 $15,732 $13,468 
Premiums Earned
Direct$10,200 $9,721 $9,131 
Assumed13,089 10,880 7,890 
Ceded(6,224)(5,501)(4,581)
Net$17,065 $15,100 $12,440 
Losses and Loss Adjustment Expenses
Direct$5,975 $5,676 $4,739 
Assumed7,260 6,137 3,975 
Ceded(3,865)(3,471)(2,468)
Net$9,370 $8,342 $6,246 
Coverage and retention
The following table summarizes the respective coverages and retentions at December 31, 2025:
Bellemeade Entities
(Issue Date)		Initial Coverage at IssuanceCurrent
Coverage		Remaining Retention, Net
2021-3 Ltd. (1)$639 $35 $130 
2022-1 Ltd. (2)317 54 135 
2022-2 Ltd. (3)327 134 187 
2023-1 Ltd. (4)233 186 164 
2024-1 Ltd. (5)204 163 170 
2025-1 Ltd. (6)249 239 166 
Total$1,969 $811 $952 

(1)    Issued in September 2021, covering in-force policies issued between April 1, 2021 and June 30, 2021. $508 million was directly funded by Bellemeade Re 2021-3 Ltd. via insurance-linked notes, with an additional $131 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(2)    Issued in January 2022, covering in-force policies issued between July 1, 2021 and November 30, 2021. $284 million was directly funded by Bellemeade Re 2022-1 Ltd. via insurance-linked notes, with an additional $33 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(3)    Issued in September 2022, covering in-force policies issued between November 1, 2021 and June 30, 2022. $201 million was directly funded by Bellemeade Re 2022-2 Ltd. via insurance-linked notes, with an additional $126 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(4)    Issued in October 2023, covering in-force policies issued between January 1, 2023 and September 30, 2023. $186 million was directly funded by Bellemeade Re 2023-1 Ltd. via insurance-linked notes, with an additional $47 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(5)    Issued in August 2024, covering in-force policies issued between September 1, 2023 and July 31, 2024. $163 million was directly funded by Bellemeade Re 2024-1 Ltd. via insurance-linked notes, with an additional $41 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(6)    Issued in November 2025, covering in-force policies issued between July 1, 2024 and September 30, 2025. $199 million was directly funded by Bellemeade Re 2025-1 Ltd. via insurance-linked notes, with an additional $50 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
v3.25.4
Investment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure Investment Information [Abstract]  
Summary of fair value and cost or amortized cost of available for sale securities
The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
Estimated
Fair
Value		Gross Unrealized GainsGross Unrealized LossesAllowance for Expected Credit LossesCost or
Amortized
Cost
December 31, 2025
Fixed maturities:
Corporate bonds$14,058 $265 $(142)$(10)$13,945 
U.S. government and government agencies7,445 23 (21)— 7,443 
Asset backed securities3,574 20 (15)(8)3,577 
Non-U.S. government securities3,270 53 (81)(1)3,299 
Residential mortgage backed securities2,705 34 (21)— 2,692 
Commercial mortgage backed securities1,212 11 (5)(1)1,207 
Municipal bonds162 — (4)— 166 
Total32,426 406 (289)(20)32,329 
Short-term investments2,625 2 (1)— 2,624 
Total$35,051 $408 $(290)$(20)$34,953 
December 31, 2024
Fixed maturities:
Corporate bonds$12,487 $110 $(346)$(12)$12,735 
U.S. government and government agencies6,710 8 (149)— 6,851 
Asset backed securities2,900 19 (32)(8)2,921 
Non-U.S. government securities2,538 30 (107)(1)2,616 
Residential mortgage backed securities1,079 6 (31)— 1,104 
Commercial mortgage backed securities1,058 6 (11)(1)1,064 
Municipal bonds263 — (16)— 279 
Total27,035 179 (692)(22)27,570 
Short-term investments2,784 2 (2)— 2,784 
Total$29,819 $181 $(694)$(22)$30,354 
Summary of available for sale securities in a continual unrealized loss position
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
Less than 12 Months12 Months or MoreTotal
Estimated Fair
Value		Gross Unrealized LossesEstimated Fair
Value		Gross Unrealized LossesEstimated Fair
Value		Gross Unrealized Losses
December 31, 2025
Fixed maturities:
Corporate bonds$2,972 $(64)$1,364 $(78)$4,336 $(142)
U.S. government and government agencies3,092 (15)274 (6)3,366 (21)
Non-U.S. government securities2,087 (35)432 (46)2,519 (81)
Residential mortgage backed securities312 (3)178 (18)490 (21)
Asset backed securities806 (2)332 (13)1,138 (15)
Commercial mortgage backed securities239 (1)48 (4)287 (5)
Municipal bonds6 — 137 (4)143 (4)
Total9,514 (120)2,765 (169)12,279 (289)
Short-term investments614 (1)— — 614 (1)
Total$10,128 $(121)$2,765 $(169)$12,893 $(290)
December 31, 2024
Fixed maturities:
Corporate bonds$4,582 $(114)$2,924 $(232)$7,506 $(346)
U.S. government and government agencies5,130 (100)516 (49)5,646 (149)
Non-U.S. government securities1,650 (58)418 (49)2,068 (107)
Residential mortgage backed securities571 (6)186 (25)757 (31)
Asset backed securities236 (8)426 (24)662 (32)
Commercial mortgage backed securities180 (1)434 (10)614 (11)
Municipal bonds48 (1)176 (15)224 (16)
Total12,397 (288)5,080 (404)17,477 (692)
Short-term investments97 (2)— — 97 (2)
Total$12,494 $(290)$5,080 $(404)$17,574 $(694)
Contractual maturities of the Company's fixed maturities and fixed maturities pledged under securities lending arrangements
The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2025December 31, 2024
Maturity
Estimated Fair Value
Amortized Cost
Estimated Fair Value
Amortized Cost
Due in one year or less$370 $366 $438 $451 
Due after one year through five years17,053 16,989 15,364 15,590 
Due after five years through 10 years6,893 6,877 5,811 6,039 
Due after 10 years619 621 385 401 
24,935 24,853 21,998 22,481 
Mortgage backed securities2,705 2,692 1,079 1,104 
Commercial mortgage backed securities1,212 1,207 1,058 1,064 
Asset backed securities3,574 3,577 2,900 2,921 
Total$32,426 $32,329 $27,035 $27,570 
Components of net investment income
The components of net investment income were derived from the following sources:
Year Ended December 31,
202520242023
Fixed maturities$1,465 $1,266 $917 
Short-term investments102 144 68 
Equity securities (dividends)41 40 22 
Other (1)109 136 93 
Gross investment income1,717 1,586 1,100 
Investment expenses(92)(91)(77)
Net investment income$1,625 $1,495 $1,023 
(1)    Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items.
Summary of net realized gains (losses)
Net realized gains (losses) were as follows:
Year Ended December 31,
202520242023
Available for sale securities:
Gross gains on investment sales$296 $259 $116 
Gross losses on investment sales(271)(354)(547)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities29 3 18 
Other investments38 (144)27 
Equity securities— (1)1 
Short-term investments3 — — 
Equity securities, at fair value :
Net realized gains (losses) on securities sold84 62 61 
Net unrealized gains (losses) on equity securities still held at reporting date130 108 88 
Allowance for credit losses:
Investments related(6)— 3 
Underwriting related3 5 (1)
Derivative instruments (1)327 8 59 
Other (2)(169)251 10 
Net realized gains (losses)$464 $197 $(165)
(1)    See note 11, for information on the Company’s derivative instruments.
(2)    Amounts in the 2025 periods primarily include losses related to the sale of certain alternative investments accounted for under the equity method, while amounts in the 2024 period include benefits from the sale of Castel Underwriting Agencies Limited and the acquisition of RMIC Companies, Inc.
Other investments
The following table summarizes the Company’s assets and liabilities which are accounted for using the fair value option:
December 31,
20252024
Other investments$1,957 $2,135 
Fixed maturities1,110 854 
Equity securities5 7 
Short-term investments64 70 
Total other investments$3,136 $3,066 
The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:

December 31,

2025

2024
Investment grade fixed income1,225 1,055 
Private equity250 229 
Lending220 303 
Term loan investments173 430 
Credit related funds87 99 
Energy2 19 
Total
$1,957 $2,135 
Summary of investments in limited partnership interests where the Company has a variable interest
The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet item:
December 31,
20252024
Investments accounted for using the equity method (1)$6,453 $5,980 
Investments accounted for using the fair value option (2)— 48 
Total$6,453 $6,028 
(1)     Aggregate unfunded commitments were $3.6 billion at December 31, 2025, compared to $4.3 billion at December 31, 2024.
(2)    Aggregate unfunded commitments were $65 million at December 31, 2025, compared to $21 million at December 31, 2024.
Investments accounted for using the equity method
The following table summarizes the Company’s investments accounted for using the equity method, by strategy:

December 31,

20252024
Private equity$2,397 $1,915 
Credit related funds1,616 1,487 
Real estate767 869 
Lending558 616 
Fixed income501 384 
Infrastructure346 425 
Equities231 217 
Energy37 67 
Total
$6,453 $5,980 
A summary of aggregated financial information for the Company’s investment funds and operating affiliates accounted for using the equity method is as follows:
December 31,
20252024
Invested assets$139,175 $113,977 
Total assets156,736 132,647 
Total liabilities37,031 36,614 
Net assets$119,705 $96,033 
Year Ended December 31,
202520242023
Total revenues$21,594 $19,160 $7,766 
Total expenses8,643 7,269 7,174 
Net income (loss)$12,951 $11,891 $592 
Roll forward of the allowance for expected credit losses of securities classified as available for sale
The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
Year Ended December 31, 2025Structured Securities (1)Non-U.S. Government SecuritiesCorporate
Bonds		Total
Balance at beginning of period$9 $1 $12 $22 
Additions for current-period provision for expected credit losses3 — 2 5 
Additions (reductions) for previously recognized expected credit losses(3)— 3 — 
Reductions due to disposals— — (7)(7)
Balance at end of period$9 $1 $10 $20 
Year Ended December 31, 2024
Balance at beginning of period$7 $1 $20 $28 
Additions for current-period provision for expected credit losses— — — — 
Additions (reductions) for previously recognized expected credit losses 3 — (3)— 
Reductions due to disposals(1)— (5)(6)
Balance at end of period$9 $1 $12 $22 
(1)    Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
Summary of restricted assets
The following table details the value of the Company’s restricted assets:
December 31,
20252024
Assets used for collateral or guarantees:
Affiliated transactions$5,323 $4,730 
Third party agreements6,784 5,999 
Deposits with U.S. regulatory authorities948 882 
Other (1)1,898 1,437 
Total restricted assets $14,953 $13,048 
(1) Primarily includes Funds at Lloyd’s, deposits with non-U.S. regulatory authorities and other restricted assets.
Reconciliation of cash and restricted cash
The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
December 31,
202520242023
Cash$993 $979 $917 
Restricted cash (included in ‘other assets’)1,074 781 581 
Cash and restricted cash$2,067 $1,760 $1,498 
v3.25.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair value hierarchy
The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2025:
Fair Value Measurement Using:
Estimated
Fair Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds$14,058 $— $13,930 $128 
U.S. government and government agencies7,445 7,445 — — 
Asset backed securities3,574 — 3,557 17 
Non-U.S. government securities3,270 — 3,270 — 
Residential mortgage backed securities2,705 — 2,705 — 
Commercial mortgage backed securities1,212 — 1,212 — 
Municipal bonds162 — 162 — 
Total32,426 7,445 24,836 145 
Short-term investments2,625 2,326 299 — 
Equity securities, at fair value1,864 1,829 26 9 
Derivative instruments (1)180 — 180 — 
Residential mortgage loans24 — 24 — 
Fair value option:
Corporate bonds1,102 — 1,102 — 
Non-U.S. government bonds3 — 3 — 
Asset backed securities— — — — 
U.S. government and government agencies5 5 — — 
Short-term investments64 2 22 40 
Equity securities5 — — 5 
Other investments398 — 166 232 
Other investments measured at net asset value (2)1,559 
Total3,136 7 1,293 277 
Total assets measured at fair value$40,255 $11,607 $26,658 $431 
Liabilities measured at fair value:
Other liabilities$(18)$— $— $(18)
Derivative instruments (1)(72)— (72)— 
Total liabilities measured at fair value$(90)$— $(72)$(18)
(1)    See note 11.
(2)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2024:
Fair Value Measurement Using:
Estimated
Fair Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets measured at fair value:
Available for sale securities:
Fixed maturities:
Corporate bonds$12,487 $— $12,390 $97 
U.S. government and government agencies6,710 6,709 1 — 
Asset backed securities2,900 — 2,900 — 
Non-U.S. government securities2,538 — 2,538 — 
Residential mortgage backed securities1,079 — 1,079 — 
Commercial mortgage backed securities1,058 — 1,058 — 
Municipal bonds263 — 263 — 
Total27,035 6,709 20,229 97 
Equity securities, at fair value1,675 1,640 28 7 
Short-term investments2,784 2,704 80 — 
Derivative instruments (1)206 — 206 — 
Residential mortgage loans15 — 15 — 
Fair value option:
Corporate bonds832 — 832 — 
Non-U.S. government bonds8 — 8 — 
Asset backed securities— — — — 
U.S. government and government agencies14 14 — — 
Short-term investments70 — 37 33 
Equity securities6 2 — 4 
Other investments752 — 563 189 
Other investments measured at net asset value (2)1,383 
Total3,065 16 1,440 226 
Total assets measured at fair value$34,780 $11,069 $21,998 $330 
Liabilities measured at fair value:
Other liabilities$(73)$— $— $(73)
Derivative instruments (1)(115)— (115)— 
Total liabilities measured at fair value$(188)$— $(115)$(73)
(1)    See note 11.
(2)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
Rollforward of Level 3 investments
The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for 2025 and 2024:
Assets
Liabilities
Available For Sale
Fair Value Option
Fair Value
Structured Securities (1)Corporate
Bonds		Short-term
Investments		Other
Investments		Short-term
Investments
Equity Securities
Equity
Securities
Other Liabilities
Year Ended December 31, 2025
Balance at beginning of year
$— $97 $— $189 $33 $4 $7 $(73)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)
— 1 — — — 1 — 2 
Included in other comprehensive income— 1 — — — — — (2)
Purchases, issuances, sales and settlements
Purchases
14 1 — 190 67 — 2 — 
Issuances
— — — — — — — — 
Sales
— — — (5)— — — — 
Settlements
(2)(60)— (146)(60)— — 55 
Transfers in and/or out of Level 3
5 88 — 4 — — — — 
Balance at end of year
$17 $128 $— $232 $40 $5 $9 $(18)
Year Ended December 31, 2024
Balance at beginning of year
$— $147 $84 $106 $10 $4 $5 $(22)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)
— 1 — (5)— — — 10 
Included in other comprehensive income— 2 1 — — — — 1 
Purchases, issuances, sales and settlements
Purchases
— 100 12 148 41 — 2 — 
Issuances
— — — — — — — (64)
Sales
— — — (5)— — — — 
Settlements
— (153)(97)(70)(18)— — 2 
Transfers in and/or out of Level 3
— — — 15 — — — — 
Balance at end of year
$— $97 $— $189 $33 $4 $7 $(73)
(1) Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
(2) Gains or losses were included in net realized gains (losses).
v3.25.4
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value and notional amount of derivatives
The following table summarizes information on the fair values and notional values of the Company’s derivative instruments:
Estimated Fair Value
 Asset
Derivatives (1)		Liability Derivatives (1)Notional
Value (2)
December 31, 2025   
Futures contracts$81 $(19)$8,022 
Foreign currency forward contracts75 (38)2,458 
Other (3)24 (15)161 
Total$180 $(72)
December 31, 2024   
Futures contracts$78 $(46)$4,781 
Foreign currency forward contracts90 (48)1,698 
Other (3)38 (21)236 
Total$206 $(115)
(1)    The fair value of asset derivatives are included in ‘other assets’ and the fair value of liability derivatives are included in ‘other liabilities.’
(2)    Represents the absolute notional value of all outstanding contracts, consisting of long and short positions.
(3)    Includes swaps, options and other derivatives contracts.
Summary of net realized gains (losses) recorded in the consolidated statements of income
Realized and unrealized contract gains and losses on the Company’s derivative instruments are reflected in ‘net realized gains (losses)’ in the consolidated statements of income, as summarized in the following table:
Derivatives not designated as hedging instruments
Year Ended December 31,
202520242023
Net realized gains (losses):
Futures contracts$211 $4 $49 
Foreign currency forward contracts65 (6)21 
Other (1)51 10 (11)
Total$327 $8 $59 
(1) Includes realized gains or losses on swaps, options and other derivatives contracts.
v3.25.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]  
Total assets and maximum loss exposure of VIE
The following table summarizes the total assets of the Bellemeade entities:
December 31, 2025December 31, 2024
Bellemeade Entities
 (Issue Date)		Total VIE AssetsCoverage
Remaining from
Reinsurers (1)		Total VIE Assets
2021-3 Ltd. (Sep-21)$21 $14 $363 
2022-1 Ltd. (Jan-22)42 12 202 
2022-2 Ltd. (Sep-22)43 91 180 
2023-1 Ltd. (Oct-23)149 37 186 
2024-1 Ltd. (Aug-24)130 33 163 
2025-1 Ltd. (Nov-25)191 48 — 
Total$576 $235 $1,094 
(1) Coverage from a separate panel of reinsurers remaining at December 31, 2025.
