6 unchanged sentences
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.
−Removed: Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2024.
+Added: Our management assessed the effectiveness of our internal control over financial reporting
+Added: as of December 31, 2025.
In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations (“COSO”) of the Treadway Commission in Internal Control-Integrated Framework (2013) .
−Removed: Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
+Added: Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: On August 1, 2024, we completed the MCE Acquisition, and we are currently integrating the MCE Acquisition into our internal control system.
−Removed: Consistent with guidance issued by the SEC, we exclude the MCE Acquisition from our evaluation of the effectiveness of the Company’s disclosure controls and procedures described above and our assessment of internal control over financial reporting as of December 31, 2024.
−Removed: The MCE Acquisition represents 1.6% of total assets, and 3.5% of total revenues as of December 31, 2024.
Based on our assessment, management determined that, as of December 31, 2025, our internal control over financial reporting was effective.
1 unchanged sentence
Changes in Internal Control Over Financial Reporting
−Removed: Other than the item noted above, there have been no changes in internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
−Removed: ARCH CAPITAL 171
−Removed: 2024 FORM 10-K
+Added: There have been no changes in internal control over financial reporting that occurred during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
OTHER INFORMATION
2 unchanged sentences
Not applicable.
+Added: ARCH CAPITAL 177
+Added: 2025 FORM 10-K
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
22 unchanged sentences
________________________
−Removed: (1) Includes all vested and unvested stock options outstanding of 12.5 million and restricted stock and performance units outstanding of 0.3 million.
−Removed: The weighted average exercise price does not take into account restricted stock units.
+Added: (1) Includes all vested and unvested stock options outstanding of 10.2 million and restricted and performance share units outstanding of 0.3 million.
+Added: The weighted average exercise price does not take into account restricted and performance share units.
In addition, the weighted average remaining contractual life of the Company's outstanding exercisable stock options and SARs at December 31, 2025 was 4.4 years.
80 unchanged sentences
DEF 14A March 28, 2018
−Removed: 10.2.2 ACGL 2018 Long Term Incentive and Share Award Plan†
−Removed: DEF 14A March 28, 2018
+Added: 10.2.2 ACGL Amended and Restated 2018 Long Term Incentive and Share Award Plan†
+Added: 10-Q 10.2 August 5, 2025
10.2.3 ACGL Amended and Restated 2007 Employee Share Purchase Plan†
DEF 14A March 23, 2023
+Added: 10.2.4 Second Amended and Restated ACGL 2007 Employee Share Purchase Plan†
+Added: 10-Q 10.4 August 5, 2025
10.2.5 ACGL 2022 Long Term Incentive and Share Award Plan†
8-K 10.1 May 4, 2022
+Added: 10.2.6 ACGL Amended and Restated 2022 Long Term Incentive and Share Award Plan†
+Added: 10-Q 10.3 August 5, 2025
10.3.1 Form of Restricted Share Agreement for Named Executive Officers and certain Executive Officers of ACGL and subsidiaries†
2 unchanged sentences
10-Q 10.1 August 5, 2025
−Removed: 10.3.3 Form of Performance Restricted Share Agreement for Named Executive Officers and certain Executive Officers of ACGL and subsidiaries†
−Removed: 10-Q 10.5 August 8, 2018
−Removed: 10.3.4 Form of Non-Qualified Stock Option Agreement, dated as of May 13, 2015, between ACGL and each of Marc Grandisson†
−Removed: 10-Q 10.3 August 7, 2015
ARCH CAPITAL 181
2025 FORM 10-K
−Removed: 10.3.5 Form of Non-Qualified Stock Option Agreement, dated as of May 13, 2016, between ACGL and each of Marc Grandisson, Nicolas Papadopoulo, Maamoun Rajeh and Louis T.
+Added: 10.3.3 Form of Performance Restricted Share Agreement for Named Executive Officers and certain Executive Officers of ACGL and subsidiaries†
10-Q 10.5 August 8, 2018
−Removed: 10.3.6 Form of Non-Qualified Stock Option Agreement, dated as of May 8, 2017, between ACGL and each of Marc Grandisson, Nicolas Papadopoulo, Maamoun Rajeh and Louis T.
+Added: 10.3.5 Form of Non-Qualified Stock Option Agreement, dated as of May 13, 2016, between ACGL and each of Nicolas Papadopoulo, Maamoun Rajeh and Louis T.
10-Q 10.3 August 5, 2016
+Added: 10.3.6 Form of Non-Qualified Stock Option Agreement, dated as of May 8, 2017, between ACGL and each of Nicolas Papadopoulo, Maamoun Rajeh and Louis T.
+Added: 10-Q 10.5 August 4, 2017
10.3.7 Non-Qualified Stock Option Agreement, dated as of September 19, 2017, between ACGL and Maamoun Rajeh†
4 unchanged sentences
10-Q 10.4 August 8, 2018
−Removed: 10.3.10 Non-Qualified Stock Option Agreement, dated as of April 9, 2018, between ACGL and Marc Grandisson†
−Removed: 10-Q 10.5 May 9, 2018
10.4.1 Employment Agreement, dated as of October 27, 2008, between ACGL and John D.
6 unchanged sentences
10-Q 10.26 November 3, 2017
+Added: 10.5.2 Amendment to Employment Agreement, dated as of November 7, 2024, between Arch Capital Group Ltd.
