...Favorable Business Profile: Arch Capital Group Ltd. (ACGL) has a broad product portfolio of property/casualty (P/C) insurance and reinsurance businesses, with a favorable franchise. ACGL's operating scale is ranked as favorable with net premiums written (NPW) of $16.5 billion for 2025, up from $15.7 billion in 2024. Gross premiums written for 2025 consisted of 45% insurance, 49% reinsurance and 6% mortgage, compared to 42%, 52% and 6%, respectively, in 2024. Fitch Ratings views this diversified mix of revenues and earnings favorably. Very Strong Profitability: ACGL's profitability is characterized by favorable combined ratios and high return on average equity (ROAE), with five-year averages from 2021 to 2025 of 82.3% and 20.2%, respectively, both better than peer averages. ACGL posted an underwriting and net income profit in every year of its 24-year history. ACGL's 1H26 combined ratio of 82.7% (85.5% in 1H25) included 4.7 percentage points (pp) of losses from catastrophes (8.2 pp in 1H25),...