v3.25.4
Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Comprehensive Income Note Disclosure [Abstract]  
Schedule of changes in each component of AOCI
The following table presents the changes in each component of AOCI, net of noncontrolling interests:
Unrealized Appreciation on Available-For-Sale InvestmentsForeign Currency Translation AdjustmentsTotal
Year Ended December 31, 2025
Beginning balance$(507)$(213)$(720)
Other comprehensive income (loss) before reclassifications661 84 745 
Amounts reclassified from accumulated other comprehensive income(20)— (20)
Net current period other comprehensive income (loss)641 84 725 
Ending balance$134 $(129)$5 
Year Ended December 31, 2024
Beginning balance$(565)$(111)$(676)
Other comprehensive income (loss) before reclassifications(23)(102)(125)
Amounts reclassified from accumulated other comprehensive income81 — 81 
Net current period other comprehensive income (loss)58 (102)(44)
Ending balance$(507)$(213)$(720)
Year Ended December 31, 2023
Beginning balance$(1,512)$(134)$(1,646)
Other comprehensive income (loss) before reclassifications547 23 570 
Amounts reclassified from accumulated other comprehensive income400 — 400 
Net current period other comprehensive income (loss)947 23 970 
Ending balance$(565)$(111)$(676)
Details about amounts reclassified from AOCI
The following tables present details about amounts reclassified from accumulated other comprehensive income and the tax effects allocated to each component of other comprehensive income (loss):
Consolidated Statement of IncomeAmounts Reclassified from AOCI
Details AboutLine Item That IncludesYear Ended December 31,
 AOCI ComponentsReclassification202520242023
Unrealized appreciation on available-for-sale investments
Net realized gains (losses)$25 $(95)$(431)
Provision for credit losses(6)— 3 
Total before tax19 (95)(428)
Income tax (expense) benefit1 14 28 
Net of tax$20 $(81)$(400)
Schedule of tax effects allocated to each component of other comprehensive income (loss)
Following are the related tax effects allocated to each component of other comprehensive income (loss):
Before TaxTax ExpenseNet of Tax
Amount(Benefit)Amount
Year Ended December 31, 2025
Unrealized appreciation (decline) in value of investments:
Unrealized holding gains (losses) arising during period$707 $46 $661 
Less reclassification of net realized gains (losses) included in net income19 (1)20 
Foreign currency translation adjustments86 2 84 
Other comprehensive income (loss)$774 $49 $725 
Year Ended December 31, 2024
Unrealized appreciation (decline) in value of investments:
Unrealized holding gains (losses) arising during period$(23)$— $(23)
Less reclassification of net realized gains (losses) included in net income(95)(14)(81)
Foreign currency translation adjustments(105)(3)(102)
Other comprehensive income (loss)$(33)$11 $(44)
Year Ended December 31, 2023
Unrealized appreciation (decline) in value of investments:
Unrealized holding gains (losses) arising during period$617 $70 $547 
Less reclassification of net realized gains (losses) included in net income(428)(28)(400)
Foreign currency translation adjustments23 — 23 
Other comprehensive income (loss)$1,068 $98 $970 
v3.25.4
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of computation of basic and diluted earnings per common share The following table sets forth the computation of basic and diluted earnings per common share:
Year Ended December 31,
202520242023
Numerator:
Net income$4,399 $4,312 $4,442 
Amounts attributable to noncontrolling interests— — 1 
Net income available to Arch4,399 4,312 4,443 
Preferred dividends(40)(40)(40)
Net income available to Arch common shareholders$4,359 $4,272 $4,403 
Denominator:
Weighted average common shares outstanding368.4 372.5 368.7 
Effect of dilutive common share equivalents:
Nonvested restricted shares1.6 2.1 2.5 
Stock options (1)5.9 7.2 7.6 
Weighted average common shares and common share equivalents outstanding – diluted375.9 381.8 378.8 
Earnings per common share:
Basic$11.83 $11.47 $11.94 
Diluted$11.60 $11.19 $11.62 
(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 2025, 2024 and 2023, the number of stock options excluded were 2.4 million, 2.2 million and 0.5 million, respectively.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of income taxes attributable to operations
The components of income taxes attributable to operations were as follows:
Year Ended December 31,
202520242023
Current expense (benefit):
Federal - Bermuda$211 $1 $7 
Foreign - United States270 332 251 
Foreign - Other105 64 30 
586 397 288 
Deferred expense (benefit):
Federal - Bermuda100 12 (1,179)
Foreign - United States60 (21)(20)
Foreign - Other14 (26)38 
174 (35)(1,161)
Income tax expense (benefit)$760 $362 $(873)
Schedule of income or loss before income taxes by jurisdiction
The Company’s income or loss before income taxes was earned in the following jurisdictions:
Year Ended December 31,
202520242023
Income (Loss) Before Income Taxes:
Domestic - Bermuda$3,121 $2,611 $2,099 
Foreign - United States1,660 1,438 1,239 
Foreign - Other378 625 232 
Total$5,159 $4,674 $3,570 
Reconciliation of the differences between the provision for income taxes and the expected tax provision at the weighted average tax rate
The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Bermuda statutory income tax rate:
Year Ended December 31,
2025
Rate Impact
Bermuda Federal Statutory Tax Rate$774 15.0 %
Foreign tax effects
United States
Tax rate differential99 1.9 %
Other(17)(0.3)%
Bermuda
Foreign tax credits(56)(1.1)%
Other20 0.4 %
United Kingdom
Effect of cross-border tax laws45 0.9 %
Other9 0.2 %
Other foreign taxes7 0.1 %
Effect of changes in tax laws or rates enacted in the current period (65)(1.3)%
Nontaxable or nondeductible items / other
Investment income(54)(1.0)%
Other(22)(0.4)%
Other20 0.3 %
Total$760 14.7 %
A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate follows:
Year Ended December 31,
20242023
Expected income tax expense (benefit) computed on pre-tax income at weighted average income tax rate$424 $300 
Addition (reduction) in income tax expense (benefit) resulting from:
Sale of subsidiaries/Bargain purchase option(45)— 
Investment income(39)(14)
Change in tax rate12 (1,179)
Share based compensation(11)(13)
Tax credits(5)(3)
Base eroding tax/Alternative minimum tax5 9 
State taxes, net of U.S. federal tax benefit4 6 
Change in valuation allowance3 4 
Uncertain tax position3 — 
Dividend withholding taxes3 9 
Other8 8 
Income tax expense (benefit)$362 $(873)
Significant components of deferred income tax assets and liabilities
Significant components of the Company’s deferred income tax assets and liabilities were as follows:
December 31,
20252024
Deferred income tax assets:
Net operating loss$72 $77 
Discounting of net loss reserves116 203 
Net unearned premium reserve243 190 
Compensation liabilities99 75 
Foreign tax credit carryforward54 22 
Goodwill and intangible assets835 1,034 
Bad debt reserves18 15 
Depreciation and amortization137 151 
Lease liability31 32 
Net unrealized decline of investments41 77 
Fair value adjustment to senior notes47 41 
Advance claim payments59 — 
Other, net10 — 
Deferred income tax assets before valuation allowance1,762 1,917 
Valuation allowance(46)(18)
Deferred income tax assets net of valuation allowance1,716 1,899 
Deferred income tax liabilities:
Lloyds year of account deferral(18)(19)
Contingency reserve(104)(27)
Deferred policy acquisition costs(77)(143)
Investment related(78)(43)
Right-of-use asset(23)(25)
Other— (6)
Total deferred income tax liabilities(300)(263)
Net deferred income tax assets$1,416 $1,636 
Summary of operating loss carryforwards
At December 31, 2025, the Company’s net operating loss carryforwards and tax credits were as follows:
Year Ended December 31,
2025
Expiration
Operating Loss Carryforwards
United Kingdom$118 No expiration
United States (1)70 
2029 - 2038
Australia44 No expiration
Hong Kong39 No expiration
Gibraltar31 No expiration
Ireland30 No expiration
Cyprus1 No expiration
Netherlands 1 No expiration
Tax Credits
Ireland foreign tax credits27 No expiration
U.K. foreign tax credits20 No expiration
U.S. foreign tax credits9 2031 - 2035
(1) The Company’s U.S. operations have recorded $70 million of net operating loss (“NOL”) carryforwards that are subject to annual usage limitations under Section 382 of the Internal Revenue Code (“the Code”).
Summary of tax credit carryforwards
At December 31, 2025, the Company’s net operating loss carryforwards and tax credits were as follows:
Year Ended December 31,
2025
Expiration
Operating Loss Carryforwards
United Kingdom$118 No expiration
United States (1)70 
2029 - 2038
Australia44 No expiration
Hong Kong39 No expiration
Gibraltar31 No expiration
Ireland30 No expiration
Cyprus1 No expiration
Netherlands 1 No expiration
Tax Credits
Ireland foreign tax credits27 No expiration
U.K. foreign tax credits20 No expiration
U.S. foreign tax credits9 2031 - 2035
(1) The Company’s U.S. operations have recorded $70 million of net operating loss (“NOL”) carryforwards that are subject to annual usage limitations under Section 382 of the Internal Revenue Code (“the Code”).
Reconciliation of the beginning and ending amount of unrecognized tax benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
December 31,
20252024
Balance at beginning of year$5 $2 
Additions based on tax positions related to the current year1 1 
Additions for tax positions of prior years— 2 
Reductions for tax positions of prior years— — 
Settlements— — 
Balance at end of year$6 $5 
Summary of open tax years potentially subject to examination, by jurisdiction The following table details open tax years that are potentially subject to examination by local tax authorities, in the following major jurisdictions:
JurisdictionTax Years
United States
2019-2025
United Kingdom
2022-2025
Ireland
2021-2025
Switzerland
2021-2025
Australia
2020-2025
Canada
2021-2025
Gibraltar
2020-2025
Schedule of Income Tax Paid by Jurisdiction The Company’s taxes paid by jurisdiction were as follows:
December 31,
2025
Federal Bermuda taxes paid$131 
Foreign taxes paid
United States - federal taxes paid227
United States - other taxes paid19
Australia26
Other55
Total Foreign taxes paid327
Total$458 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Additional information regarding operating leases
Additional information regarding the Company’s operating leases is as follows:
December 31,
20252024
Operating lease costs$32 $34 
Sublease income (1)$(2)$(2)
Cash payments included in the measurement of lease liabilities reported in operating cash flows$31 $30 
Right-of-use assets obtained in exchange for new lease liabilities$13 $30 
Right-of-use assets (2)$120 $129 
Operating lease liability (2)$156 $163 
Weighted average discount rate5.0 %4.9 %
Weighted average remaining lease term7.1 years7.2 years
(1)    The sublease income primarily relates to office property in Raleigh, North Carolina.
(2)    The right-of-use assets are included in ‘other assets’ while the operating lease liability is included in ‘other liabilities.’
Contractual maturities of operating lease liabilities
The following table presents the contractual maturities of the Company's operating lease liabilities at December 31, 2025:
Years Ending December 31,
2026$33 
202731 
202827 
202921 
203019 
2032 and thereafter56 
Total undiscounted lease liability$187 
Less: present value adjustment(31)
Operating lease liability$156 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Broker concentration risk The following table summarizes the percentage of the Company’s gross premiums written generated from or placed by the largest brokers:
Broker

Year Ended December 31,

202520242023
Marsh & McLennan Companies and its subsidiaries16.6 %18.6 %19.0 %
Aon Corporation and its subsidiaries14.6 %14.5 %13.9 %
v3.25.4
Debt and Financing Arrangements - (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of senior notes
The Company’s senior notes payable at December 31, 2025 and 2024 were as follows:
Carrying Amount at
InterestPrincipal
December 31,
(Fixed)Amount20252024
2034 notes (1)7.350 %$300 $298 $298 
2043 notes (2)5.144 %500 496 496 
2026 notes (3)4.011 %500 499 499 
2046 notes (4)5.031 %450 446 446 
2050 notes (5)3.635 %1,000 990 989 
$2,750 $2,729 $2,728 
(1) Senior notes of Arch Capital issued on May 4, 2004 and due May 1, 2034 (“2034 notes”).
(2) Senior notes of Arch-U.S., a wholly-owned subsidiary of Arch Capital, issued on December 13, 2013 and due November 1, 2043 (“2043 notes”), fully and unconditionally guaranteed by Arch Capital.
(3) Senior notes of Arch Capital Finance LLC (“Arch Finance”), a wholly-owned finance subsidiary of Arch Capital, issued on December 8, 2016 and due December 15, 2026 (“2026 notes”), fully and unconditionally guaranteed by Arch Capital.
(4) Senior notes of Arch Finance issued on December 8, 2016 and due December 15, 2046 (“2046 notes”), fully and unconditionally guaranteed by Arch Capital
(5) Senior notes of Arch Capital issued on June 30, 2020 and due June 30, 2050 (“2050 notes”).
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Analysis of goodwill and intangible assets
The following table shows an analysis of goodwill and intangible assets:
GoodwillIntangible assets (indefinite life)Intangible assets (finite life)Total
Net balance at
December 31, 2023		$345 $70 $316 $731 
Acquisitions (1)246 9 637 892 
Amortization— — (235)(235)
Foreign currency movements and
other adjustments (2)		(20)— (17)(37)
Net balance at
December 31, 2024		571 79 701 1,351 
Acquisitions (1)30 — 2 32 
Amortization— — (193)(193)
Foreign currency movements and
other adjustments		6 2 24 32 
Net balance at
December 31, 2025		$607 $81 $534 $1,222 
Gross balance at
December 31, 2025		$606 $80 $1,726 $2,412 
Accumulated amortization— — (1,171)(1,171)
Foreign currency movements and
other adjustments		1 1 (21)(19)
Net balance at
December 31, 2025		$607 $81 $534 $1,222 
(1) See note 2.
(2) Amount primarily related to the sale of Castel Underwriting Agencies
Limited.
Summary of components of intangible assets
The following table presents the components of goodwill and intangible assets:
Gross BalanceAccumulated
Amortization		Foreign Currency Translation Adjustment and OtherNet
Balance
December 31, 2025
Acquired insurance contracts$620 $(619)$— $1 
Operating platform117 (78)— 39 
Distribution relationships865 (427)(21)417 
Goodwill606 — 1 607 
Insurance licenses58 — — 58 
Syndicate capacity22 — 1 23 
Unfavorable service contract(10)10 — — 
Other134 (57)— 77 
Total$2,412 $(1,171)$(19)$1,222 
December 31, 2024
Acquired insurance contracts$620 $(562)$1 $59 
Operating platform117 (63)— 54 
Distribution relationships865 (358)(30)477 
Goodwill576 — (5)571 
Insurance licenses58 — — 58 
Syndicate capacity22 — (1)21 
Unfavorable service contract(10)10 — — 
Other132 (21)— 111 
Total$2,380 $(994)$(35)$1,351 
Estimated future amortization expense
The estimated remaining amortization expense for the Company’s intangible assets with finite lives is as follows:
2026$119 
202793 
202878 
202965 
203051 
2031 and thereafter128 
Total$534 
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Roll-forward of changes in issued and outstanding Common Shares
The following table presents a roll-forward of changes in Arch Capital’s issued and outstanding Common Shares:
Year Ended December 31,
202520242023
Common Shares:
Shares issued and outstanding, beginning of year595.6 591.9 588.3 
Shares issued (1)3.1 2.5 2.8 
Restricted shares issued, net of cancellations1.1 1.2 0.8 
Shares issued and outstanding, end of year599.8 595.6 591.9 
Common shares in treasury, end of year(240.8)(219.2)(218.5)
Shares issued and outstanding, end of year359.0 376.4 373.4 
(1)    Includes shares issued from the exercise of stock options and stock appreciation rights, the vesting of restricted share units and shares issued from the employee share purchase plan.
Schedule of share repurchases
The Company’s repurchases under the share repurchase program were as follows:
Year Ended December 31,
202520242023
Aggregate cost of shares repurchased$1,889.8 $23.5 $— 
Shares repurchased21.2 0.3 — 
Average price per share repurchased$89.26 $89.63 $— 
v3.25.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Valuation assumptions The table below summarizes the assumptions used:
Year Ended December 31,
202520242023
Dividend yield— %— %— %
Expected volatility (1)26.8 %26.5 %25.1 %
Risk free interest rate (1)4.1 %4.4 %4.1 %
Expected option life (1)6.0 years9.0 years6.0 years
(1) The 2024 period includes an expected volatility, risk free interest rate and expected option life of 26.65%, 4.39% and 10 years, respectively, related to the grant of 1.75 million premium-priced stock options.
Option activity
A summary of stock option and SAR activity under the Company’s Long Term Incentive and Share Award Plans during 2025 is presented below:
Year Ended December 31, 2025
Number of
Options / SARs		Weighted Average Exercise PriceWeighted Average Contractual TermAggregate Intrinsic Value
Outstanding, beginning of year12,429,034 $48.54 
Granted426,623 $91.91 
Exercised(2,654,091)$23.84 
Forfeited or expired(12,660)$82.94 
Outstanding, end of year10,188,906 $56.74 4.42$514 
Exercisable, end of year7,587,153 $29.84 2.94$501 
Weighted average grant date fair value
Year Ended December 31,
202520242023
Weighted average grant date fair value$32.47 $29.03 $23.50 
Aggregate intrinsic value of Options/SARs exercised (in millions)$180 $153 $116 
Unvested restricted share and unit activity
A summary of restricted share and restricted unit activity under the Company’s Long Term Incentive and Share Award Plans for 2025 is presented below:
Number of Restricted
Common
Shares
Number of Restricted
Unit
Awards
Unvested Shares:
Unvested balance, beginning of year1,528,541 281,093 
Granted659,548 165,222 
Vested(730,148)(141,933)
Forfeited(47,457)(14,329)
Unvested balance, end of year1,410,484 290,053 
Weighted Average Grant Date Fair Value:
Unvested balance, beginning of year$76.34 $73.58 
Granted$91.87 $91.82 
Vested$69.63 $65.98 
Forfeited$85.55 $85.17 
Unvested balance, end of year$86.77 $87.12 
Performance shares and units, valuation assumptions
Year Ended December 31,
202520242023
Expected volatility25.5 %25.3 %30.4 %
Risk free interest rate3.9 %4.5 %4.6 %
Unvested performance share and unit activity
Number of Performance
Shares
Number of Performance
Units
Unvested Shares:
Unvested balance, beginning of year1,679,376 52,937 
Granted468,452 16,723 
Performance adjustment (1) (2)— 20,009 
Vested(656,616)(40,018)
Forfeited(14,794)(1,596)
Unvested balance, end of year1,476,418 48,055 
Weighted Average Grant Date Fair Value:
Unvested balance, beginning of year$70.07 $70.57 
Granted$93.26 $93.26 
Performance adjustment (1) (2)$0.00 $49.91 
Vested$49.91 $49.91 
Forfeited$85.70 $85.61 
Unvested balance, end of year$86.24 $86.57 
(1)    The performance adjustment represents the difference between the number of performance shares granted and earned, which vested following the end of the performance period. The performance shares were granted at the maximum level of achievement.
(2)    The performance adjustment represents the change in PSUs, which vested following the end of the performance period. The performance units were granted at the target level of achievement.
Share based compensation expense
The following tables present pre-tax and after-tax share-based compensation expense recognized as well as the unrecognized compensation cost associated with unvested awards and the weighted average period over which it is expected to be recognized:
Year Ended December 31,
202520242023
Pre-Tax
Stock options and SARs$30 $15 $11 
Restricted share and unit awards71 57 54 
Performance awards41 55 23 
ESPP6 6 4 
Total$148 $133 $92 
After-Tax
Stock options and SARs$25 $13 $10 
Restricted share and unit awards57 48 45 
Performance awards34 50 21 
ESPP6 5 4 
Total$122 $116 $80 
Unrecognized compensation cost
December 31, 2025
Stock Options and SARs (1)Restricted Common
Shares and Units (1)		Performance Common Shares and Units
Unrecognized compensation cost related to unvested awards$38 $70 $11 
Weighted average recognition period (years)1.491.130.37
(1) Includes awards granted in connection with 1.75 million premium-priced stock options and 0.3 million time-vested restricted shares granted in November 2024.
Restricted Common Shares And Restricted Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average grant date fair value of restricted stock
The following table presents the weighted average grant date fair value of restricted shares and restricted unit awards granted and the aggregate fair value of restricted shares and unit awards vesting in each year.
Year Ended December 31,
202520242023
Number of restricted shares and restricted unit awards granted 824,770 982,339 825,191 
Weighted average grant date fair value$91.86 $89.86 $69.42 
Aggregate fair value of vested restricted share and unit awards (in millions)$79 $85 $122 
Performance Common Shares and Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average grant date fair value of restricted stock
The following table presents the weighted average grant date fair values of performance awards granted.
Year Ended December 31,
202520242023
Number of performance awards485,175 492,634 568,576 
Weighted average grant date fair value$93.26 $93.28 $74.09 
Aggregate fair value of vested performance share and unit awards (in millions)$64 $61 $14 
v3.25.4
Statutory Information (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure Statutory Information [Abstract]  
Summary of statutory capital, surplus and net income
The actual and required statutory capital and surplus for the Company’s principal operating subsidiaries at December 31, 2025 and 2024:
December 31,
20252024
Actual capital and surplus (1):
Bermuda$30,908 $28,422 
Ireland1,780 1,476 
United States8,722 7,547 
United Kingdom1,487 1,585 
Canada93 83 
Australia372 377 
Required capital and surplus:
Bermuda$9,323 $8,344 
Ireland1,408 1,142 
United States2,331 2,152 
United Kingdom1,399 1,302 
Canada68 57 
Australia115 143 
(1)Such amounts include ownership interests in affiliated insurance and reinsurance subsidiaries.