+Added: and Maamoun Rajeh †
+Added: 8-K 10.2 November 8, 2024
10.6.1 Employment Agreement, dated as of September 19, 2017 between ACGL and Nicholas Papadopoulo†
10-Q 10.27 November 3, 2017
+Added: 10.6.2 Amendment to Employment Agreement, dated as of October 13, 2024, between ACGL and Nicolas Papadopoulo †
+Added: 10-Q 10.2 November 7, 2024
10.7 Employment Agreement, dated as of May 25, 2018, between ACGL and François Morin†
8-K/A 10.1 July 26, 2018
−Removed: 10.8 Employment Agreement, dated as of April 9, 2018, between ACGL and Marc Grandisson†
−Removed: 8-K/A 10.1 April 11, 2018
10.8 Employment Agreement, dated as of November 13, 2018, between Arch Capital Services Inc.
4 unchanged sentences
10-K 10.16 February 28, 2020
+Added: 10.9.2 Amendment to Employment Agreement, dated as of November 7, 2024, between Arch U.S.
+Added: MI Services Inc.
+Added: and David Gansberg †
+Added: 8-K 10.1 November 8, 2024
+Added: 10.9.3 Second Amendment to Employment Agreement, dated as of December 11, 2024, between Arch Capital Group (U.S.) Inc.
+Added: and David Gansberg†
+Added: 10-K 10.24 February 27, 2025
10.10 Employment Agreement dated as of May 7, 2021 between Arch Capital Group Ltd.
4 unchanged sentences
10-K 10.24 March 2, 2009
−Removed: 10.13.1 Third Amended and Restated Credit Agreement, dated as of December 17, 2019, by and among ACGL, certain of its subsidiaries as subsidiary borrowers, Bank of America, N.A., as Administrative Agent, Fronting Bank and L/C Administrator, and the lenders party thereto
−Removed: 8-K 10.1 December 18, 2019
−Removed: 10.13.2 First Amendment to Third Amended and Restated Credit Agreement, dated as of August 12, 2020 by and among Arch Capital Group Ltd., the other Loan Parties party hereto, the Lenders party hereto, and Bank of America, N.A., as Administrative Agent .
−Removed: 10-Q 10.1 November 4, 2021
−Removed: 10.13.3 The LIBOR Transition Amendment to the Third Amended and Restated Credit Agreement, dated as of September 29, 2021.
−Removed: 10-Q 10.2 November 4, 2021
−Removed: 10.13.4 Second Amendment to Third Amended and Restated Credit Agreement, effective as of April 7, 2022, by and among Arch Capital Group Ltd., certain of its subsidiaries, Bank of America, N.A., as Administrative Agent, and the lenders party thereto
−Removed: 8-K 10.1 April 12, 2022
10.13.1 Fourth Amended and Restated Credit Agreement, dated as of August 23, 2023, by and among Arch Capital Group Ltd., certain of its subsidiaries, Bank of America, N.A., as Administrative Agent, and the lenders party thereto (1)
10-Q 10.1 November 9, 2023
+Added: 10.13.2 Consent and First Amendment to Fourth Amended and Restated Credit Agreement, dated as of August 1, 2025
+Added: 10-Q 10.1 November 6, 2025
10.14 Letter of Credit Facility Agreement, dated as of September 27, 2023, by and between Arch Reinsurance Ltd., as the borrower and Lloyds Bank Corporate Markets plc, as the L/C Issuer
3 unchanged sentences
8-K 10.1 October 30, 2023
+Added: 10.15.2 Amendment No.
+Added: 4 to Letter of Credit Facility Agreement dated as of October 30, 2024 by and between Arch Reinsurance Ltd., as the borrower and Lloyds Bank.
+Added: 8-K 10.1 November 4, 2024
+Added: 10.15.3 Amendment No.
+Added: 5 to Letter of Credit Facility Agreement dated as of October 29, 2025 by and between Arch Reinsurance Ltd., as the borrower and Lloyds Bank Corporate Markets plc as Administrative Agent and L/C Agent
+Added: 8-K 10.1 November 3, 2025
10.16.1 Master Transaction Agreement, dated as of April 5, 2024, by and between Allianz Global Risks US Insurance Company and Arch Capital Group Ltd.
3 unchanged sentences
8-K 2.2 August 1, 2024
−Removed: 10.17 Amendment to Employment Agreement, dated as of October 13, 2024, between ACGL and Nicolas Papadopoulo †
−Removed: 10-Q 10.2 November 7, 2024
−Removed: 10.18 Amendment No.
−Removed: 4 to Letter of Credit Facility Agreement dated as of October 30, 2024 by and between Arch Reinsurance Ltd., as the borrower and Lloyds Bank.
−Removed: 8-K 10.1 November 4, 2024
ARCH CAPITAL 182
2025 FORM 10-K
−Removed: 10.19 Amendment to Employment Agreement, dated as of November 7, 2024, between Arch U.S.