The statutory net income (loss) for the Company’s principal operating subsidiaries for 2025, 2024 and 2023 was as follows:
Year Ended December 31,
202520242023
Statutory net income (loss):
Bermuda$4,648 $4,750 $3,519 
Ireland103 62 53 
United States1,249 918 592 
United Kingdom24 41 72 
Canada4 6 6 
Australia48 54 68 
v3.25.4
Acquisition (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 01, 2024
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liabilities Acquired          
Goodwill     $ 607 $ 571 $ 345
Deferred tax asset, goodwill and intangibles     $ 835 $ 1,034  
US MidCorp and Entertainment          
Purchase price          
Business acquisition, cash paid $ 450        
Assets Acquired          
Cash and investments, at fair value 2,332        
Premiums receivable, net of commissions 224        
Other assets acquired 175        
Total assets acquired 3,296        
Liabilities Acquired          
Reserves for losses and loss adjustment expenses 2,468        
Unearned premiums 636        
Other liabilities acquired 18        
Total liabilities acquired 3,122        
Identifiable net assets acquired 174        
Goodwill 276        
Deferred tax asset, goodwill and intangibles 555        
Net deferred tax asset, loss reserves and unearned premiums 24        
Goodwill, measurement period adjustment   $ 10      
US MidCorp and Entertainment | Reserves For Losses And Loss Adjustment Expenses          
Liabilities Acquired          
Loss reserves, fair value adjustment 130        
US MidCorp and Entertainment | Distribution relationships          
Assets Acquired          
Intangible assets $ 220        
Useful life 10 years        
US MidCorp and Entertainment | Value of business acquired          
Assets Acquired          
Intangible assets $ 165        
US MidCorp and Entertainment | Value of business acquired | Minimum          
Assets Acquired          
Useful life 1 year        
US MidCorp and Entertainment | Value of business acquired | Maximum          
Assets Acquired          
Useful life 2 years        
US MidCorp and Entertainment | Other intangible assets          
Assets Acquired          
Intangible assets [1] $ 180        
US MidCorp and Entertainment | Other intangible assets | Minimum          
Assets Acquired          
Useful life 5 years        
US MidCorp and Entertainment | Other intangible assets | Maximum          
Assets Acquired          
Useful life 7 years        
[1] Includes $130 million related to the net fair value adjustment to reserves for loss and loss adjustment expenses on August 1, 2024.
v3.25.4
Significant Accounting Policies (Details)
 12 Months Ended
Dec. 31, 2025
Significant Accounting Policies [Line Items]  
Premium revenue recognition period 12 months
Vesting period, share-based awards 3 years
Requisite service period, share-based awards 3 years
Minimum  
Significant Accounting Policies [Line Items]  
Time lag for reporting 1 month
Maximum  
Significant Accounting Policies [Line Items]  
Time lag for reporting 3 months
Losses occurring  
Significant Accounting Policies [Line Items]  
Premium revenue recognition period 12 months
v3.25.4
Segment Information - Analysis of underwriting income by segment and reconciliation to net income available to common shareholders (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 3    
Gross premiums written $ 22,878 $ 21,511 $ 18,403
Premiums ceded (6,402) (5,779) (4,935)
Net premiums written 16,476 15,732 13,468
Change in unearned premiums 589 (632) (1,028)
Net premiums earned 17,065 15,100 12,440
Other underwriting income 217 26 31
Losses and loss adjustment expenses (9,370) (8,342) (6,246)
Acquisition expenses, net (3,153) (2,651) (2,312)
Other operating expenses (1,826) (1,472) (1,301)
Underwriting income (loss) 2,933 2,661 2,612
Net investment income 1,625 1,495 1,023
Net realized gains (losses) 464 197 (165)
Equity in net income (loss) of investment funds accounted for using the equity method 504 580 278
Other income (loss) 54 42 27
Corporate expenses [1] (57) (119) (96)
Transaction costs and other [1] (75) (81) (6)
Amortization of intangible assets (193) (235) (95)
Interest expense (148) (141) (133)
Net foreign exchange gains (losses) (128) 75 (60)
Income before income taxes and income (loss) from operating affiliates 4,979 4,474 3,385
Income tax (expense) benefit (760) (362) 873
Income (loss) from operating affiliates 180 200 184
Net income (loss) 4,399 4,312 4,442
Amounts attributable to redeemable noncontrolling interests 0 0 1
Net income available to Arch 4,399 4,312 4,443
Preferred share dividends (40) (40) (40)
Net income (loss) available to Arch common shareholders $ 4,359 $ 4,272 $ 4,403
Underwriting Ratios      
Loss ratio 54.90% 55.20% 50.20%
Acquisition expense ratio 18.50% 17.60% 18.60%
Other operating expense ratio 9.40%    
Other operating expense ratio   9.70% 10.50%
Combined ratio 82.80% 82.50% 79.30%
Goodwill and intangible assets $ 1,222 $ 1,351 $ 731
Total investable assets 47,369 41,388 34,589
Total assets 79,241 70,906 58,906
Total liabilities 55,035 50,086 40,551
Operating segments | Insurance      
Segment Reporting Information [Line Items]      
Gross premiums written [2] 10,435 9,053 7,911
Premiums ceded [2],[3] (2,637) (2,179) (2,049)
Net premiums written 7,798 6,874 5,862
Change in unearned premiums (27) (247) (416)
Net premiums earned 7,771 6,627 5,446
Other underwriting income 36 [4] 0 0
Losses and loss adjustment expenses (4,764) (4,070) (3,122)
Acquisition expenses, net (1,496) (1,217) (1,055)
Other operating expenses [5] (1,172) (995) (819)
Underwriting income (loss) $ 375 $ 345 $ 450
Underwriting Ratios      
Loss ratio 61.30% 61.40% 57.30%
Acquisition expense ratio 19.30% 18.40% 19.40%
Other operating expense ratio [6] 14.60%    
Other operating expense ratio   15.00% 15.00%
Combined ratio 95.20% 94.80% 91.70%
Goodwill and intangible assets $ 793 $ 916 $ 224
Operating segments | Reinsurance      
Segment Reporting Information [Line Items]      
Gross premiums written [2] 11,149 11,112 9,113
Premiums ceded [2],[3] (3,531) (3,366) (2,559)
Net premiums written 7,618 7,746 6,554
Change in unearned premiums 504 (504) (718)
Net premiums earned 8,122 7,242 5,836
Other underwriting income 159 [4] 9 17
Losses and loss adjustment expenses (4,610) (4,327) (3,227)
Acquisition expenses, net (1,644) (1,432) (1,240)
Other operating expenses [5] (469) (270) (288)
Underwriting income (loss) $ 1,558 $ 1,222 $ 1,098
Underwriting Ratios      
Loss ratio 56.80% 59.70% 55.30%
Acquisition expense ratio 20.20% 19.80% 21.20%
Other operating expense ratio [6] 3.80%    
Other operating expense ratio   3.70% 4.90%
Combined ratio 80.80% 83.20% 81.40%
Goodwill and intangible assets $ 98 $ 102 $ 130
Operating segments | Mortgage      
Segment Reporting Information [Line Items]      
Gross premiums written [2] 1,305 1,351 1,387
Premiums ceded [2],[3] (245) (239) (335)
Net premiums written 1,060 1,112 1,052
Change in unearned premiums 112 119 106
Net premiums earned 1,172 1,231 1,158
Other underwriting income 22 [4] 17 14
Losses and loss adjustment expenses 4 55 103
Acquisition expenses, net (13) (2) (17)
Other operating expenses [5] (185) (207) (194)
Underwriting income (loss) $ 1,000 $ 1,094 $ 1,064
Underwriting Ratios      
Loss ratio (0.40%) (4.40%) (8.90%)
Acquisition expense ratio 1.10% 0.20% 1.40%
Other operating expense ratio [6] 13.90%    
Other operating expense ratio   16.80% 16.80%
Combined ratio 14.60% 12.60% 9.30%
Goodwill and intangible assets $ 331 $ 333 $ 377
[1] Certain expenses have been excluded from ‘Corporate expenses’ and reflected in ‘Transaction costs and other.’
[2] 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.
[3] Certain amounts included in the gross premiums written of each segment are related to intersegment transactions and are included in the gross premiums written of each segment. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total.
[4] ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.
[5] Other operating expenses primarily include expenses that are related to compensation and employee benefits, information technology and professional fees, reduced in part by substance based credits.
[6] The ‘Other operating expense ratio’ for the 2025 period includes ‘Other underwriting income.’
v3.25.4
Segment Information - Summary of net premiums written and earned by major line of business and net premiums written by location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Net premiums earned $ 17,065 $ 15,100 $ 12,440
Net premiums written 16,476 15,732 13,468
Operating segments | Insurance      
Segment Reporting Information [Line Items]      
Net premiums earned 7,771 6,627 5,446
Net premiums written 7,798 6,874 5,862
Operating segments | Insurance | North America      
Segment Reporting Information [Line Items]      
Net premiums earned 5,735 4,702 3,781
Net premiums written 5,724 4,869 3,995
Operating segments | Insurance | International      
Segment Reporting Information [Line Items]      
Net premiums earned 2,036 1,925 1,665
Net premiums written 2,074 2,005 1,867
Operating segments | Insurance | Property and short-tail specialty | North America      
Segment Reporting Information [Line Items]      
Net premiums earned 1,373 1,165 976
Operating segments | Insurance | Property and short-tail specialty | International      
Segment Reporting Information [Line Items]      
Net premiums earned 1,099 1,061 885
Operating segments | Insurance | Casualty and other | International      
Segment Reporting Information [Line Items]      
Net premiums earned 937 864 780
Operating segments | Insurance | Other liability - occurrence | North America      
Segment Reporting Information [Line Items]      
Net premiums earned 1,321 942 618
Operating segments | Insurance | Other liability - claims made | North America      
Segment Reporting Information [Line Items]      
Net premiums earned 786 843 866
Operating segments | Insurance | Commercial multi-peril | North America      
Segment Reporting Information [Line Items]      
Net premiums earned 792 435 193
Operating segments | Insurance | Commercial automobile | North America      
Segment Reporting Information [Line Items]      
Net premiums earned 581 459 343
Operating segments | Insurance | Workers compensation | North America      
Segment Reporting Information [Line Items]      
Net premiums earned 591 549 495
Operating segments | Insurance | Other | North America      
Segment Reporting Information [Line Items]      
Net premiums earned 291 309 290
Operating segments | Reinsurance      
Segment Reporting Information [Line Items]      
Net premiums earned 8,122 7,242 5,836
Net premiums written 7,618 7,746 6,554
Operating segments | Reinsurance | Bermuda      
Segment Reporting Information [Line Items]      
Net premiums written 3,672 3,425 3,288
Operating segments | Reinsurance | United States      
Segment Reporting Information [Line Items]      
Net premiums written 1,798 2,135 1,756
Operating segments | Reinsurance | Europe and other      
Segment Reporting Information [Line Items]      
Net premiums written 2,148 2,186 1,510
Operating segments | Reinsurance | Other      
Segment Reporting Information [Line Items]      
Net premiums earned 150 152 118
Operating segments | Reinsurance | Specialty      
Segment Reporting Information [Line Items]      
Net premiums earned 2,906 2,619 2,097
Operating segments | Reinsurance | Property excluding property catastrophe      
Segment Reporting Information [Line Items]      
Net premiums earned 2,252 2,148 1,645
Operating segments | Reinsurance | Casualty      
Segment Reporting Information [Line Items]      
Net premiums earned 1,432 1,088 1,005
Operating segments | Reinsurance | Property catastrophe      
Segment Reporting Information [Line Items]      
Net premiums earned 1,065 959 742
Operating segments | Reinsurance | Marine and aviation      
Segment Reporting Information [Line Items]      
Net premiums earned 317 276 229
Operating segments | Mortgage      
Segment Reporting Information [Line Items]      
Net premiums earned 1,172 1,231 1,158
Net premiums written 1,060 1,112 1,052
Operating segments | Mortgage | United States      
Segment Reporting Information [Line Items]      
Net premiums written 780 823 743
Operating segments | Mortgage | Other      
Segment Reporting Information [Line Items]      
Net premiums written 280 289 309
Operating segments | Mortgage | U.S. primary mortgage insurance      
Segment Reporting Information [Line Items]      
Net premiums earned 802 845 759
Operating segments | Mortgage | U.S. credit risk transfer (CRT) and other      
Segment Reporting Information [Line Items]      
Net premiums earned 207 213 220
Operating segments | Mortgage | International mortgage insurance/reinsurance      
Segment Reporting Information [Line Items]      
Net premiums earned $ 163 $ 173 $ 179
v3.25.4
Reserve for Losses and Loss Adjustment Expenses - Reconciliation of beginning and ending balances of losses and loss adjustment reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]      
Reserve for losses and loss adjustment expenses at beginning of year $ 29,369 $ 22,752 $ 20,032
Unpaid losses and loss adjustment expenses recoverable 7,821 6,690 6,280
Net reserve for losses and loss adjustment expenses at beginning of year 21,548 16,062 13,752
Net incurred losses and loss adjustment expenses relating to losses occurring in:      
Current year 9,970 8,849 6,784
Prior years (600) (507) (538)
Total net incurred losses and loss adjustment expenses 9,370 8,342 6,246
Net losses and loss adjustment expense reserves of acquired business [1] 50 2,477 0
Foreign exchange (gains) losses and other 550 (260) 157
Net paid losses and loss adjustment expenses relating to losses occurring in:      
Current year (1,862) (1,176) (1,081)
Prior years (5,163) (3,897) (3,012)
Total net paid losses and loss adjustment expenses (7,025) (5,073) (4,093)
Net reserve for losses and loss adjustment expenses at end of year 24,493 21,548 16,062
Unpaid losses and loss adjustment expenses recoverable 9,054 7,821 6,690
Reserve for losses and loss adjustment expenses at end of year $ 33,547 $ 29,369 $ 22,752
[1] Activity in the 2025 and 2024 periods primarily related to the MCE Acquisition (see note 2).
v3.25.4
Reserve for Losses and Loss Adjustment Expenses - Prior years reserve development (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse $ (600) $ (507) $ (538)
Operating segments      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (600) (507) (538)
Operating segments | Short-tailed lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (682) (567) (631)
Operating segments | Long-tailed lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse 82 60 93
Operating segments | Insurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (43) (37) (42)
Operating segments | Insurance | Short-tailed lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (61) (53) (85)
Operating segments | Insurance | Short-tailed lines | Travel and accident      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (26) (32) (15)
Operating segments | Insurance | Short-tailed lines | Property, energy, marine and aviation      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (21)   (43)
Operating segments | Insurance | Short-tailed lines | Surety      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse   (31)  
Operating segments | Insurance | Short-tailed lines | Warranty and lenders solutions      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse     (22)
Operating segments | Insurance | Long-tailed lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse 18 16 43
Operating segments | Insurance | Long-tailed lines | Professional liability      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse     50
Operating segments | Reinsurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (322) (188) (152)
Operating segments | Reinsurance | Short-tailed lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (386) (232) (202)
Operating segments | Reinsurance | Short-tailed lines | Property excluding property catastrophe      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (178) (99) (93)
Operating segments | Reinsurance | Short-tailed lines | Other specialty lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse   (74) (35)
Operating segments | Reinsurance | Short-tailed lines | Property catastrophe      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (141) (64) (51)
Operating segments | Reinsurance | Long-tailed lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse 64 44 50
Operating segments | Reinsurance | Long-tailed lines | Casualty      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse 64 44 45
Operating segments | Mortgage      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (235) (282) (344)
Operating segments | Mortgage | Short-tailed lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse (235) (282) (344)
Operating segments | Mortgage | Long-tailed lines      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior year reserve development (favorable) adverse $ 0 $ 0 $ 0
v3.25.4
Short Duration Contracts - Claims development - Insurance (Details)
$ in Millions
Dec. 31, 2025
USD ($)
claims
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Liabilities for losses and loss adjustment expenses, net of reinsurance $ 23,906                  
Insurance | Property, energy, marine and aviation                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 3,855                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 2,894                  
All outstanding liabilities before 2016, net of reinsurance 14                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 975                  
Insurance | Property, energy, marine and aviation | 2016                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 86 $ 86 $ 87 $ 87 $ 92 $ 96 $ 100 $ 105 $ 101 $ 104
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 86 86 87 87 91 94 97 98 83 25
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of reported claims | claims 6,189                  
Insurance | Property, energy, marine and aviation | 2017                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 225 224 225 225 231 230 236 246 281  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 223 221 220 218 216 212 195 140 30  
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of reported claims | claims 6,512                  
Insurance | Property, energy, marine and aviation | 2018                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 171 170 172 170 170 174 186 181    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 162 157 154 150 143 135 102 30    
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of reported claims | claims 5,091                  
Insurance | Property, energy, marine and aviation | 2019                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 156 156 159 161 165 179 179      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 155 153 148 139 134 105 26      
Total of IBNR liabilities plus expected development on reported claims $ (2)                  
Cumulative number of reported claims | claims 7,518                  
Insurance | Property, energy, marine and aviation | 2020                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 335 337 333 336 329 359        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 317 306 293 251 194 56        
Total of IBNR liabilities plus expected development on reported claims $ 1                  
Cumulative number of reported claims | claims 8,558                  
Insurance | Property, energy, marine and aviation | 2021                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 420 421 423 429 427          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 396 365 343 268 90          
Total of IBNR liabilities plus expected development on reported claims $ 12                  
Cumulative number of reported claims | claims 10,380                  
Insurance | Property, energy, marine and aviation | 2022                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 679 576 495 522            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 547 337 276 100            
Total of IBNR liabilities plus expected development on reported claims $ 91                  
Cumulative number of reported claims | claims 16,853                  
Insurance | Property, energy, marine and aviation | 2023                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 483 510 571              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 378 271 146              
Total of IBNR liabilities plus expected development on reported claims $ 48                  
Cumulative number of reported claims | claims 22,016                  
Insurance | Property, energy, marine and aviation | 2024                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 607 703                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 363 195                
Total of IBNR liabilities plus expected development on reported claims $ 142                  
Cumulative number of reported claims | claims 25,054                  
Insurance | Property, energy, marine and aviation | 2025                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 693                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 267                  
Total of IBNR liabilities plus expected development on reported claims $ 327                  
Cumulative number of reported claims | claims 21,693                  
Insurance | Third party occurrence business                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 6,749                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 2,670                  
All outstanding liabilities before 2016, net of reinsurance 375                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 4,454                  
Insurance | Third party occurrence business | 2016                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 331 345 352 363 367 375 399 406 394 389
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 252 246 230 215 195 164 137 87 42 12
Total of IBNR liabilities plus expected development on reported claims $ 49                  
Cumulative number of reported claims | claims 78,399                  
Insurance | Third party occurrence business | 2017                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 398 408 404 406 407 412 422 417 417  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 289 271 247 221 165 135 100 52 13  
Total of IBNR liabilities plus expected development on reported claims $ 72                  
Cumulative number of reported claims | claims 84,591                  
Insurance | Third party occurrence business | 2018                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 435 448 461 459 451 450 453 430    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 289 271 247 200 154 115 64 17    
Total of IBNR liabilities plus expected development on reported claims $ 84                  
Cumulative number of reported claims | claims 79,101                  
Insurance | Third party occurrence business | 2019                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 439 451 470 471 480 487 456      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 282 255 214 173 122 73 18      
Total of IBNR liabilities plus expected development on reported claims $ 80                  
Cumulative number of reported claims | claims 87,700                  
Insurance | Third party occurrence business | 2020                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 594 606 632 640 616 606        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 374 318 235 155 76 24        
Total of IBNR liabilities plus expected development on reported claims $ 91                  
Cumulative number of reported claims | claims 92,035                  
Insurance | Third party occurrence business | 2021                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 688 671 659 662 622          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 444 323 174 91 26          
Total of IBNR liabilities plus expected development on reported claims $ 66                  
Cumulative number of reported claims | claims 94,124                  
Insurance | Third party occurrence business | 2022                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 737 735 726 687            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 294 186 85 24            
Total of IBNR liabilities plus expected development on reported claims $ 300                  
Cumulative number of reported claims | claims 95,570                  
Insurance | Third party occurrence business | 2023                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 936 936 877              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 264 156 32              
Total of IBNR liabilities plus expected development on reported claims $ 482                  
Cumulative number of reported claims | claims 100,702                  
Insurance | Third party occurrence business | 2024                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 1,038 1,001                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 136 37                
Total of IBNR liabilities plus expected development on reported claims $ 756                  
Cumulative number of reported claims | claims 103,711                  
Insurance | Third party occurrence business | 2025                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 1,153                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 46                  
Total of IBNR liabilities plus expected development on reported claims $ 1,022                  
Cumulative number of reported claims | claims 79,110                  
Insurance | Third party claims-made business                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 5,334                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 2,609                  
All outstanding liabilities before 2016, net of reinsurance 89                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 2,814                  
Insurance | Third party claims-made business | 2016                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 325 329 327 329 327 322 314 308 291 275
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 304 296 295 257 242 205 158 127 68 11
Total of IBNR liabilities plus expected development on reported claims $ 8                  
Cumulative number of reported claims | claims 15,135                  
Insurance | Third party claims-made business | 2017                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 326 339 337 316 323 308 311 285 270  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 284 276 257 232 196 143 113 67 9  
Total of IBNR liabilities plus expected development on reported claims $ 23                  
Cumulative number of reported claims | claims 15,712                  
Insurance | Third party claims-made business | 2018                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 362 366 366 347 335 319 314 272    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 305 285 258 208 158 118 68 12    
Total of IBNR liabilities plus expected development on reported claims $ 22                  
Cumulative number of reported claims | claims 17,304                  
Insurance | Third party claims-made business | 2019                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 326 329 329 321 317 317 288      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 254 235 196 154 122 65 12      
Total of IBNR liabilities plus expected development on reported claims $ 34                  
Cumulative number of reported claims | claims 17,428                  
Insurance | Third party claims-made business | 2020                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 419 432 445 423 412 383        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 309 265 214 151 87 17        
Total of IBNR liabilities plus expected development on reported claims $ 54                  
Cumulative number of reported claims | claims 17,580                  
Insurance | Third party claims-made business | 2021                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 446 461 498 517 514          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 269 223 162 90 23          
Total of IBNR liabilities plus expected development on reported claims $ 119                  
Cumulative number of reported claims | claims 19,120                  
Insurance | Third party claims-made business | 2022                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 570 589 654 668            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 307 218 100 25            
Total of IBNR liabilities plus expected development on reported claims $ 186                  
Cumulative number of reported claims | claims 21,348                  
Insurance | Third party claims-made business | 2023                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 901 895 809              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 332 200 64              
Total of IBNR liabilities plus expected development on reported claims $ 375                  
Cumulative number of reported claims | claims 26,037                  
Insurance | Third party claims-made business | 2024                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 777 736                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 196 56                
Total of IBNR liabilities plus expected development on reported claims $ 432                  
Cumulative number of reported claims | claims 29,857                  
Insurance | Third party claims-made business | 2025                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 882                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 49                  
Total of IBNR liabilities plus expected development on reported claims $ 736                  
Cumulative number of reported claims | claims 29,188                  
Insurance | Multi-line and other specialty                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 8,189                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 5,400                  
All outstanding liabilities before 2016, net of reinsurance 38                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 2,827                  
Insurance | Multi-line and other specialty | 2016                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 403 404 406 408 408 410 416 427 430 408
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 397 396 391 390 385 379 362 341 304 $ 176
Total of IBNR liabilities plus expected development on reported claims $ 3                  
Cumulative number of reported claims | claims 196,531                  
Insurance | Multi-line and other specialty | 2017                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 516 514 515 512 504 500 491 500 482  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 499 493 479 472 446 423 380 342 $ 181  
Total of IBNR liabilities plus expected development on reported claims $ 4                  
Cumulative number of reported claims | claims 235,002                  
Insurance | Multi-line and other specialty | 2018                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 566 564 564 564 564 562 564 512    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 550 543 526 508 479 442 388 $ 211    
Total of IBNR liabilities plus expected development on reported claims $ 6                  
Cumulative number of reported claims | claims 265,421                  
Insurance | Multi-line and other specialty | 2019                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 666 670 656 650 639 611 566      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 629 611 576 548 486 385 $ 212      
Total of IBNR liabilities plus expected development on reported claims $ 8                  
Cumulative number of reported claims | claims 247,961                  
Insurance | Multi-line and other specialty | 2020                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 519 519 515 513 567 616        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 469 450 405 358 308 $ 171        
Total of IBNR liabilities plus expected development on reported claims $ 22                  
Cumulative number of reported claims | claims 170,515                  
Insurance | Multi-line and other specialty | 2021                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 643 634 613 618 634          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 557 511 427 334 $ 157          
Total of IBNR liabilities plus expected development on reported claims $ 33                  
Cumulative number of reported claims | claims 137,791                  
Insurance | Multi-line and other specialty | 2022                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 624 639 640 677            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 491 439 370 $ 177            
Total of IBNR liabilities plus expected development on reported claims $ 64                  
Cumulative number of reported claims | claims 156,572                  
Insurance | Multi-line and other specialty | 2023                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 823 809 815              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 588 489 $ 253              
Total of IBNR liabilities plus expected development on reported claims $ 133                  
Cumulative number of reported claims | claims 176,315                  
Insurance | Multi-line and other specialty | 2024                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 1,442 1,419                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 727 $ 336                
Total of IBNR liabilities plus expected development on reported claims $ 508                  
Cumulative number of reported claims | claims 200,279                  
Insurance | Multi-line and other specialty | 2025                    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 1,987                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 493                  
Total of IBNR liabilities plus expected development on reported claims $ 1,195                  
Cumulative number of reported claims | claims 140,332                  
v3.25.4
Short Duration Contracts - Claims development - Reinsurance (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Claims Development [Line Items]                    
Liabilities for losses and loss adjustment expenses, net of reinsurance $ 23,906                  
Reinsurance | Casualty                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 5,210                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 1,831                  
All outstanding liabilities before 2016, net of reinsurance 406                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 3,785                  
Reinsurance | Casualty | 2016                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 289 $ 287 $ 285 $ 277 $ 273 $ 274 $ 267 $ 252 $ 228 $ 216
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 197 188 174 158 133 114 87 52 26 6
Total of IBNR liabilities plus expected development on reported claims 45                  
Reinsurance | Casualty | 2017                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 346 343 336 321 314 302 274 258 271  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 239 224 190 165 138 113 64 30 6  
Total of IBNR liabilities plus expected development on reported claims 55                  
Reinsurance | Casualty | 2018                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 332 328 314 304 291 286 295 281    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 224 207 183 155 129 107 31 8    
Total of IBNR liabilities plus expected development on reported claims 53                  
Reinsurance | Casualty | 2019                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 402 405 406 384 372 346 336      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 287 258 220 131 97 58 16      
Total of IBNR liabilities plus expected development on reported claims 65                  
Reinsurance | Casualty | 2020                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 365 399 379 360 377 389        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 202 178 132 90 51 18        
Total of IBNR liabilities plus expected development on reported claims 108                  
Reinsurance | Casualty | 2021                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 464 428 428 438 444          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 236 191 103 54 15          
Total of IBNR liabilities plus expected development on reported claims 163                  
Reinsurance | Casualty | 2022                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 539 546 533 552            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 182 114 62 18            
Total of IBNR liabilities plus expected development on reported claims 241                  
Reinsurance | Casualty | 2023                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 695 669 664              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 173 88 19              
Total of IBNR liabilities plus expected development on reported claims 385                  
Reinsurance | Casualty | 2024                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 776 734                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 66 14                
Total of IBNR liabilities plus expected development on reported claims 624                  
Reinsurance | Casualty | 2025                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 1,002                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 25                  
Total of IBNR liabilities plus expected development on reported claims 928                  
Reinsurance | Property catastrophe                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 1,980                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 1,062                  
All outstanding liabilities before 2016, net of reinsurance 2                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 920                  
Reinsurance | Property catastrophe | 2016                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 4 4 4 5 6 6 9 12 16 23
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 3 2 2 2 2 2 3 2 2 (7)
Total of IBNR liabilities plus expected development on reported claims 0                  
Reinsurance | Property catastrophe | 2017                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 20 21 21 21 24 36 50 54 86  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 17 17 17 16 14 27 37 32 31  
Total of IBNR liabilities plus expected development on reported claims 0                  
Reinsurance | Property catastrophe | 2018                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance (4) (2) 0 3 12 25 44 69    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance (12) (11) (13) (14) (17) 12 2 27    
Total of IBNR liabilities plus expected development on reported claims 0                  
Reinsurance | Property catastrophe | 2019                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance (8) (7) (11) (4) 4 4 12      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance (26) (25) (16) (17) 8 4 4      
Total of IBNR liabilities plus expected development on reported claims 1                  
Reinsurance | Property catastrophe | 2020                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 321 319 330 341 337 272        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 271 262 251 208 158 57        
Total of IBNR liabilities plus expected development on reported claims 5                  
Reinsurance | Property catastrophe | 2021                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 302 307 305 318 323          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 243 239 230 177 66          
Total of IBNR liabilities plus expected development on reported claims 11                  
Reinsurance | Property catastrophe | 2022                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 262 273 298 306            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 219 211 169 70            
Total of IBNR liabilities plus expected development on reported claims 30                  
Reinsurance | Property catastrophe | 2023                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 227 272 272              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 120 84 8              
Total of IBNR liabilities plus expected development on reported claims 18                  
Reinsurance | Property catastrophe | 2024                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 441 512                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 145 60                
Total of IBNR liabilities plus expected development on reported claims 67                  
Reinsurance | Property catastrophe | 2025                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 415                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 82                  
Total of IBNR liabilities plus expected development on reported claims 84                  
Reinsurance | Property excluding property catastrophe                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 5,150                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 3,055                  
All outstanding liabilities before 2016, net of reinsurance 8                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 2,103                  
Reinsurance | Property excluding property catastrophe | 2016                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 124 127 130 129 135 138 135 136 144 174
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 116 117 114 114 113 111 103 98 94 33
Total of IBNR liabilities plus expected development on reported claims 3                  
Reinsurance | Property excluding property catastrophe | 2017                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 197 201 202 205 213 230 237 250 267  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 186 186 186 182 178 164 155 124 28  
Total of IBNR liabilities plus expected development on reported claims 6                  
Reinsurance | Property excluding property catastrophe | 2018                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 197 203 203 202 212 235 239 223    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 181 177 177 175 167 151 107 30    
Total of IBNR liabilities plus expected development on reported claims 3                  
Reinsurance | Property excluding property catastrophe | 2019                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 193 196 190 190 195 206 216      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 174 170 169 162 150 124 43      
Total of IBNR liabilities plus expected development on reported claims 11                  
Reinsurance | Property excluding property catastrophe | 2020                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 313 322 320 319 339 368        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 291 280 266 243 207 101        
Total of IBNR liabilities plus expected development on reported claims (1)                  
Reinsurance | Property excluding property catastrophe | 2021                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 500 499 491 497 546          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 457 424 363 269 136          
Total of IBNR liabilities plus expected development on reported claims 14                  
Reinsurance | Property excluding property catastrophe | 2022                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 656 660 670 745            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 526 468 360 142            
Total of IBNR liabilities plus expected development on reported claims 70                  
Reinsurance | Property excluding property catastrophe | 2023                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 744 740 839              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 489 382 151              
Total of IBNR liabilities plus expected development on reported claims 117                  
Reinsurance | Property excluding property catastrophe | 2024                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 1,056 1,212                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 445 144                
Total of IBNR liabilities plus expected development on reported claims 325                  
Reinsurance | Property excluding property catastrophe | 2025                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 1,170                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 190                  
Total of IBNR liabilities plus expected development on reported claims 648                  
Reinsurance | Marine and aviation                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 1,041                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 447                  
All outstanding liabilities before 2016, net of reinsurance 18                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 612                  
Reinsurance | Marine and aviation | 2016                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 10 11 11 12 15 17 19 23 23 27
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 8 7 7 7 7 6 3 0 (2) (7)
Total of IBNR liabilities plus expected development on reported claims 2                  
Reinsurance | Marine and aviation | 2017                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 15 15 15 17 20 21 24 26 29  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 12 12 12 12 12 11 9 7 2  
Total of IBNR liabilities plus expected development on reported claims 2                  
Reinsurance | Marine and aviation | 2018                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 19 20 21 21 24 24 25 27    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 16 16 15 14 13 11 7 2    
Total of IBNR liabilities plus expected development on reported claims 2                  
Reinsurance | Marine and aviation | 2019                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 60 63 62 61 60 55 48      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 49 49 43 35 29 22 11      
Total of IBNR liabilities plus expected development on reported claims 6                  
Reinsurance | Marine and aviation | 2020                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 81 82 80 80 76 83        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 71 66 60 42 26 9        
Total of IBNR liabilities plus expected development on reported claims 4                  
Reinsurance | Marine and aviation | 2021                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 86 79 82 96 110          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 68 53 45 24 8          
Total of IBNR liabilities plus expected development on reported claims 8                  
Reinsurance | Marine and aviation | 2022                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 167 134 138 126            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 86 63 37 12            
Total of IBNR liabilities plus expected development on reported claims 38                  
Reinsurance | Marine and aviation | 2023                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 156 170 161              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 77 43 13              
Total of IBNR liabilities plus expected development on reported claims 44                  
Reinsurance | Marine and aviation | 2024                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 220 233                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 44 18                
Total of IBNR liabilities plus expected development on reported claims 100                  
Reinsurance | Marine and aviation | 2025                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 227                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 16                  
Total of IBNR liabilities plus expected development on reported claims 172                  
Reinsurance | Specialty                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 8,564                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 4,930                  
All outstanding liabilities before 2016, net of reinsurance 35                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 3,669                  
Reinsurance | Specialty | 2016                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 315 312 319 318 321 326 319 328 335 338
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 305 304 305 301 295 288 271 251 213 $ 113
Total of IBNR liabilities plus expected development on reported claims 6                  
Reinsurance | Specialty | 2017                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 378 372 376 379 384 386 385 405 412  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 362 361 360 350 339 325 309 266 $ 141  
Total of IBNR liabilities plus expected development on reported claims 11                  
Reinsurance | Specialty | 2018                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 425 431 438 438 442 417 423 431    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 392 393 389 366 348 326 286 $ 135    
Total of IBNR liabilities plus expected development on reported claims 16                  
Reinsurance | Specialty | 2019                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 398 413 418 408 412 418 441      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 354 355 335 313 286 217 $ 126      
Total of IBNR liabilities plus expected development on reported claims 25                  
Reinsurance | Specialty | 2020                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 532 543 551 531 536 607        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 471 453 413 377 299 $ 138        
Total of IBNR liabilities plus expected development on reported claims 36                  
Reinsurance | Specialty | 2021                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 638 637 630 629 628          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 546 508 443 319 $ 156          
Total of IBNR liabilities plus expected development on reported claims 33                  
Reinsurance | Specialty | 2022                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 950 991 942 962            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 698 627 465 $ 186            
Total of IBNR liabilities plus expected development on reported claims 108                  
Reinsurance | Specialty | 2023                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 1,321 1,230 1,303              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 714 502 $ 207              
Total of IBNR liabilities plus expected development on reported claims 330                  
Reinsurance | Specialty | 2024                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 1,647 1,696                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 705 $ 331                
Total of IBNR liabilities plus expected development on reported claims 623                  
Reinsurance | Specialty | 2025                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 1,960                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 383                  
Total of IBNR liabilities plus expected development on reported claims $ 1,275                  
v3.25.4
Short Duration Contracts - Claims development - Mortgage (Details)
$ in Millions
Dec. 31, 2025
USD ($)
claims
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Claims Development [Line Items]                    
Liabilities for losses and loss adjustment expenses, net of reinsurance $ 23,906                  
Mortgage                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 721                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 419                  
All outstanding liabilities before 2012, net of reinsurance 9                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 311                  
Mortgage | 2016                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance 136 $ 136 $ 136 $ 137 $ 142 $ 142 $ 141 $ 149 $ 171 $ 184
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 135 134 133 132 132 131 127 113 72 $ 11
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 3,564                  
Mortgage | 2017                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 97 99 99 102 109 108 107 132 179  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 95 95 93 92 90 87 79 48 $ 9  
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 2,723                  
Mortgage | 2018                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 66 69 69 72 88 89 96 132    
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 64 63 60 59 56 50 31 $ 4    
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 1,990                  
Mortgage | 2019                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 48 52 51 63 110 119 108      
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 44 42 39 34 29 20 $ 3      
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 1,491                  
Mortgage | 2020                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 26 31 33 78 374 420        
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 21 19 13 8 4 $ 1        
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 904                  
Mortgage | 2021                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 13 17 20 77 144          
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 10 8 5 2 $ 0          
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 443                  
Mortgage | 2022                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 22 30 55 173            
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 14 10 3 $ 0            
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 604                  
Mortgage | 2023                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 36 71 182              
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 18 7 $ 0              
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 727                  
Mortgage | 2024                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 86 180                
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 16 $ 1                
Total of IBNR liabilities plus expected development on reported claims $ 0                  
Cumulative number of paid claims | claims 509                  
Mortgage | 2025                    
Claims Development [Line Items]                    
Incurred losses and allocated loss adjustment expenses, net of reinsurance $ 191                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 2                  
Total of IBNR liabilities plus expected development on reported claims $ 1                  
Cumulative number of paid claims | claims 87                  
v3.25.4
Short Duration Contracts - Percentage annual payout - all segments (Details)
Dec. 31, 2025
Insurance | Property, energy, marine and aviation  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 23.00%
Year Two 41.40%
Year Three 18.20%
Year Four 8.90%
Year Five 3.30%
Year Six 1.00%
Year Seven 0.00%
Year Eight 1.10%
Year Nine (0.10%)
Year Ten 0.10%
Insurance | Third party occurrence business  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 3.70%
Year Two 10.10%
Year Three 12.40%
Year Four 13.40%
Year Five 11.30%
Year Six 10.50%
Year Seven 6.10%
Year Eight 5.00%
Year Nine 4.60%
Year Ten 2.00%
Insurance | Third party claims-made business  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 4.70%
Year Two 16.10%
Year Three 16.30%
Year Four 12.00%
Year Five 13.30%
Year Six 11.80%
Year Seven 6.40%
Year Eight 7.70%
Year Nine 1.30%
Year Ten 2.40%
Insurance | Multi-line and other specialty  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 31.20%
Year Two 29.00%
Year Three 11.00%
Year Four 8.50%
Year Five 5.60%
Year Six 3.70%
Year Seven 2.10%
Year Eight 1.40%
Year Nine 1.10%
Year Ten 0.40%
Reinsurance | Casualty  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 2.90%
Year Two 8.20%
Year Three 11.80%
Year Four 12.10%
Year Five 11.50%
Year Six 7.80%
Year Seven 7.60%
Year Eight 6.80%
Year Nine 4.70%
Year Ten 3.00%
Reinsurance | Property catastrophe  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One (62.40%)
Year Two 110.10%
Year Three (23.80%)
Year Four 138.80%
Year Five (24.80%)
Year Six 17.40%
Year Seven (4.80%)
Year Eight 1.00%
Year Nine 2.20%
Year Ten 5.70%
Reinsurance | Property excluding property catastrophe  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 20.90%
Year Two 37.00%
Year Three 14.50%
Year Four 7.30%
Year Five 5.40%
Year Six 1.80%
Year Seven 1.20%
Year Eight 0.70%
Year Nine 1.10%
Year Ten (0.70%)
Reinsurance | Marine and aviation  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 1.80%
Year Two 24.30%
Year Three 19.80%
Year Four 15.00%
Year Five 12.20%
Year Six 6.40%
Year Seven 2.00%
Year Eight 1.10%
Year Nine 1.10%
Year Ten 6.20%
Reinsurance | Specialty  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 26.20%
Year Two 28.20%
Year Three 14.60%
Year Four 6.70%
Year Five 5.40%
Year Six 3.80%
Year Seven 1.20%
Year Eight 0.50%
Year Nine 0.00%
Year Ten 0.10%
Mortgage  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year One 4.10%
Year Two 26.00%
Year Three 26.00%
Year Four 14.30%
Year Five 9.60%
Year Six 4.20%
Year Seven 2.60%
Year Eight 1.30%
Year Nine 0.70%
Year Ten 0.50%
v3.25.4
Short Duration Contracts - Reconciliation of claims development to liability (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance $ 23,906      
Unpaid losses and loss adjustment expenses recoverable 9,054 $ 7,821 $ 6,690 $ 6,280
Lines other than short duration 136      
Discounting (78)      
Unallocated claims adjustment expenses 529      
Total reconciling items 587      
Reserve for losses and loss adjustment expenses 33,547 $ 29,369 $ 22,752 $ 20,032
Other short duration lines not included        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance [1] 1,436      
Unpaid losses and loss adjustment expenses recoverable [2] 271      
Other short duration lines not included | Loss portfolio transfer        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid losses and loss adjustment expenses recoverable [2] 121      
Total for short duration lines        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid losses and loss adjustment expenses recoverable 9,054      
Insurance | Property, energy, marine and aviation        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 975      
Unpaid losses and loss adjustment expenses recoverable 456      
Insurance | Third party occurrence business        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 4,454      
Unpaid losses and loss adjustment expenses recoverable 2,893      
Insurance | Third party claims-made business        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 2,814      
Unpaid losses and loss adjustment expenses recoverable 907      
Insurance | Multi-line and other specialty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 2,827      
Unpaid losses and loss adjustment expenses recoverable 436      
Reinsurance | Casualty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 3,785      
Unpaid losses and loss adjustment expenses recoverable 861      
Reinsurance | Property catastrophe        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 920      
Unpaid losses and loss adjustment expenses recoverable 911      
Reinsurance | Property excluding property catastrophe        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 2,103      
Unpaid losses and loss adjustment expenses recoverable 362      
Reinsurance | Marine and aviation        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 612      
Unpaid losses and loss adjustment expenses recoverable 549      
Reinsurance | Specialty        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 3,669      
Unpaid losses and loss adjustment expenses recoverable 1,386      
Mortgage        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for losses and loss adjustment expenses, net of reinsurance 311      
Unpaid losses and loss adjustment expenses recoverable 42      
Consolidating adjustments and eliminations        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid losses and loss adjustment expenses recoverable $ (20)      
[1] Includes amounts primarily associated with the loss portfolio reinsurance agreement related to the MCE Acquisition.
[2] Includes unpaid loss and loss adjustment expenses recoverable of $121 million related to the loss portfolio transfer reinsurance agreements.
v3.25.4
Short Duration Contracts (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Mortgage  
Claims Development [Line Items]  
Large claim size threshold $ 250,000
v3.25.4
Allowance for Expected Credit Losses - Premiums receivable (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Credit Loss [Abstract]    
Balance at beginning of period $ 5,634 $ 4,644
Balance at end of period 5,723 5,634
Allowance for Expected Credit Losses    
Balance at beginning of period 45 34
Provision on business acquired [1]   16
Change for provision of expected credit losses [2] (2) (5)
Balance at end of period 43 45
Write-offs charged against the allowance $ 3 $ 3
[1] Reflects provision for current expected credit losses on premiums receivable related to the MCE Acquisition.