−Removed: MI Services Inc.
−Removed: and David Gansberg †
−Removed: 8-K 10.1 November 8, 2024
−Removed: 10.20 Amendment to Employment Agreement, dated as of November 7, 2024, between Arch Capital Group Ltd.
−Removed: and Maamoun Rajeh †
−Removed: 8-K 10.2 November 8, 2024
10.17 Form of Non-Qualified Stock Option Outperformance Award Agreement for Named Executive Officers and certain Executive Officers of ACGL and subsidiaries†
+Added: 10-K 10.21 February 27, 2025
10.18 Form of Restricted Share Outperformance Award Agreement between ACGL and each of Nicolas Papadopoulo, Maamoun Rajeh and David Gansberg†
+Added: 10-K 10.22 February 27, 2025
10.19 Form of Restricted Share Outperformance Award Agreement between ACGL and each of François Morin, Christine Todd and certain other Executive Officers of ACGL†
−Removed: 10.24 Second Amendment to Employment Agreement, dated as of December 11, 2024, between Arch Capital Group (U.S.) Inc.
−Removed: and David Gansberg†
+Added: 10-K 10.23 February 27, 2025
19.1 Policy Statement on Insider Trading and Confidential Information
+Added: 10-K 19.1 February 27, 2025
21 Subsidiaries of Registrant
16 unchanged sentences
† Management contract or compensatory plan or arrangement.
−Removed: ARCH CAPITAL 177
−Removed: 2024 FORM 10-K
−Removed: Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
−Removed: ARCH CAPITAL GROUP LTD.
−Removed: /s/ Nicolas Papadopoulo
−Removed: Nicolas Papadopoulo
−Removed: Chief Executive Officer (Principal Executive Officer)
−Removed: February 27, 2025
−Removed: Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
−Removed: Name Title Date
−Removed: /s/ Nicolas Papadopoulo
−Removed: Nicolas Papadopoulo Chief Executive Officer (Principal Executive Officer)
−Removed: February 27, 2025
−Removed: /s/ François Morin
−Removed: François Morin Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) and Treasurer February 27, 2025
−Removed: Pasquesi Chair of the Board
−Removed: February 27, 2025
−Removed: Director February 27, 2025
−Removed: Francis Ebong Director February 27, 2025
−Removed: Goodman Director February 27, 2025
−Removed: Houston Director February 27, 2025
−Removed: ARCH CAPITAL 178
−Removed: 2024 FORM 10-K
−Removed: Name Title Date
−Removed: Moira Kilcoyne Director February 27, 2025
−Removed: Eileen Mallesch Director February 27, 2025
−Removed: Alexander Moczarski Director February 27, 2025
−Removed: Director February 27, 2025
−Removed: Sunshine Director February 27, 2025
−Removed: Neal Triplett Director February 27, 2025
−Removed: Vollaro Director February 27, 2025
−Removed: ___________________
−Removed: * By François Morin, as attorney-in-fact and agent, pursuant to a power of attorney, a copy of which has been filed with the Securities and Exchange Commission as Exhibit 24 to this report.
−Removed: /s/ François Morin
−Removed: François Morin
−Removed: Attorney-in-Fact
+Added: * Furnished herewith.
ARCH CAPITAL 183
67 unchanged sentences
Acquisitions, net of cash — ( 450 ) —
−Removed: Other 5 1 ( 1 )
Net Cash Used For Investing Activities 13 ( 471 ) ( 7 )
82 unchanged sentences
2025 FORM 10-K
+Added: Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
+Added: ARCH CAPITAL GROUP LTD.
+Added: /s/ Nicolas Papadopoulo
+Added: Nicolas Papadopoulo
+Added: Chief Executive Officer (Principal Executive Officer)
+Added: February 26, 2026
+Added: Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
+Added: Name Title Date
+Added: /s/ Nicolas Papadopoulo
+Added: Nicolas Papadopoulo Chief Executive Officer (Principal Executive Officer)
+Added: February 26, 2026
+Added: /s/ François Morin
+Added: François Morin Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) and Treasurer February 26, 2026
+Added: Pasquesi Chair of the Board
+Added: February 26, 2026
+Added: Director February 26, 2026
+Added: Francis Ebong Director February 26, 2026
+Added: Goodman Director February 26, 2026
+Added: Houston Director February 26, 2026
+Added: ARCH CAPITAL 190
+Added: 2025 FORM 10-K
+Added: Name Title Date
+Added: Moira Kilcoyne Director February 26, 2026
+Added: Eileen Mallesch Director February 26, 2026
+Added: Alexander Moczarski Director February 26, 2026
+Added: Director February 26, 2026
+Added: Neal Triplett Director February 26, 2026
+Added: Vollaro Director February 26, 2026
+Added: ___________________
+Added: * By François Morin, as attorney-in-fact and agent, pursuant to a power of attorney, a copy of which has been filed with the Securities and Exchange Commission as Exhibit 24 to this report.
+Added: /s/ François Morin
+Added: François Morin
+Added: Attorney-in-Fact
+Added: ARCH CAPITAL 191
+Added: 2025 FORM 10-K
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.