[2] Amounts deemed uncollectible are written-off in operating expenses. For the 2025 and 2024 periods, amounts written off totaled $3 million and $3 million, respectively.
v3.25.4
Allowance for Expected Credit Losses - Reinsurance recoverables (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Credit Loss [Abstract]    
Balance at beginning of period $ 8,260 $ 7,064
Balance at end of period 9,526 8,260
Allowance for Expected Credit Losses    
Balance at beginning of period 17 21
Change for provision of expected credit losses 0 (4)
Balance at end of period $ 17 $ 17
v3.25.4
Allowance for Expected Credit Losses - Ceded credit risk (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]      
Reinsurance recoverable for paid and unpaid claims and claims adjustments $ 9,526 $ 8,260 $ 7,064
Reinsurance recoverable | Reinsurer concentration risk | AM Best "A-" Or Better Rating      
Concentration Risk [Line Items]      
Concentration risk percentage 62.10% 63.80%  
Reinsurance recoverable | Reinsurer concentration risk | No AM Best rating | All Other Carriers      
Concentration Risk [Line Items]      
Concentration risk percentage [1] 37.90% 36.20%  
Reinsurance recoverable | Reinsurer concentration risk | No AM Best rating | Reinsurance trusts or letters of credit      
Concentration Risk [Line Items]      
Concentration risk percentage 96.00% 96.00%  
Shareholders' equity | Reinsurer concentration risk | Largest balance due from any one carrier      
Concentration Risk [Line Items]      
Concentration risk percentage 8.10% 7.80%  
[1] At December 31, 2025 and 2024 period, over 96% of such amounts were collateralized through reinsurance trusts, funds withheld arrangements, letters of credit or other.
v3.25.4
Allowance for Expected Credit Losses - Contractholder receivables (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Credit Loss [Abstract]    
Balance at beginning of period $ 2,161 $ 1,814
Balance at end of period 2,270 2,161
Allowance for Expected Credit Losses    
Balance at beginning of period 5 3
Change for provision of expected credit losses 2 2
Balance at end of period $ 7 $ 5
v3.25.4
Reinsurance - Effects of reinsurance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Premiums Written      
Direct $ 10,250 $ 10,056 $ 9,652
Assumed 12,628 11,455 8,751
Ceded (6,402) (5,779) (4,935)
Net premiums written 16,476 15,732 13,468
Premiums Earned      
Direct 10,200 9,721 9,131
Assumed 13,089 10,880 7,890
Ceded (6,224) (5,501) (4,581)
Net premiums earned 17,065 15,100 12,440
Losses and Loss Adjustment Expenses      
Direct 5,975 5,676 4,739
Assumed 7,260 6,137 3,975
Ceded (3,865) (3,471) (2,468)
Net $ 9,370 $ 8,342 $ 6,246
v3.25.4
Reinsurance - Coverage and retention (Details) - Variable Interest Entity, Not Primary Beneficiary
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance $ 1,969
Current Coverage 811
Remaining Retention, Net $ 952
Amortization period 10 years
Bellemeade 2021-3 Ltd  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance $ 639 [1]
Current Coverage 35 [1]
Remaining Retention, Net 130 [1]
Bellemeade 2021-3 Ltd | Funded By VIE  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 508
Bellemeade 2021-3 Ltd | Directly provided capacity  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 131
Bellemeade 2022-1 Ltd  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 317 [2]
Current Coverage 54 [2]
Remaining Retention, Net 135 [2]
Bellemeade 2022-1 Ltd | Funded By VIE  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 284
Bellemeade 2022-1 Ltd | Directly provided capacity  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 33
Bellemeade 2022-2 Ltd  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 327 [3]
Current Coverage 134 [3]
Remaining Retention, Net 187 [3]
Bellemeade 2022-2 Ltd | Funded By VIE  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 201
Bellemeade 2022-2 Ltd | Directly provided capacity  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 126
Bellemeade 2023-1 Ltd  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 233 [4]
Current Coverage 186 [4]
Remaining Retention, Net 164 [4]
Bellemeade 2023-1 Ltd | Funded By VIE  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 186
Bellemeade 2023-1 Ltd | Directly provided capacity  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 47
Bellemeade 2024-1 Ltd  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 204 [5]
Current Coverage 163 [5]
Remaining Retention, Net 170 [5]
Bellemeade 2024-1 Ltd | Funded By VIE  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 163
Bellemeade 2024-1 Ltd | Directly provided capacity  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 41
Bellemeade 2025-1 Ltd  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 249 [6]
Current Coverage 239 [6]
Remaining Retention, Net 166 [6]
Bellemeade 2025-1 Ltd | Funded By VIE  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance 199
Bellemeade 2025-1 Ltd | Directly provided capacity  
Variable Interest Entity [Line Items]  
Initial Coverage at Issuance $ 50
[1] Issued in September 2021, covering in-force policies issued between April 1, 2021 and June 30, 2021. $508 million was directly funded by Bellemeade Re 2021-3 Ltd. via insurance-linked notes, with an additional $131 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
[2] Issued in January 2022, covering in-force policies issued between July 1, 2021 and November 30, 2021. $284 million was directly funded by Bellemeade Re 2022-1 Ltd. via insurance-linked notes, with an additional $33 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
[3] Issued in September 2022, covering in-force policies issued between November 1, 2021 and June 30, 2022. $201 million was directly funded by Bellemeade Re 2022-2 Ltd. via insurance-linked notes, with an additional $126 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
[4] Issued in October 2023, covering in-force policies issued between January 1, 2023 and September 30, 2023. $186 million was directly funded by Bellemeade Re 2023-1 Ltd. via insurance-linked notes, with an additional $47 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
[5] Issued in August 2024, covering in-force policies issued between September 1, 2023 and July 31, 2024. $163 million was directly funded by Bellemeade Re 2024-1 Ltd. via insurance-linked notes, with an additional $41 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
[6] Issued in November 2025, covering in-force policies issued between July 1, 2024 and September 30, 2025. $199 million was directly funded by Bellemeade Re 2025-1 Ltd. via insurance-linked notes, with an additional $50 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers
v3.25.4
Investment Information - Summary of available for sale securities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fixed maturities:      
Estimated fair value $ 35,051 $ 29,819  
Gross Unrealized Gains 408 181  
Gross Unrealized Losses (290) (694)  
Allowance for Expected Credit Losses (20) (22)  
Cost or Amortized Cost 34,953 30,354  
Fixed maturities available for sale, at fair value      
Fixed maturities:      
Estimated fair value 32,426 27,035  
Gross Unrealized Gains 406 179  
Gross Unrealized Losses (289) (692)  
Allowance for Expected Credit Losses (20) (22) $ (28)
Cost or Amortized Cost 32,329 27,570  
Corporate bonds      
Fixed maturities:      
Estimated fair value 14,058 12,487  
Gross Unrealized Gains 265 110  
Gross Unrealized Losses (142) (346)  
Allowance for Expected Credit Losses (10) (12)  
Cost or Amortized Cost 13,945 12,735  
US government and government agencies      
Fixed maturities:      
Estimated fair value 7,445 6,710  
Gross Unrealized Gains 23 8  
Gross Unrealized Losses (21) (149)  
Allowance for Expected Credit Losses 0 0  
Cost or Amortized Cost 7,443 6,851  
Asset backed securities      
Fixed maturities:      
Estimated fair value 3,574 2,900  
Gross Unrealized Gains 20 19  
Gross Unrealized Losses (15) (32)  
Allowance for Expected Credit Losses (8) (8)  
Cost or Amortized Cost 3,577 2,921  
Non-US government securities      
Fixed maturities:      
Estimated fair value 3,270 2,538  
Gross Unrealized Gains 53 30  
Gross Unrealized Losses (81) (107)  
Allowance for Expected Credit Losses (1) (1) $ (1)
Cost or Amortized Cost 3,299 2,616  
Residential mortgage backed securities      
Fixed maturities:      
Estimated fair value 2,705 1,079  
Gross Unrealized Gains 34 6  
Gross Unrealized Losses (21) (31)  
Allowance for Expected Credit Losses 0 0  
Cost or Amortized Cost 2,692 1,104  
Commercial mortgage backed securities      
Fixed maturities:      
Estimated fair value 1,212 1,058  
Gross Unrealized Gains 11 6  
Gross Unrealized Losses (5) (11)  
Allowance for Expected Credit Losses (1) (1)  
Cost or Amortized Cost 1,207 1,064  
Municipal bonds      
Fixed maturities:      
Estimated fair value 162 263  
Gross Unrealized Gains 0 0  
Gross Unrealized Losses (4) (16)  
Allowance for Expected Credit Losses 0 0  
Cost or Amortized Cost 166 279  
Short-term investments      
Fixed maturities:      
Estimated fair value 2,625 2,784  
Gross Unrealized Gains 2 2  
Gross Unrealized Losses (1) (2)  
Allowance for Expected Credit Losses 0 0  
Cost or Amortized Cost $ 2,624 $ 2,784  
v3.25.4
Investment Information - Aging of available for sale securities in an unrealized loss position (Details)
$ in Millions
Dec. 31, 2025
USD ($)
lots
Dec. 31, 2024
USD ($)
lots
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months $ 10,128 $ 12,494
Estimated Fair Value - 12 Months or More 2,765 5,080
Estimated Fair Value - Total 12,893 17,574
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (121) (290)
Gross Unrealized Losses - 12 Months or More (169) (404)
Gross Unrealized Losses - Total $ (290) $ (694)
Continuous unrealized loss, qualitative disclosures:    
Number of positions in an unrealized loss position (lots) | lots 7,240 9,980
Total number of positions (lots) | lots 25,330 20,930
Largest single loss $ 4 $ 8
Fixed maturities available for sale, at fair value    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 9,514 12,397
Estimated Fair Value - 12 Months or More 2,765 5,080
Estimated Fair Value - Total 12,279 17,477
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (120) (288)
Gross Unrealized Losses - 12 Months or More (169) (404)
Gross Unrealized Losses - Total (289) (692)
Corporate bonds    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 2,972 4,582
Estimated Fair Value - 12 Months or More 1,364 2,924
Estimated Fair Value - Total 4,336 7,506
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (64) (114)
Gross Unrealized Losses - 12 Months or More (78) (232)
Gross Unrealized Losses - Total (142) (346)
US government and government agencies    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 3,092 5,130
Estimated Fair Value - 12 Months or More 274 516
Estimated Fair Value - Total 3,366 5,646
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (15) (100)
Gross Unrealized Losses - 12 Months or More (6) (49)
Gross Unrealized Losses - Total (21) (149)
Non-US government securities    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 2,087 1,650
Estimated Fair Value - 12 Months or More 432 418
Estimated Fair Value - Total 2,519 2,068
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (35) (58)
Gross Unrealized Losses - 12 Months or More (46) (49)
Gross Unrealized Losses - Total (81) (107)
Residential mortgage backed securities    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 312 571
Estimated Fair Value - 12 Months or More 178 186
Estimated Fair Value - Total 490 757
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (3) (6)
Gross Unrealized Losses - 12 Months or More (18) (25)
Gross Unrealized Losses - Total (21) (31)
Asset backed securities    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 806 236
Estimated Fair Value - 12 Months or More 332 426
Estimated Fair Value - Total 1,138 662
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (2) (8)
Gross Unrealized Losses - 12 Months or More (13) (24)
Gross Unrealized Losses - Total (15) (32)
Commercial mortgage backed securities    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 239 180
Estimated Fair Value - 12 Months or More 48 434
Estimated Fair Value - Total 287 614
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (1) (1)
Gross Unrealized Losses - 12 Months or More (4) (10)
Gross Unrealized Losses - Total (5) (11)
Municipal bonds    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 6 48
Estimated Fair Value - 12 Months or More 137 176
Estimated Fair Value - Total 143 224
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months 0 (1)
Gross Unrealized Losses - 12 Months or More (4) (15)
Gross Unrealized Losses - Total (4) (16)
Short-term investments    
Estimated Fair Value    
Estimated Fair Value - Less than 12 Months 614 97
Estimated Fair Value - 12 Months or More 0 0
Estimated Fair Value - Total 614 97
Gross Unrealized Losses    
Gross Unrealized Losses - Less than 12 Months (1) (2)
Gross Unrealized Losses - 12 Months or More 0 0
Gross Unrealized Losses - Total $ (1) $ (2)
v3.25.4
Investment Information - Maturity profile of available for sale securities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Estimated Fair Value    
Estimated fair value $ 35,051 $ 29,819
Amortized Cost    
Amortized cost 34,953 30,354
Fixed maturities available for sale, at fair value    
Estimated Fair Value    
Due in one year or less 370 438
Due after one year through five years 17,053 15,364
Due after five years through 10 years 6,893 5,811
Due after 10 years 619 385
Single maturity date 24,935 21,998
Estimated fair value 32,426 27,035
Amortized Cost    
Due in one year or less 366 451
Due after one year through five years 16,989 15,590
Due after five years through 10 years 6,877 6,039
Due after 10 years 621 401
Single maturity date 24,853 22,481
Amortized cost 32,329 27,570
Mortgage backed securities    
Estimated Fair Value    
Securities without single maturity date 2,705 1,079
Estimated fair value 2,705 1,079
Amortized Cost    
Securities without single maturity date 2,692 1,104
Amortized cost 2,692 1,104
Commercial mortgage backed securities    
Estimated Fair Value    
Securities without single maturity date 1,212 1,058
Estimated fair value 1,212 1,058
Amortized Cost    
Securities without single maturity date 1,207 1,064
Amortized cost 1,207 1,064
Asset backed securities    
Estimated Fair Value    
Securities without single maturity date 3,574 2,900
Estimated fair value 3,574 2,900
Amortized Cost    
Securities without single maturity date 3,577 2,921
Amortized cost $ 3,577 $ 2,921
v3.25.4
Investment Information - Net investment Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net investment income:      
Gross investment income $ 1,717 $ 1,586 $ 1,100
Investment expenses (92) (91) (77)
Net investment income 1,625 1,495 1,023
Fixed maturities      
Net investment income:      
Gross investment income 1,465 1,266 917
Short-term investments      
Net investment income:      
Gross investment income 102 144 68
Equity securities      
Net investment income:      
Gross investment income 41 40 22
Other      
Net investment income:      
Gross investment income [1] $ 109 $ 136 $ 93
[1] Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items.
v3.25.4
Investment Information - Net realized gains and losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Available for sale securities:      
Available for sale securities, gross gains on investment sales $ 296 $ 259 $ 116
Available for sale securities, gross losses on investment sales (271) (354) (547)
Equity securities, at fair value :      
Net realized gains (losses) on securities sold 84 62 61
Net unrealized gains (losses) on equity securities still held at reporting date 130 108 88
Allowance for credit losses:      
Allowance for credit losses - investment related (6) 0 3
Allowance for credit losses - underwriting related 3 5 (1)
Derivative instruments 327 8 59
Other [1] (169) 251 10
Net realized gains (losses) 464 197 (165)
Fixed maturities      
Available for sale securities:      
Change in fair value of assets and liabilities accounted for using the fair value option 29 3 18
Other investments      
Available for sale securities:      
Change in fair value of assets and liabilities accounted for using the fair value option 38 (144) 27
Equity securities      
Available for sale securities:      
Change in fair value of assets and liabilities accounted for using the fair value option 0 (1) 1
Short-term investments      
Available for sale securities:      
Change in fair value of assets and liabilities accounted for using the fair value option $ 3 $ 0 $ 0
[1] Amounts in the 2025 periods primarily include losses related to the sale of certain alternative investments accounted for under the equity method, while amounts in the 2024 period include benefits from the sale of Castel Underwriting Agencies Limited and the acquisition of RMIC Companies, Inc
v3.25.4
Investment Information - Other investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments $ 3,136 $ 3,066
Other investments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 1,957 2,135
Fixed maturities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 1,110 854
Equity securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 5 7
Short-term investments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments $ 64 $ 70
v3.25.4
Investment Information - Other investments by strategy (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule Of Other Investments [Line Items]    
Other investments $ 3,136 $ 3,066
Other investments    
Schedule Of Other Investments [Line Items]    
Other investments 1,957 2,135
Investment grade fixed income    
Schedule Of Other Investments [Line Items]    
Other investments 1,225 1,055
Private equity    
Schedule Of Other Investments [Line Items]    
Other investments 250 229
Lending    
Schedule Of Other Investments [Line Items]    
Other investments 220 303
Term loan investments    
Schedule Of Other Investments [Line Items]    
Other investments 173 430
Credit related funds    
Schedule Of Other Investments [Line Items]    
Other investments 87 99
Energy    
Schedule Of Other Investments [Line Items]    
Other investments $ 2 $ 19
v3.25.4
Investment Information - Limited partnership interests (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Limited partnership interests $ 6,453 $ 6,028
Aggregate commitments 3,700 4,400
Equity method investments    
Schedule of Equity Method Investments [Line Items]    
Limited partnership interests [1] 6,453 5,980
Aggregate commitments 3,600 4,300
Fair value option    
Schedule of Equity Method Investments [Line Items]    
Limited partnership interests [2] 0 48
Aggregate commitments $ 65 $ 21
[1] Aggregate unfunded commitments were $3.6 billion at December 31, 2025, compared to $4.3 billion at December 31, 2024.
[2] Aggregate unfunded commitments were $65 million at December 31, 2025, compared to $21 million at December 31, 2024.
v3.25.4
Investment Information - Equity method investments and investments in affiliates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method $ 6,453 $ 5,980  
Equity in net income (loss) of investment funds accounted for using the equity method 504 580 $ 278
Balance sheet:      
Total assets 79,241 70,906 58,906
Total liabilities 55,035 50,086 40,551
Income statement:      
Total revenues 19,929 17,440 13,634
Net income 4,399 4,312 4,442
Private equity      
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method 2,397 1,915  
Credit related funds      
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method 1,616 1,487  
Real estate      
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method 767 869  
Lending      
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method 558 616  
Fixed Income Investments [Member]      
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method 501 384  
Infrastructure      
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method 346 425  
Equity Funds      
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method 231 217  
Energy      
Schedule of Equity Method Investments [Line Items]      
Investments accounted for using the equity method 37 67  
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Balance sheet:      
Invested assets 139,175 113,977  
Total assets 156,736 132,647  
Total liabilities 37,031 36,614  
Net assets 119,705 96,033  
Income statement:      
Total revenues 21,594 19,160 7,766
Total expenses 8,643 7,269 7,174
Net income $ 12,951 $ 11,891 $ 592
v3.25.4
Investment Information - Investments in operating affiliates (Details)
€ / shares in Units, $ / shares in Units, € in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2021
EUR (€)
€ / shares
Schedule of Equity Method Investments [Line Items]          
Investment in operating affiliates $ 1,313 $ 1,240      
Income (loss) from operating affiliates $ 180 200 $ 184    
Coface          
Schedule of Equity Method Investments [Line Items]          
Percentage ownership 29.90%     29.50% 29.50%
Investment in affiliate, price per share | € / shares         € 9.95
Equity method investment, aggregate cost       $ 546 € 453
Investment in operating affiliates $ 707 $ 592      
Coface | Issued Shares Excluding Treasury Stock          
Schedule of Equity Method Investments [Line Items]          
Percentage ownership 30.00%        
Greysbridge Holdings Ltd          
Schedule of Equity Method Investments [Line Items]          
Percentage ownership 30.00% 40.00%      
Investment in affiliate, price per share | $ / shares       $ 35.00  
Investment in operating affiliates $ 486 $ 523      
v3.25.4
Investment Information - Allowance for expected credit losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Balance at beginning of period $ 22  
Balance at end of period 20 $ 22
Fixed maturities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Balance at beginning of period 22 28
Additions for current-period provision for expected credit losses 5 0
Additions (reductions) for previously recognized expected credit losses 0 0
Reductions due to disposals (7) (6)
Balance at end of period 20 22
Structured securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Balance at beginning of period [1] 9 7
Additions for current-period provision for expected credit losses [1] 3 0
Additions (reductions) for previously recognized expected credit losses [1] (3) 3
Reductions due to disposals [1] 0 (1)
Balance at end of period [1] 9 9
Non-US government securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Balance at beginning of period 1 1
Additions for current-period provision for expected credit losses 0 0
Additions (reductions) for previously recognized expected credit losses 0 0
Reductions due to disposals 0 0
Balance at end of period 1 1
Corporate bonds    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Balance at beginning of period 12 20
Additions for current-period provision for expected credit losses 2 0
Additions (reductions) for previously recognized expected credit losses 3 (3)
Reductions due to disposals (7) (5)
Balance at end of period $ 10 $ 12
[1] Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
v3.25.4
Investment Information - Restricted assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Restricted Assets [Line Items]    
Restricted assets $ 14,953 $ 13,048
Collateral or guarantees - affiliated transactions    
Restricted Assets [Line Items]    
Restricted assets 5,323 4,730
Collateral or guarantees - third party agreements    
Restricted Assets [Line Items]    
Restricted assets 6,784 5,999
Deposits with US regulatory authorities    
Restricted Assets [Line Items]    
Restricted assets 948 882
Deposits with non-US regulatory authorities    
Restricted Assets [Line Items]    
Restricted assets [1] $ 1,898 $ 1,437
[1] Primarily includes Funds at Lloyd’s, deposits with non-U.S. regulatory authorities and other restricted assets.
v3.25.4
Investment Information - Cash and restricted cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure Investment Information [Abstract]        
Cash $ 993 $ 979 $ 917  
Restricted cash (included in ‘other assets’) 1,074 781 581  
Cash and restricted cash $ 2,067 $ 1,760 $ 1,498 $ 1,273
v3.25.4
Investment Information - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Equity securities, at fair value $ 1,864 $ 1,675
Minimum    
Schedule of Equity Method Investments [Line Items]    
Time lag for reporting 1 month  
Maximum    
Schedule of Equity Method Investments [Line Items]    
Time lag for reporting 3 months  
v3.25.4
Fair Value - Fair Value Hierarchy (Details) - Recurring - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value $ 11,607 $ 11,069
Liabilities measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 7,445 6,709
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale, at fair value | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale, at fair value | US government and government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 7,445 6,709
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale, at fair value | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale, at fair value | Non-US government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale, at fair value | Residential mortgage backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale, at fair value | Commercial mortgage backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale, at fair value | Municipal bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 2,326 2,704
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 1,829 1,640
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value option    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 7 16
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value option | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value option | US government and government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 5 14
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value option | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value option | Non-US government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value option | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 2 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value option | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 2
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value option | Other investments fair value option    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 26,658 21,998
Liabilities measured at fair value (72) (115)
Significant Other Observable Inputs (Level 2) | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value 0 0
Significant Other Observable Inputs (Level 2) | Derivative instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value (72) (115)
Significant Other Observable Inputs (Level 2) | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 24 15
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 24,836 20,229
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale, at fair value | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 13,930 12,390
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale, at fair value | US government and government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 1
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale, at fair value | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 3,557 2,900
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale, at fair value | Non-US government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 3,270 2,538
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale, at fair value | Residential mortgage backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 2,705 1,079
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale, at fair value | Commercial mortgage backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 1,212 1,058
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale, at fair value | Municipal bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 162 263
Significant Other Observable Inputs (Level 2) | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 299 80
Significant Other Observable Inputs (Level 2) | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 26 28
Significant Other Observable Inputs (Level 2) | Derivative instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 180 206
Significant Other Observable Inputs (Level 2) | Fair value option    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 1,293 1,440
Significant Other Observable Inputs (Level 2) | Fair value option | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 1,102 832
Significant Other Observable Inputs (Level 2) | Fair value option | US government and government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Other Observable Inputs (Level 2) | Fair value option | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Other Observable Inputs (Level 2) | Fair value option | Non-US government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 3 8
Significant Other Observable Inputs (Level 2) | Fair value option | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 22 37
Significant Other Observable Inputs (Level 2) | Fair value option | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Other Observable Inputs (Level 2) | Fair value option | Other investments fair value option    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 166 563
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 431 330
Liabilities measured at fair value (18) (73)
Significant Unobservable Inputs (Level 3) | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value (18) (73)
Significant Unobservable Inputs (Level 3) | Derivative instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 145 97
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale, at fair value | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 128 97
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale, at fair value | US government and government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale, at fair value | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 17 0
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale, at fair value | Non-US government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale, at fair value | Residential mortgage backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale, at fair value | Commercial mortgage backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale, at fair value | Municipal bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 9 7
Significant Unobservable Inputs (Level 3) | Derivative instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fair value option    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 277 226
Significant Unobservable Inputs (Level 3) | Fair value option | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fair value option | US government and government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fair value option | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fair value option | Non-US government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Fair value option | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 40 33
Significant Unobservable Inputs (Level 3) | Fair value option | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 5 4
Significant Unobservable Inputs (Level 3) | Fair value option | Other investments fair value option    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 232 189
Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 40,255 34,780
Liabilities measured at fair value (90) (188)
Estimated Fair Value | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value (18) (73)
Estimated Fair Value | Derivative instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value (72) (115)
Estimated Fair Value | Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 24 15
Estimated Fair Value | Fixed maturities available for sale, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 32,426 27,035
Estimated Fair Value | Fixed maturities available for sale, at fair value | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 14,058 12,487
Estimated Fair Value | Fixed maturities available for sale, at fair value | US government and government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 7,445 6,710
Estimated Fair Value | Fixed maturities available for sale, at fair value | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 3,574 2,900
Estimated Fair Value | Fixed maturities available for sale, at fair value | Non-US government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 3,270 2,538
Estimated Fair Value | Fixed maturities available for sale, at fair value | Residential mortgage backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 2,705 1,079
Estimated Fair Value | Fixed maturities available for sale, at fair value | Commercial mortgage backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 1,212 1,058
Estimated Fair Value | Fixed maturities available for sale, at fair value | Municipal bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 162 263
Estimated Fair Value | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 2,625 2,784
Estimated Fair Value | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 1,864 1,675
Estimated Fair Value | Derivative instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 180 206
Estimated Fair Value | Fair value option    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 3,136 3,065
Estimated Fair Value | Fair value option | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 1,102 832
Estimated Fair Value | Fair value option | US government and government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 5 14
Estimated Fair Value | Fair value option | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Estimated Fair Value | Fair value option | Non-US government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 3 8
Estimated Fair Value | Fair value option | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 64 70
Estimated Fair Value | Fair value option | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 5 6
Estimated Fair Value | Fair value option | Other investments fair value option    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 398 752
Estimated Fair Value | Fair value option | Fair Value Measured at Net Asset Value Per Share    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value [1] $ 1,559 $ 1,383
[1] In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
v3.25.4
Fair Value - Rollforward of Level 3 assets and liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Other liabilities    
Level 3 liabilities rollforward    
Balance at beginning of year $ (73) $ (22)
Total gains or (losses) (realized/unrealized) - included in earnings [1] 2 10
Total gains or (losses) (realized/unrealized) - included in other comprehensive income (2) 1
Purchases, issuances, sales and settlements    
Purchases 0 0
Issuances 0 (64)
Sales 0 0
Settlements 55 2
Transfers in and/or out of Level 3 0 0
Balance at end of year (18) (73)
Equity securities    
Level 3 assets rollforward    
Balance at beginning of year 7 5
Total gains or (losses) (realized/unrealized) - included in earnings [1] 0 0
Total gains or (losses) (realized/unrealized) - included in other comprehensive income 0 0
Purchases, issuances, sales and settlements    
Purchases 2 2
Issuances 0 0
Sales 0 0
Settlements 0 0
Transfers in and/or out of Level 3 0 0
Balance at end of year 9 7
Available for sale | Structured securities    
Level 3 assets rollforward    
Balance at beginning of year [2] 0 0
Total gains or (losses) (realized/unrealized) - included in earnings [1],[2] 0 0
Total gains or (losses) (realized/unrealized) - included in other comprehensive income [2] 0 0
Purchases, issuances, sales and settlements    
Purchases [2] 14 0
Issuances [2] 0 0
Sales [2] 0 0
Settlements [2] (2) 0
Transfers in and/or out of Level 3 [2] 5 0
Balance at end of year [2] 17 0
Available for sale | Corporate bonds    
Level 3 assets rollforward    
Balance at beginning of year 97 147
Total gains or (losses) (realized/unrealized) - included in earnings [1] 1 1
Total gains or (losses) (realized/unrealized) - included in other comprehensive income 1 2
Purchases, issuances, sales and settlements    
Purchases 1 100
Issuances 0 0
Sales 0 0
Settlements (60) (153)
Transfers in and/or out of Level 3 88 0
Balance at end of year 128 97
Available for sale | Short-term investments    
Level 3 assets rollforward    
Balance at beginning of year 0 84
Total gains or (losses) (realized/unrealized) - included in earnings [1] 0 0
Total gains or (losses) (realized/unrealized) - included in other comprehensive income 0 1
Purchases, issuances, sales and settlements    
Purchases 0 12
Issuances 0 0
Sales 0 0
Settlements 0 (97)
Transfers in and/or out of Level 3 0 0
Balance at end of year 0 0
Fair value option | Other investments    
Level 3 assets rollforward    
Balance at beginning of year 189 106
Total gains or (losses) (realized/unrealized) - included in earnings [1] 0 (5)
Total gains or (losses) (realized/unrealized) - included in other comprehensive income 0 0
Purchases, issuances, sales and settlements    
Purchases 190 148
Issuances 0 0
Sales (5) (5)
Settlements (146) (70)
Transfers in and/or out of Level 3 4 15
Balance at end of year 232 189
Fair value option | Short-term investments    
Level 3 assets rollforward    
Balance at beginning of year 33 10
Total gains or (losses) (realized/unrealized) - included in earnings [1] 0 0
Total gains or (losses) (realized/unrealized) - included in other comprehensive income 0 0
Purchases, issuances, sales and settlements    
Purchases 67 41
Issuances 0 0
Sales 0 0
Settlements (60) (18)
Transfers in and/or out of Level 3 0 0
Balance at end of year 40 33
Fair value option | Equity securities    
Level 3 assets rollforward    
Balance at beginning of year 4 4
Total gains or (losses) (realized/unrealized) - included in earnings [1] 1 0
Total gains or (losses) (realized/unrealized) - included in other comprehensive income 0 0
Purchases, issuances, sales and settlements    
Purchases 0 0
Issuances 0 0
Sales 0 0
Settlements 0 0
Transfers in and/or out of Level 3 0 0
Balance at end of year $ 5 $ 4
[1] Gains or losses were included in net realized gains (losses).
[2] Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
v3.25.4
Fair Value - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Senior notes $ 2,729 $ 2,728
Total assets and liabilities measured at fair value 40,300 35,000
Total assets and liabilities measured at fair value priced using non-binding broker quotes $ 278 $ 185
Total assets and liabilities measured at fair value priced using non-binding broker quotes (percentage) 0.70% 0.50%
Unsecured debt | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Senior notes $ 2,700 $ 2,700
Estimated fair value of senior notes $ 2,500 $ 2,400
v3.25.4
Derivative Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Asset derivatives - fair value $ 180 $ 206  
Liability derivatives - fair value (72) (115)  
Derivative offsetting      
Derivative assets subject to master netting agreements 180 206  
Derivative liabilities subject to master netting agreements (72) (115)  
Net realized gains (losses) on derivative instruments      
Net realized gains (losses) on derivative instruments $ 327 $ 8 $ 59
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities  
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net realized gains (losses) Net realized gains (losses) Net realized gains (losses)
Not Designated as Hedging Instrument      
Derivative [Line Items]      
Asset derivatives - fair value $ 180 $ 206  
Liability derivatives - fair value (72) (115)  
Net realized gains (losses) on derivative instruments      
Net realized gains (losses) on derivative instruments 327 8 $ 59
Not Designated as Hedging Instrument | Futures contracts      
Derivative [Line Items]      
Asset derivatives - fair value [1] 81 78  
Liability derivatives - fair value [1] (19) (46)  
Net derivatives - notional value [2] 8,022 4,781  
Net realized gains (losses) on derivative instruments      
Net realized gains (losses) on derivative instruments 211 4 49
Not Designated as Hedging Instrument | Foreign currency forward contracts      
Derivative [Line Items]      
Asset derivatives - fair value [1] 75 90  
Liability derivatives - fair value [1] (38) (48)  
Net derivatives - notional value [2] 2,458 1,698  
Net realized gains (losses) on derivative instruments      
Net realized gains (losses) on derivative instruments 65 (6) 21
Not Designated as Hedging Instrument | Other      
Derivative [Line Items]      
Asset derivatives - fair value [1],[3] 24 38  
Liability derivatives - fair value [1],[3] (15) (21)  
Net derivatives - notional value [2],[3] 161 236  
Net realized gains (losses) on derivative instruments      
Net realized gains (losses) on derivative instruments [4] $ 51 $ 10 $ (11)
[1] The fair value of asset derivatives are included in ‘other assets’ and the fair value of liability derivatives are included in ‘other liabilities.’
[2] Represents the absolute notional value of all outstanding contracts, consisting of long and short positions.
[3] Includes swaps, options and other derivatives contracts
[4] Includes realized gains or losses on swaps, options and other derivatives contracts.
v3.25.4
Variable Interest Entities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Total VIE Assets $ 79,241 $ 70,906 $ 58,906
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Total VIE Assets 576 1,094  
Remaining Coverage, Amount 235    
Variable Interest Entity, Not Primary Beneficiary | Bellemeade 2021-3 Ltd      
Variable Interest Entity [Line Items]      
Total VIE Assets 21 363  
Remaining Coverage, Amount [1] 14    
Variable Interest Entity, Not Primary Beneficiary | Bellemeade 2022-1 Ltd      
Variable Interest Entity [Line Items]      
Total VIE Assets 42 202  
Remaining Coverage, Amount [1] 12    
Variable Interest Entity, Not Primary Beneficiary | Bellemeade 2022-2 Ltd      
Variable Interest Entity [Line Items]      
Total VIE Assets 43 180  
Remaining Coverage, Amount [1] 91    
Variable Interest Entity, Not Primary Beneficiary | Bellemeade 2023-1 Ltd      
Variable Interest Entity [Line Items]      
Total VIE Assets 149 186  
Remaining Coverage, Amount [1] 37    
Variable Interest Entity, Not Primary Beneficiary | Bellemeade 2024-1 Ltd      
Variable Interest Entity [Line Items]      
Total VIE Assets 130 163  
Remaining Coverage, Amount [1] 33    
Variable Interest Entity, Not Primary Beneficiary | Bellemeade 2025-1 Ltd      
Variable Interest Entity [Line Items]      
Total VIE Assets 191 $ 0  
Remaining Coverage, Amount [1] $ 48    
[1] Coverage from a separate panel of reinsurers remaining at December 31, 2025
v3.25.4
Other Comprehensive Income (Loss) - Components of accumulated other comprehensive income (loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year $ 20,820 $ 18,353  
Balance at end of year 24,206 20,820 $ 18,353
Accumulated other comprehensive income (loss)      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year (720) (676) (1,646)
Other comprehensive income (loss) before reclassifications 745 (125) 570
Amounts reclassified from accumulated other comprehensive income (20) 81 400
Net current period other comprehensive income (loss) 725 (44) 970
Balance at end of year 5 (720) (676)
Unrealized Appreciation on Available-For-Sale Investments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year (507) (565) (1,512)
Other comprehensive income (loss) before reclassifications 661 (23) 547
Amounts reclassified from accumulated other comprehensive income (20) 81 400
Net current period other comprehensive income (loss) 641 58 947
Balance at end of year 134 (507) (565)
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year (213) (111) (134)
Other comprehensive income (loss) before reclassifications 84 (102) 23
Amounts reclassified from accumulated other comprehensive income 0 0 0
Net current period other comprehensive income (loss) 84 (102) 23
Balance at end of year $ (129) $ (213) $ (111)
v3.25.4
Other Comprehensive Income (Loss) - Amounts reclassified from accumulated other comprehensive income (loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification out of Accumulated Other Comprehensive Income [Line Items]      
Net realized gains (losses) $ 464 $ 197 $ (165)
Provision for credit losses (6) 0 3
Income before income taxes and income (loss) from operating affiliates 4,979 4,474 3,385
Income tax (expense) benefit (760) (362) 873
Net of tax 4,399 4,312 4,443
Reclassification out of accumulated other comprehensive income | Unrealized Appreciation on Available-For-Sale Investments      
Reclassification out of Accumulated Other Comprehensive Income [Line Items]      
Net realized gains (losses) 25 (95) (431)
Provision for credit losses (6) 0 3
Income before income taxes and income (loss) from operating affiliates 19 (95) (428)
Income tax (expense) benefit 1 14 28
Net of tax $ 20 $ (81) $ (400)
v3.25.4
Other Comprehensive Income (Loss) - Tax effects on components of other comprehensive income (loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net of tax amount:      
Unrealized holding gains (losses) arising during period, net of tax $ 661 $ (23) $ 547
Accumulated other comprehensive income (loss)      
Before tax amount:      
Unrealized holding gains (losses) arising during period, before tax 707 (23) 617
Less reclassification of net realized gains (losses) included in net income, before tax 19 (95) (428)
Foreign currency translation adjustments, before tax 86 (105) 23
Other comprehensive income (loss), before tax 774 (33) 1,068
Tax expense (benefit):      
Unrealized holding gains (losses) arising during period, tax 46 0 70
Less reclassification of net realized gains (losses) included in net income, tax (1) (14) (28)
Foreign currency translation adjustments, tax 2 (3) 0
Other comprehensive income (loss), tax 49 11 98
Net of tax amount:      
Unrealized holding gains (losses) arising during period, net of tax 661 (23) 547
Less reclassification of net realized gains (losses) included in net income, net of tax 20 (81) (400)
Foreign currency translation adjustments, net of tax 84 (102) 23
Net current period other comprehensive income (loss) $ 725 $ (44) $ 970
v3.25.4
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income $ 4,399 $ 4,312 $ 4,442
Net (income) loss attributable to noncontrolling interests 0 0 1
Net income available to Arch 4,399 4,312 4,443
Preferred share dividends (40) (40) (40)
Net income available to Arch common shareholders, basic 4,359 4,272 4,403
Net income available to Arch common shareholders, diluted $ 4,359 $ 4,272 $ 4,403
Denominator:      
Weighted average common shares outstanding 368.4 372.5 368.7
Effect of dilutive common share equivalents:      
Nonvested restricted shares 1.6 2.1 2.5
Stock options [1] 5.9 7.2 7.6
Weighted average common shares and common share equivalents outstanding — diluted 375.9 381.8 378.8
Earnings per common share:      
Basic (per share) $ 11.83 $ 11.47 $ 11.94
Diluted (per share) $ 11.60 $ 11.19 $ 11.62
Options and SARs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per common share (shares) 2.4 2.2 0.5
[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 2025, 2024 and 2023, the number of stock options excluded were 2.4 million, 2.2 million and 0.5 million, respectively.
v3.25.4
Income Taxes - Components of income tax (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current expense (benefit):      
Federal - Bermuda $ 211 $ 1 $ 7
Current tax expense (benefit) 586 397 288
Deferred expense (benefit):      
Federal - Bermuda 100 12 (1,179)
Deferred tax expense (benefit) 174 (35) (1,161)
Income tax expense (benefit) 760 362 (873)
United States      
Current expense (benefit):      
Foreign 270 332 251
Deferred expense (benefit):      
Foreign 60 (21) (20)
Other      
Current expense (benefit):      
Foreign 105 64 30
Deferred expense (benefit):      
Foreign $ 14 $ (26) $ 38
v3.25.4
Income Taxes - Income before taxes by jurisdiction (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Line Items]      
Income (loss) before income taxes, Bermuda $ 3,121 $ 2,611 $ 2,099
Income (loss) before income taxes 5,159 4,674 3,570
United States      
Income Tax Disclosure [Line Items]      
Income (loss) before income taxes, foreign 1,660 1,438 1,239
Other      
Income Tax Disclosure [Line Items]      
Income (loss) before income taxes, foreign $ 378 $ 625 $ 232
v3.25.4
Income Taxes - Statutory tax rate by jurisdiction (Details)
 12 Months Ended
Dec. 31, 2025
Australia  
Income Tax Disclosure [Line Items]  
Statutory tax rate (percentage) 30.00%
Canada  
Income Tax Disclosure [Line Items]  
Statutory tax rate (percentage) 25.70%
United Kingdom  
Income Tax Disclosure [Line Items]  
Statutory tax rate (percentage) 25.00%
United States  
Income Tax Disclosure [Line Items]  
Statutory tax rate (percentage) 21.00%
Switzerland  
Income Tax Disclosure [Line Items]  
Statutory tax rate (percentage) 19.60%
Bermuda  
Income Tax Disclosure [Line Items]  
Statutory tax rate (percentage) 15.00%
Gibraltar  
Income Tax Disclosure [Line Items]  
Statutory tax rate (percentage) 15.00%
Ireland  
Income Tax Disclosure [Line Items]  
Statutory tax rate (percentage) 12.50%
v3.25.4
Income Taxes - Reconciliation of effective tax rate by jurisdiction (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount      
Income tax provision at Bermuda statutory tax rate $ 774 $ 424 $ 300
Foreign tax effects      
Other   8 8
Other foreign taxes 7    
Effect of changes in tax laws or rates enacted in the current period (65) 12 (1,179)
Nontaxable or nondeductible items / other      
Investment income (54) (39) (14)
Other (22)    
Other 20    
Income tax expense (benefit) $ 760 $ 362 $ (873)
Effective Income Tax Rate Reconciliation, Percent      
Bermuda Federal Statutory Tax Rate 15.00%    
Foreign tax effects      
Other foreign taxes 0.10%    
Effect of changes in tax laws or rates enacted in the current period (1.30%)    
Nontaxable or nondeductible items / other      
Investment income (1.00%)    
Other (0.40%)    
Other 0.30%    
Total 14.70%    
United States      
Foreign tax effects      
Tax rate differential $ 99    
Other $ (17)    
Foreign tax effects      
Tax rate differential 1.90%    
Other (0.30%)    
Bermuda      
Foreign tax effects      
Foreign tax credits $ (56)    
Other $ 20    
Foreign tax effects      
Foreign tax credits (1.10%)    
Other 0.40%    
United Kingdom      
Foreign tax effects      
Effect of cross-border tax laws $ 45    
Other $ 9    
Foreign tax effects      
Effect of cross-border tax laws 0.90%    
Other 0.20%    
v3.25.4
Income Taxes - Reconciliation of effective tax rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Expected income tax expense (benefit) computed on pre-tax income at weighted average income tax rate $ 774 $ 424 $ 300
Addition (reduction) in income tax expense (benefit) resulting from:      
Sale of subsidiaries/Bargain purchase option   (45) 0
Investment income (54) (39) (14)
Change in tax rate (65) 12 (1,179)
Share based compensation   (11) (13)
Tax credits   (5) (3)
Base eroding tax/Alternative minimum tax   5 9
State taxes, net of U.S. federal tax benefit   4 6
Change in valuation allowance   3 4
Uncertain tax position   3 0
Dividend withholding taxes   3 9
Other   8 8
Income tax expense (benefit) $ 760 $ 362 $ (873)
v3.25.4
Income Taxes - Components of deferred tax assets and liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred income tax assets:    
Net operating loss $ 72 $ 77
Discounting of net loss reserves 116 203
Net unearned premium reserve 243 190
Compensation liabilities 99 75
Foreign tax credit carryforward 54 22
Goodwill and intangible assets 835 1,034
Bad debt reserves 18 15
Depreciation and amortization 137 151
Lease liability 31 32
Net unrealized decline of investments 41 77
Fair value adjustment to senior notes 47 41
Advance claim payments 59 0
Other, net 10 0
Deferred income tax assets before valuation allowance 1,762 1,917
Valuation allowance (46) (18)
Deferred income tax assets net of valuation allowance 1,716 1,899
Deferred income tax liabilities:    
Lloyds year of account deferral (18) (19)
Contingency reserve (104) (27)
Deferred policy acquisition costs (77) (143)
Investment related (78) (43)
Right-of-use asset (23) (25)
Other 0 (6)
Total deferred income tax liabilities (300) (263)
Net deferred income tax assets $ 1,416 $ 1,636
v3.25.4
Income Taxes - Operating loss carryfowards and tax credits (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]    
Foreign tax credit carryforward $ 54 $ 22
United Kingdom    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 118  
Foreign tax credit carryforward 20  
United States    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards [1] 70  
Foreign tax credit carryforward 9  
Australia    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 44  
Hong Kong    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 39  
Gibraltar    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 31  
Ireland    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 30  
Foreign tax credit carryforward 27  
Cyprus    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 1  
Netherlands    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards $ 1  
[1] The Company’s U.S. operations have recorded $70 million of net operating loss (“NOL”) carryforwards that are subject to annual usage limitations under Section 382 of the Internal Revenue Code (“the Code”).
v3.25.4
Income Taxes - Unrecognized tax benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Reconciliation of beginning and ending amount of unrecognized tax benefits    
Balance at beginning of year $ 5 $ 2
Additions based on tax positions related to the current year 1 1
Additions for tax positions of prior years 0 2
Reductions for tax positions of prior years 0 0
Settlements 0 0
Balance at end of year $ 6 $ 5
v3.25.4
Income Taxes - Summary of open tax years by major jurisdiction (Details)
 12 Months Ended
Dec. 31, 2025
United States | Minimum  
Income Tax Contingency [Line Items]  
Open tax year 2019
United States | Maximum  
Income Tax Contingency [Line Items]  
Open tax year 2025
United Kingdom | Minimum  
Income Tax Contingency [Line Items]  
Open tax year 2022
United Kingdom | Maximum  
Income Tax Contingency [Line Items]  
Open tax year 2025
Ireland | Minimum  
Income Tax Contingency [Line Items]  
Open tax year 2021
Ireland | Maximum  
Income Tax Contingency [Line Items]  
Open tax year 2025
Switzerland | Minimum  
Income Tax Contingency [Line Items]  
Open tax year 2021
Switzerland | Maximum  
Income Tax Contingency [Line Items]  
Open tax year 2025
Australia | Minimum  
Income Tax Contingency [Line Items]  
Open tax year 2020
Australia | Maximum  
Income Tax Contingency [Line Items]  
Open tax year 2025
Canada | Minimum  
Income Tax Contingency [Line Items]  
Open tax year 2021
Canada | Maximum  
Income Tax Contingency [Line Items]  
Open tax year 2025
Gibraltar | Minimum  
Income Tax Contingency [Line Items]  
Open tax year 2020
Gibraltar | Maximum  
Income Tax Contingency [Line Items]  
Open tax year 2025
v3.25.4
Income Taxes - Income taxes paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal Bermuda taxes paid $ 131    
Foreign taxes paid 327    
Total 458 $ 378 $ 267
United States - federal      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign taxes paid 227    
United States - other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign taxes paid 19    
Australia      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign taxes paid 26    
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign taxes paid $ 55    
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other assets | T&L Bonds    
Operating Loss Carryforwards [Line Items]    
US mortgage guaranty tax and loss bonds $ 107 $ 47
Other liabilities    
Operating Loss Carryforwards [Line Items]    
Income taxes payable $ 75  
v3.25.4
Transactions with Related Parties (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
director
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2017
USD ($)
Related Party Transaction [Line Items]        
Purchases of other investments $ 2,238 $ 3,485 $ 2,171  
Net premiums written 16,476 15,732 13,468  
Reinsurance recoverable for paid and unpaid claims and claims adjustments 9,526 8,260 7,064  
Reinsurance balances payable 2,320 2,137    
Other assets 6,796 6,231    
Other liabilities $ 3,517 $ 3,039    
Premia Holdings Ltd        
Related Party Transaction [Line Items]        
Number of directors | director 7      
Greysbridge Holdings Ltd        
Related Party Transaction [Line Items]        
Percentage ownership 30.00% 40.00%    
Equity Method Investee | Watford Insurance Company        
Related Party Transaction [Line Items]        
Consideration paid $ 35      
Equity Method Investee | Premia Holdings Ltd        
Related Party Transaction [Line Items]        
Percentage ownership       25.00%
Purchases of other investments       $ 100
Number of directors | director 2      
Funds held asset $ 124 $ 137    
Equity Method Investee | Greysbridge Holdings Ltd        
Related Party Transaction [Line Items]        
Other assets 162      
Other liabilities 162      
Equity Method Investee | Somers Holdings Ltd.        
Related Party Transaction [Line Items]        
Net premiums written 705 738 $ 574  
Reinsurance recoverable for paid and unpaid claims and claims adjustments 2,000 1,600    
Reinsurance balances payable 550 $ 489    
Senior notes $ 35      
Preferred shares, dividend rate (as a percent) 6.50%      
v3.25.4
Leases - Additional information regarding leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Operating lease costs $ 32 $ 34  
Sublease income [1] (2) (2)  
Cash payments included in the measurement of lease liabilities reported in operating cash flows 31 30  
Right-of-use assets obtained in exchange for new lease liabilities 13 30  
Right-of-use assets [2] 120 129  
Operating lease liability [2] $ 156 $ 163  
Weighted average discount rate 5.00% 4.90%  
Weighted average remaining lease term 7 years 1 month 6 days 7 years 2 months 12 days  
Balance sheet location of right of use asset Other assets Other assets  
Balance sheet location of operating lease liability Other liabilities Other liabilities  
Rental expense $ 36 $ 35 $ 38
Maximum      
Lessee, Lease, Description [Line Items]      
Remaining term of operating leases 12 years    
[1] The sublease income primarily relates to office property in Raleigh, North Carolina.
[2] The right-of-use assets are included in ‘other assets’ while the operating lease liability is included in ‘other liabilities.’
v3.25.4
Leases - Contractual maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Contractual maturities of operating lease liabilities    
2026 $ 33  
2027 31  
2028 27  
2029 21  
2030 19  
2032 and thereafter 56  
Total undiscounted lease liability 187  
Less: present value adjustment (31)  
Operating lease liability [1] $ 156 $ 163
[1] The right-of-use assets are included in ‘other assets’ while the operating lease liability is included in ‘other liabilities.’
v3.25.4
Commitments and Contingencies - Concentrations of credit risk (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Customer concentration risk | Gross written premiums      
Concentration Risk [Line Items]      
Concentration risk, threshold 10.00%    
Customer concentration risk | Gross written premiums | Marsh & McLennan Companies and its subsidiaries      
Concentration Risk [Line Items]      
Concentration risk percentage 16.60% 18.60% 19.00%
Customer concentration risk | Gross written premiums | AON Corporation and its subsidiaries      
Concentration Risk [Line Items]      
Concentration risk percentage 14.60% 14.50% 13.90%
Credit concentration risk | Shareholders' equity      
Concentration Risk [Line Items]      
Concentration risk, threshold 10.00%    
v3.25.4
Commitments and Contingencies - Other commitments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Investment commitments $ 3,700 $ 4,400
Estimated purchase commitments, primarily related to software and computerized systems $ 307 $ 260
v3.25.4
Debt and Financing Arrangements - Schedule of senior notes outstanding (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Carrying amount $ 2,729 $ 2,728
Senior Notes    
Debt Instrument [Line Items]    
Principal amount 2,750  
Carrying amount $ 2,729 2,728
Senior Notes | 7.350% senior notes due 2034    
Debt Instrument [Line Items]    
Stated interest rate (percentage) [1] 7.35%  
Principal amount [1] $ 300  
Carrying amount $ 298 298
Senior Notes | 5.144% senior notes due 2043    
Debt Instrument [Line Items]    
Stated interest rate (percentage) [2] 5.144%  
Principal amount [2] $ 500  
Carrying amount $ 496 496
Senior Notes | 4.011% senior notes due 2026    
Debt Instrument [Line Items]    
Stated interest rate (percentage) [3] 4.011%  
Principal amount [3] $ 500  
Carrying amount $ 499 499
Senior Notes | 5.031% senior notes due 2046    
Debt Instrument [Line Items]    
Stated interest rate (percentage) [4] 5.031%  
Principal amount [4] $ 450  
Carrying amount $ 446 446
Senior Notes | 3.635% senior notes due 2050    
Debt Instrument [Line Items]    
Stated interest rate (percentage) [5] 3.635%  
Principal amount [5] $ 1,000  
Carrying amount $ 990 $ 989
[1] Senior notes of Arch Capital issued on May 4, 2004 and due May 1, 2034 (“2034 notes”).
[2] Senior notes of Arch-U.S., a wholly-owned subsidiary of Arch Capital, issued on December 13, 2013 and due November 1, 2043 (“2043 notes”), fully and unconditionally guaranteed by Arch Capital.
[3] Senior notes of Arch Capital Finance LLC (“Arch Finance”), a wholly-owned finance subsidiary of Arch Capital, issued on December 8, 2016 and due December 15, 2026 (“2026 notes”), fully and unconditionally guaranteed by Arch Capital.
[4] Senior notes of Arch Finance issued on December 8, 2016 and due December 15, 2046 (“2046 notes”), fully and unconditionally guaranteed by Arch Capital
[5] Senior notes of Arch Capital issued on June 30, 2020 and due June 30, 2050 (“2050 notes”).
v3.25.4
Debt and Financing Arrangements - Letter of Credit and Revolving Credit Facilities (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Advances from Federal Home Loan Banks $ 0 $ 0
Credit Facility    
Line of Credit Facility [Line Items]    
Optional increased capacity 1,500,000,000  
Credit Facility | Asset Pledged as Collateral | Letter of Credit    
Line of Credit Facility [Line Items]    
Investments securing LOCs 498,000,000  
Secured letter of credit facility    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 425,000,000  
Outstanding borrowings 224,000,000  
Remaining capacity 201,000,000  
Unsecured revolving loan and letter of credit facility    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 500,000,000  
Outstanding borrowings 0 $ 0
Remaining capacity 500,000,000  
Wholly-owned subsidiaries | Arch Re Bermuda | Unsecured Letter of Credit Facility    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 175,000,000  
Remaining capacity 46,000,000  
Letters of credit outstanding, amount 129,000,000  
Wholly-owned subsidiaries | Arch Re Bermuda | Lloyds Facility    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 700,000,000  
Letters of credit outstanding, amount 700,000,000  
Wholly-owned subsidiaries | Arch Re Bermuda | LOC Facilities    
Line of Credit Facility [Line Items]    
Letters of credit outstanding, amount $ 52,000,000  
v3.25.4
Goodwill and Intangible Assets - Analysis of goodwill and intangible assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill      
Goodwill, beginning of year $ 571 $ 345  
Goodwill, acquisitions 30 246  
Goodwill, foreign currency translation adjustment 6 (20) [1]  
Goodwill, end of year 607 571 $ 345
Intangible assets (indefinite life)      
Intangible assets with an indefinite life, beginning of year 79 70  
Intangible assets with an indefinite life, acquisitions 0 9  
Intangible assets with an indefinite life, foreign currency translation adjustment 2 0 [1]  
Intangible assets with an indefinite life, end of year 81 79 70
Intangible assets (finite life)      
Intangible assets with a finite life, beginning of year 701 316  
Intangible assets with a finite life, acquisitions 2 637  
Intangible assets with a finite life, amortization (193) (235) (95)
Intangible assets with a finite life, foreign currency translation adjustment 24 (17) [1]  
Intangible assets with a finite life, end of year 534 701 316
Total      
Goodwill and intangible assets, beginning of year 1,351 731  
Goodwill and intangible assets, acquisitions 32 892  
Goodwill and intangible assets, foreign currency movements and other adjustments 32 (37) [1]  
Goodwill and intangible assets, end of year 1,222 1,351 731
Reconciliation of gross to net      
Gross balance 2,412 2,380  
Accumulated amortization (1,171) (994)  
Foreign currency movements and other adjustments (19) (35)  
Goodwill and intangible assets 1,222 1,351 $ 731
Goodwill      
Total      
Goodwill and intangible assets, beginning of year 571    
Goodwill and intangible assets, end of year 607 571  
Reconciliation of gross to net      
Gross balance 606 576  
Foreign currency movements and other adjustments 1 (5)  
Goodwill and intangible assets 607 $ 571  
Intangible assets with an indefinite life      
Total      
Goodwill and intangible assets, end of year 81    
Reconciliation of gross to net      
Gross balance 80    
Foreign currency movements and other adjustments 1    
Goodwill and intangible assets 81    
Intangible assets with a finite life      
Total      
Goodwill and intangible assets, end of year 534    
Reconciliation of gross to net      
Gross balance 1,726    
Accumulated amortization (1,171)    
Foreign currency movements and other adjustments (21)    
Goodwill and intangible assets $ 534    
[1] Amount primarily related to the sale of Castel Underwriting AgenciesLimited
v3.25.4
Goodwill and Intangible Assets - Summary of intangible assets by major class (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance $ 2,412 $ 2,380  
Accumulated amortization (1,171) (994)  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments (19) (35)  
Goodwill and intangible assets 1,222 1,351 $ 731
Intangible liability - unfavorable service contract      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance (10) (10)  
Accumulated amortization 10 10  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments 0 0  
Goodwill and intangible assets 0 0  
Intangible assets with a finite life      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 1,726    
Accumulated amortization (1,171)    
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments (21)    
Goodwill and intangible assets 534    
Intangible assets with a finite life | Acquired insurance contracts      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 620 620  
Accumulated amortization (619) (562)  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments 0 1  
Goodwill and intangible assets 1 59  
Intangible assets with a finite life | Operating platform      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 117 117  
Accumulated amortization (78) (63)  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments 0 0  
Goodwill and intangible assets 39 54  
Intangible assets with a finite life | Distribution relationships      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 865 865  
Accumulated amortization (427) (358)  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments (21) (30)  
Goodwill and intangible assets 417 477  
Intangible assets with a finite life | Other      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 134 132  
Accumulated amortization (57) (21)  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments 0 0  
Goodwill and intangible assets 77 111  
Goodwill      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 606 576  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments 1 (5)  
Goodwill and intangible assets 607 571  
Intangible assets with an indefinite life      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 80    
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments 1    
Goodwill and intangible assets 81    
Intangible assets with an indefinite life | Insurance licenses      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 58 58  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments 0 0  
Goodwill and intangible assets 58 58  
Intangible assets with an indefinite life | Syndicate capacity      
Schedule of Goodwill And Intangible Assets [Line Items]      
Gross balance 22 22  
Goodwill and intangible assets, accumulated foreign currency translation and other adjustments 1 (1)  
Goodwill and intangible assets $ 23 $ 21  
v3.25.4
Goodwill and Intangible Assets - Future amortization expense (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
2026 $ 119    
2027 93    
2028 78    
2029 65    
2030 51    
2031 and thereafter 128    
Intangible assets (finite life) $ 534 $ 701 $ 316
v3.25.4
Goodwill and Intangible Assets - Narrative (Details)
Dec. 31, 2025
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Remaining useful lives of intangible assets 1 year
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Remaining useful lives of intangible assets 11 years
v3.25.4
Shareholders' Equity - Roll-forward of changes in issued and outstanding common shares (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Billions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Authorized and Issued:      
Common shares authorized 1,800.0    
Common shares, par value per share $ 0.0011 $ 0.0011  
Preferred shares authorized 50.0    
Preferred shares, par value per share $ 0.01    
Common Shares:      
Shares issued, beginning of year 595.6 591.9 588.3
Shares issued [1] 3.1 2.5 2.8
Restricted shares issued, net of cancellations 1.1 1.2 0.8
Shares issued, end of year 599.8 595.6 591.9
Common shares held in treasury, end of year (240.8) (219.2) (218.5)
Common shares outstanding, end of year 359.0 376.4 373.4
Special Cash Dividend      
Special cash dividend declared $ 1.9    
Special cash dividend declared per share (in dollars per share) $ 5.00    
[1] Includes shares issued from the exercise of stock options and stock appreciation rights, the vesting of restricted share units and shares issued from the employee share purchase plan.
v3.25.4
Shareholders' Equity - Share repurchase program (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 2 Months Ended 12 Months Ended
Feb. 24, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]        
Common shares held in treasury (shares)   240.8 219.2 218.5
Common shares held in treasury, at cost   $ 6,410.0 $ 4,487.0  
Authorized Share Repurchase Program        
Class of Stock [Line Items]        
Aggregate cost of shares repurchased   $ 1,889.8 $ 23.5 $ 0.0
Number of shares repurchased (shares)   21.2 0.3 0.0
Average price per share repurchased   $ 89.26 $ 89.63 $ 0
Common shares | Authorized Share Repurchase Program        
Class of Stock [Line Items]        
Remaining share repurchase authorization   $ 1,100.0    
Cumulative number of shares acquired since inception of share repurchase program   455.0    
Aggregate purchase price of shares acquired since inception of share repurchase program   $ 7,800.0    
Common shares | Authorized Share Repurchase Program | Subsequent Event        
Class of Stock [Line Items]        
Remaining share repurchase authorization $ 702.0      
Aggregate cost of shares repurchased $ 405.0      
Number of shares repurchased (shares) 4.3      
v3.25.4
Shareholders' Equity - Preferred shares (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 4 Months Ended
Jun. 30, 2021
Nov. 30, 2017
Aug. 31, 2017
Nov. 30, 2017
Dec. 31, 2025
Class of Stock [Line Items]          
Preferred shares, par value per share         $ 0.01
Series F Preferred Shares          
Class of Stock [Line Items]          
Preferred shares issued   $ 100 $ 230 $ 330  
Preferred shares, dividend rate (as a percent)       5.45%  
Preferred shares, par value per share   $ 0.01   $ 0.01  
Liquidation preference per share   25,000   25,000  
Preferred shares, redemption price per share   $ 25,000   $ 25,000  
Series F depositary share equivalent          
Class of Stock [Line Items]          
Preference shares, number of shares issued   13.2   13.2  
Proportionate interest of preference shares, per depositary share   0.10%   0.10%  
Liquidation preference per share   $ 25   $ 25  
Preferred shares, redemption price per share   $ 25   $ 25  
Series G Preferred Stock          
Class of Stock [Line Items]          
Preferred shares issued $ 500        
Preferred shares, dividend rate (as a percent) 4.55%        
Preferred shares, par value per share $ 0.01        
Liquidation preference per share 25,000        
Preferred shares, redemption price per share $ 25,000        
Series G depositary share equivalent          
Class of Stock [Line Items]          
Preference shares, number of shares issued 20.0        
Proportionate interest of preference shares, per depositary share 0.10%        
Liquidation preference per share $ 25        
Preferred shares, redemption price per share $ 25        
v3.25.4
Share-Based Compensation - Long Term Incentive and Share Award Plans (Details) - shares
shares in Thousands
May 04, 2023
Dec. 31, 2025
May 04, 2022
May 09, 2018
2022 Long Term Incentive and Share Award Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for issuance     9,000  
Shares available for issuance   5,600    
2022 Long Term Incentive and Share Award Plan | Options and SARs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for issuance     6,000  
2018 Long Term Incentive and Share Award Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for issuance       34,500
Shares available for issuance   2,300    
2018 Long Term Incentive and Share Award Plan | Options and SARs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for issuance       6,000
2007 Employee Share Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for issuance 12,750      
Number of additional shares authorized 3,000      
Shares available for issuance   2,800    
v3.25.4
Share-Based Compensation - Valuation assumptions (Details) - shares
 1 Months Ended 12 Months Ended
Nov. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Options and SARs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Dividend yield   0.00% 0.00% 0.00%
Expected volatility   26.80% [1] 26.50% 25.10%
Risk free interest rate   4.10% [1] 4.40% 4.10%
Expected option life   6 years [1] 9 years 6 years
Granted (in shares)   426,623    
Premium-priced stock option awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected volatility     26.65%  
Risk free interest rate     4.39%  
Expected option life     10 years  
Granted (in shares) 1,750,000   1,750,000  
[1] The 2024 period includes an expected volatility, risk free interest rate and expected option life of 26.65%, 4.39% and 10 years, respectively, related to the grant of 1.75 million premium-priced stock options.
v3.25.4
Share-Based Compensation - Stock Options and Stock Appreciation Rights Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Options and SARs      
Number of Options / SARs      
Outstanding, beginning of year (in shares)   12,429,034  
Granted (in shares)   426,623  
Exercised (in shares)   (2,654,091)  
Forfeited or expired (in shares)   (12,660)  
Outstanding, end of year (in shares)   10,188,906 12,429,034
Exercisable, end of year (in shares)   7,587,153  
Weighted Average Exercise Price      
Outstanding, beginning of year, weighted average exercise price   $ 48.54  
Granted, weighted average exercise price   91.91  
Exercised, weighted average exercise price   23.84  
Forfeited or expired, weighted average exercise price   82.94  
Outstanding, end of year, weighted average exercise price   56.74 $ 48.54
Exercisable, end of year, weighted average exercise price   $ 29.84  
Weighted average contractual term, outstanding, end of year   4 years 5 months 1 day  
Weighted average contractual term, exercisable, end of year   2 years 11 months 8 days  
Aggregate intrinsic value, outstanding, end of year   $ 514  
Aggregate intrinsic value, exercisable, end of year   $ 501  
Premium-priced stock option awards      
Number of Options / SARs      
Granted (in shares) 1,750,000   1,750,000
v3.25.4
Share-Based Compensation - Stock Options and Stock Appreciation Rights Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   3 years    
Options and SARs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   3 years    
Proceeds from stock options exercised   $ 54    
Tax benefit from exercise of stock options and SARs   $ 28    
Weighted average grant date fair value   $ 32.47 $ 29.03 $ 23.50
Aggregate intrinsic value of options exercised   $ 180 $ 153 $ 116
Granted (in shares)   426,623    
Premium-priced stock option awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 1,750,000   1,750,000  
Ratio of exercise price to market price on grant date 168.50%      
Exercise price $ 161.24      
v3.25.4
Share-Based Compensation - Restricted Common Shares and Restricted Units Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Restricted Common Shares  
Unvested Shares:  
Unvested balance, beginning of year (in shares) | shares 1,528,541
Number of restricted shares and restricted unit awards granted | shares 659,548
Vested (in shares) | shares (730,148)
Forfeited (in shares) | shares (47,457)
Unvested balance, end of year (in shares) | shares 1,410,484
Weighted Average Grant Date Fair Value:  
Unvested balance, beginning of year, weighted average grant date fair value | $ / shares $ 76.34
Weighted average grant date fair value | $ / shares 91.87
Vested, weighted average grant date fair value | $ / shares 69.63
Forfeited, weighted average grant date fair value | $ / shares 85.55
Unvested balance, end of year, weighted average grant date fair value | $ / shares $ 86.77
Number of Restricted Unit Awards  
Unvested Shares:  
Unvested balance, beginning of year (in shares) | shares 281,093
Number of restricted shares and restricted unit awards granted | shares 165,222
Vested (in shares) | shares (141,933)
Forfeited (in shares) | shares (14,329)
Unvested balance, end of year (in shares) | shares 290,053
Weighted Average Grant Date Fair Value:  
Unvested balance, beginning of year, weighted average grant date fair value | $ / shares $ 73.58
Weighted average grant date fair value | $ / shares 91.82
Vested, weighted average grant date fair value | $ / shares 65.98
Forfeited, weighted average grant date fair value | $ / shares 85.17
Unvested balance, end of year, weighted average grant date fair value | $ / shares $ 87.12
v3.25.4
Share-Based Compensation - Restricted Common Shares and Restricted Units Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Restricted Common Shares And Restricted Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Number of restricted shares and restricted unit awards granted 824,770 982,339 825,191
Weighted average grant date fair value $ 91.86 $ 89.86 $ 69.42
Aggregate fair value of vested restricted share and unit awards (in millions) $ 79 $ 85 $ 122
Aggregate intrinsic value of restricted units outstanding $ 28    
v3.25.4
Share-Based Compensation - Performance Awards Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Performance Shares  
Unvested Shares:  
Unvested balance, beginning of year (in shares) | shares 1,679,376
Performance shares and units granted | shares 468,452
Performance shares, performance adjustment | shares 0 [1],[2]
Vested (in shares) | shares (656,616)
Forfeited (in shares) | shares (14,794)
Unvested balance, end of year (in shares) | shares 1,476,418
Weighted Average Grant Date Fair Value:  
Unvested balance, beginning of year, weighted average grant date fair value | $ / shares $ 70.07
Weighted average grant date fair value | $ / shares 93.26
Performance shares, performance adjustment, weighted average grant date fair value | $ / shares 0.00 [1],[2]
Vested, weighted average grant date fair value | $ / shares 49.91
Forfeited, weighted average grant date fair value | $ / shares 85.70
Unvested balance, end of year, weighted average grant date fair value | $ / shares $ 86.24
Performance Units  
Unvested Shares:  
Unvested balance, beginning of year (in shares) | shares 52,937
Performance shares and units granted | shares 16,723
Performance shares, performance adjustment | shares 20,009 [1],[2]
Vested (in shares) | shares (40,018)
Forfeited (in shares) | shares (1,596)
Unvested balance, end of year (in shares) | shares 48,055
Weighted Average Grant Date Fair Value:  
Unvested balance, beginning of year, weighted average grant date fair value | $ / shares $ 70.57
Weighted average grant date fair value | $ / shares 93.26
Performance shares, performance adjustment, weighted average grant date fair value | $ / shares 49.91 [1],[2]
Vested, weighted average grant date fair value | $ / shares 49.91
Forfeited, weighted average grant date fair value | $ / shares 85.61
Unvested balance, end of year, weighted average grant date fair value | $ / shares $ 86.57
[1] The performance adjustment represents the change in PSUs, which vested following the end of the performance period. The performance units were granted at the target level of achievement
[2] The performance adjustment represents the difference between the number of performance shares granted and earned, which vested following the end of the performance period. The performance shares were granted at the maximum level of achievement.
v3.25.4
Share-Based Compensation - Performance Awards Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Performance Common Shares and Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Expected volatility 25.50% 25.30% 30.40%
Risk free interest rate 3.90% 4.50% 4.60%
Performance shares and units granted 485,175 492,634 568,576
Weighted average grant date fair value $ 93.26 $ 93.28 $ 74.09
Aggregate fair value of vested restricted share and unit awards (in millions) $ 64 $ 61 $ 14
Aggregate intrinsic value of performance shares outstanding $ 5    
Performance Common Shares and Units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Payout percentage 0.00%    
Performance Common Shares and Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Payout percentage 200.00%    
v3.25.4
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share based compensation expense $ 148 $ 133 $ 92
Share based compensation expense, net of tax 122 116 80
Options and SARs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share based compensation expense 30 15 11
Share based compensation expense, net of tax 25 13 10
Restricted Common Shares And Restricted Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share based compensation expense 71 57 54
Share based compensation expense, net of tax 57 48 45
Performance Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share based compensation expense 41 55 23
Share based compensation expense, net of tax 34 50 21
Employee Share Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share based compensation expense 6 6 4
Share based compensation expense, net of tax $ 6 $ 5 $ 4
v3.25.4
Share-Based Compensation - Unrecognized Compensation Cost and Period for Recognition (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Options and SARs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to unvested awards [1]   $ 38    
Weighted average recognition period (years) [1]   1 year 5 months 26 days    
Granted (in shares)   426,623    
Premium-priced stock option awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 1,750,000   1,750,000  
Restricted Common Shares And Restricted Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to unvested awards [1]   $ 70    
Weighted average recognition period (years) [1]   1 year 1 month 17 days    
Granted (in shares)   824,770 982,339 825,191
Time-vested restricted shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 300,000      
Performance Common Shares and Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to unvested awards   $ 11    
Weighted average recognition period (years)   4 months 13 days    
Granted (in shares)   485,175 492,634 568,576
[1] Includes awards granted in connection with 1.75 million premium-priced stock options and 0.3 million time-vested restricted shares granted in November 2024.
v3.25.4
Retirement Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Defined contribution plan, expense $ 94 $ 86 $ 77
v3.25.4
Statutory Information - Summary of statutory capital, surplus and net income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Bermuda      
Statutory Accounting Practices [Line Items]      
Actual statutory capital and surplus [1] $ 30,908 $ 28,422  
Required statutory capital and surplus [1] 9,323 8,344  
Statutory net income (loss) 4,648 4,750 $ 3,519
Ireland      
Statutory Accounting Practices [Line Items]      
Actual statutory capital and surplus [1] 1,780 1,476  
Required statutory capital and surplus [1] 1,408 1,142  
Statutory net income (loss) 103 62 53
United States      
Statutory Accounting Practices [Line Items]      
Actual statutory capital and surplus [1] 8,722 7,547  
Required statutory capital and surplus [1] 2,331 2,152  
Statutory net income (loss) 1,249 918 592
United Kingdom      
Statutory Accounting Practices [Line Items]      
Actual statutory capital and surplus [1] 1,487 1,585  
Required statutory capital and surplus [1] 1,399 1,302  
Statutory net income (loss) 24 41 72
Canada      
Statutory Accounting Practices [Line Items]      
Actual statutory capital and surplus [1] 93 83  
Required statutory capital and surplus [1] 68 57  
Statutory net income (loss) 4 6 6
Australia      
Statutory Accounting Practices [Line Items]      
Actual statutory capital and surplus [1] 372 377  
Required statutory capital and surplus [1] 115 143  
Statutory net income (loss) $ 48 $ 54 $ 68
[1] Such amounts include ownership interests in affiliated insurance and reinsurance subsidiaries.
v3.25.4
Statutory Information - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
subsidiary
Ireland  
Statutory Accounting Practices [Line Items]  
Number Of Subsidiaries | subsidiary 3
Mortgage | North Carolina or Wisconsin  
Statutory Accounting Practices [Line Items]  
Dividends available for payment in 2025, total $ 295
Required contingency loss reserve as a percentage of net earned premiums 50.00%
Withdrawal restriction period 10 years
Withdrawal restriction period, with prior approval 35.00%
Maximum risk to capital ratio 2500.00%
Arch Re US | United States  
Statutory Accounting Practices [Line Items]  
Dividends available for payment in 2025, total $ 523
Arch Re Bermuda | Bermuda  
Statutory Accounting Practices [Line Items]  
Dividends, percentage permitted 25.00%
Dividend required notice period 7 days
Dividends available for payment in 2026 without prior regulatory approval $ 6,400
Arch Group Reinsurance Ltd | Bermuda  
Statutory Accounting Practices [Line Items]  
Dividends, percentage permitted 25.00%
Dividend required notice period 7 days
v3.25.4
Schedule II - Condensed Financial Information of Registrant - Balance Sheet (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets        
Total investments $ 46,504 $ 40,540    
Cash 993 979 $ 917  
Investment in operating affiliates 1,313 1,240    
Other assets 6,796 6,231    
Total assets 79,241 70,906 58,906  
Liabilities        
Senior notes 2,729 2,728    
Other liabilities 3,517 3,039    
Total liabilities 55,035 50,086 40,551  
Shareholders’ Equity        
Non-cumulative preferred shares 830 830    
Common shares ($0.0011 par, shares issued: 599.8 and 595.6) 1 1    
Additional paid-in capital 2,735 2,510    
Retained earnings 27,045 22,686    
Accumulated other comprehensive income (loss), net of deferred income tax 5 (720)    
Common shares held in treasury, at cost (shares: 240.8 and 219.2) (6,410) (4,487)    
Total shareholders' equity 24,206 20,820 $ 18,353  
Total liabilities and shareholders' equity $ 79,241 $ 70,906    
Parenthetical information:        
Common shares, par value per share $ 0.0011 $ 0.0011    
Common shares issued (shares) 599.8 595.6 591.9 588.3
Common shares held in treasury (shares) 240.8 219.2 218.5  
Parent Company        
Assets        
Total investments $ 40 $ 43    
Cash 13 13    
Investment in subsidiaries 25,275 22,035    
Investment in operating affiliates 3 3    
Due from subsidiaries and affiliates 16 6    
Other assets 194 66    
Total assets 25,541 22,166    
Liabilities        
Senior notes 1,288 1,287    
Due to subsidiaries and affiliates 6 11    
Other liabilities 41 48    
Total liabilities 1,335 1,346    
Shareholders’ Equity        
Non-cumulative preferred shares 830 830    
Common shares ($0.0011 par, shares issued: 599.8 and 595.6) 1 1    
Additional paid-in capital 2,735 2,510    
Retained earnings 27,045 22,686    
Accumulated other comprehensive income (loss), net of deferred income tax 5 (720)    
Common shares held in treasury, at cost (shares: 240.8 and 219.2) (6,410) (4,487)    
Total shareholders' equity 24,206 20,820    
Total liabilities and shareholders' equity $ 25,541 $ 22,166    
Parenthetical information:        
Common shares, par value per share $ 0.0011 $ 0.0011    
Common shares issued (shares) 599.8 595.6    
Common shares held in treasury (shares) 240.8 219.2    
v3.25.4
Schedule II - Condensed Financial Information of Registrant - Statement of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Net investment income $ 1,625 $ 1,495 $ 1,023
Net realized gains (losses) 464 197 (165)
Total revenues 19,929 17,440 13,634
Expenses      
Corporate expenses 132 200 102
Interest expense 148 141 133
Total expenses 14,950 12,966 10,249
Income tax (expense) benefit (760) (362) 873
Income (loss) from operating affiliates 180 200 184
Net income available to Arch 4,399 4,312 4,443
Preferred share dividends (40) (40) (40)
Net income available to Arch common shareholders 4,359 4,272 4,403
Parent      
Revenues      
Net investment income 3 5 2
Net realized gains (losses) (10) (4) 0
Total revenues (7) 1 2
Expenses      
Corporate expenses 57 116 93
Interest expense 59 59 59
Total expenses 116 175 152
Income (loss) before income taxes (123) (174) (150)
Income tax (expense) benefit 58 0 41
Income (loss) from operating affiliates (1) (1) (1)
Income (loss) before equity in net income of subsidiaries (66) (175) (110)
Equity in net income of subsidiaries 4,465 4,487 4,553
Net income available to Arch 4,399 4,312 4,443
Preferred share dividends (40) (40) (40)
Net income available to Arch common shareholders $ 4,359 $ 4,272 $ 4,403
v3.25.4
Schedule II - Condensed Financial Information of Registrant - Statement of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation $ 6,172 $ 6,673 $ 5,749
Investing Activities:      
Net (purchases) sales of short-term investments 258 (269) (696)
Acquisitions, net of cash 0 852 0
Other 106 (30) (23)
Net Cash Used For Investing Activities (4,036) (4,461) (5,468)
Financing Activities:      
Purchases of common shares under share repurchase program (1,889) (24) 0
Proceeds from common shares issued, net 50 7 (2)
Common dividends paid (7) (1,866) 0
Preferred dividends paid (40) (40) (40)
Net Cash Used For Financing Activities (1,890) (1,925) (69)
Increase (decrease) in cash and restricted cash 307 262 225
Cash and restricted cash, beginning of year 1,760 1,498 1,273
Cash and restricted cash, end of year 2,067 1,760 1,498
Parent      
Operating Activities:      
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation 1,873 2,398 46
Investing Activities:      
Net (purchases) sales of short-term investments 3 (26) (8)
Acquisitions, net of cash 0 (450) 0
Other 10 5 1
Net Cash Used For Investing Activities 13 (471) (7)
Financing Activities:      
Purchases of common shares under share repurchase program (1,889) (24) 0
Proceeds from common shares issued, net 50 7 (2)
Common dividends paid (7) (1,866) 0
Preferred dividends paid (40) (40) (40)
Net Cash Used For Financing Activities (1,886) (1,923) (42)
Increase (decrease) in cash and restricted cash 0 4 (3)
Cash and restricted cash, beginning of year 13 9 12
Cash and restricted cash, end of year $ 13 $ 13 $ 9
v3.25.4
Schedule III - Supplementary Insurance Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Acquisition Costs $ 1,717 $ 1,734 $ 1,531
Reserves for Losses and Loss Adjustment Expenses 33,547 29,369 22,752
Unearned Premiums 10,100 10,218 8,808
Net Premiums Earned 17,065 15,100 12,440
Net Losses and Loss Adjustment Expenses Incurred 9,370 8,342 6,246
Amortization of Deferred Acquisition Costs 3,153 2,651 2,312
Other Operating Expenses [1] 1,826 1,472 1,301
Net Premiums Written 16,476 15,732 13,468
Operating segments | Insurance      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Acquisition Costs 788 696 566
Reserves for Losses and Loss Adjustment Expenses 17,527 16,277 12,250
Unearned Premiums 5,199 4,857 3,917
Net Premiums Earned 7,771 6,627 5,446
Net Losses and Loss Adjustment Expenses Incurred 4,764 4,070 3,122
Amortization of Deferred Acquisition Costs 1,496 1,217 1,055
Other Operating Expenses [1] 1,172 995 819
Net Premiums Written 7,798 6,874 5,862
Operating segments | Reinsurance      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Acquisition Costs 872 981 901
Reserves for Losses and Loss Adjustment Expenses 15,523 12,567 9,924
Unearned Premiums 4,545 4,891 4,254
Net Premiums Earned 8,122 7,242 5,836
Net Losses and Loss Adjustment Expenses Incurred 4,610 4,327 3,227
Amortization of Deferred Acquisition Costs 1,644 1,432 1,240
Other Operating Expenses [1] 469 270 288
Net Premiums Written 7,618 7,746 6,554
Operating segments | Mortgage      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred Acquisition Costs 57 57 64
Reserves for Losses and Loss Adjustment Expenses 497 525 578
Unearned Premiums 356 470 637
Net Premiums Earned 1,172 1,231 1,158
Net Losses and Loss Adjustment Expenses Incurred (4) (55) (103)
Amortization of Deferred Acquisition Costs 13 2 17
Other Operating Expenses [1] 185 207 194
Net Premiums Written $ 1,060 $ 1,112 $ 1,052
[1] Certain other operating expenses relate to the Company’s corporate items. Such amounts are not reflected in the table above. See note 4, “Segment Information,” to our consolidated financial statements in Item 8 for information
v3.25.4
Schedule IV - Reinsurance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross Amount $ 10,250 $ 10,056 $ 9,652
Ceded to other Companies (6,402) (5,779) (4,935)
Assumed From Other Companies 12,628 11,455 8,751
Net Amount $ 16,476 $ 15,732 $ 13,468
Percentage of Amount Assumed to Net 76.60% 72.80% 65.00%
Operating segments | Insurance      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross Amount $ 8,268 $ 7,970 $ 7,865
Ceded to other Companies [1],[2] (2,637) (2,179) (2,049)
Assumed From Other Companies [1] 2,167 1,083 46
Net Amount $ 7,798 $ 6,874 $ 5,862
Percentage of Amount Assumed to Net 27.80% 15.80% 0.80%
Operating segments | Reinsurance      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross Amount $ 895 $ 956 $ 626
Ceded to other Companies [1],[2] (3,531) (3,366) (2,559)
Assumed From Other Companies [1] 10,254 10,156 8,487
Net Amount $ 7,618 $ 7,746 $ 6,554
Percentage of Amount Assumed to Net 134.60% 131.10% 129.50%
Operating segments | Mortgage      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross Amount $ 1,087 $ 1,130 $ 1,161
Ceded to other Companies [1],[2] (245) (239) (335)
Assumed From Other Companies [1] 218 221 226
Net Amount $ 1,060 $ 1,112 $ 1,052
Percentage of Amount Assumed to Net 20.60% 19.90% 21.50%
[1] Certain amounts included in the gross premiums written of each segment are related to intersegment transactions and are included in the gross premiums written of each segment. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total.
[2] 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.
v3.25.4
Schedule VI - Supplementary Information For Property and Casualty Insurance Underwriters (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]      
Net Losses and Loss Adjustment Expenses Incurred Related to Current Year $ 9,970 $ 8,849 $ 6,784
Net Losses and Loss Adjustment Expenses Incurred Related to Prior Years (600) (507) (538)
Consolidated Subsidiaries      
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]      
Deferred Acquisition Costs 1,717 1,734 1,531
Reserves for Losses and Loss Adjustment Expenses 33,547 29,369 22,752
Discount, if any, deducted in Column C 78 68 66
Unearned Premiums 10,100 10,218 8,808
Net Premiums Earned 17,065 15,100 12,440
Net investment income 1,625 1,495 1,023
Net Losses and Loss Adjustment Expenses Incurred Related to Current Year 9,970 8,849 6,784
Net Losses and Loss Adjustment Expenses Incurred Related to Prior Years (600) (507) (538)
Amortization of Deferred Acquisition Costs 3,153 2,651 2,312
Net Paid Losses and Loss Adjustment Expenses 7,025 5,073 4,093
Net Premiums Written $ 16,476 $ 15,732 $ 13,468