7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-09-30 2019-06-30 2019-03-31 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2012-03-31 2011-06-30 2011-03-31 2010-09-30 2010-06-30 2010-03-31 2009-03-31 2008-09-30 2008-03-31 2007-03-31 2006-12-31 2006-09-30 2006-06-30 2006-03-31 2005-09-30 2005-06-30 2005-03-31 2004-09-30 
      
    		                                                         
      operating activities
    		                                                         
      net income
    		1,350,000,000 1,237,000,000 574,000,000 935,000,000 988,000,000 1,269,000,000 1,120,000,000 2,333,000,000 723,000,000 669,000,000 717,000,000 862,788,000 18,258,000 403,945,000 197,432,000 623,675,000 421,415,000 718,664,000 475,708,000 599,314,000 488,682,000 466,389,000 -88,674,000 399,189,000 485,845,000 495,498,000 166,384,000 201,792,000 -45,217,000 199,099,000 274,035,000 95,574,000 303,620,000 249,357,000 175,627,000 28,006,000 64,000,000 125,819,000 308,757,000 164,256,000 124,098,000 25,756,000 608,476,000 460,445,000 216,994,000 146,330,000 427,477,000 195,883,000 205,012,000 245,739,000 192,298,000 142,887,000 132,290,000 -86,291,000 125,992,000 115,892,000 18,029,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                         
      net realized (gains) losses
    		-202,000,000 -225,000,000 -6,000,000 176,000,000 -165,000,000 -144,000,000 -52,000,000 -185,000,000 257,000,000 127,000,000 -17,000,000 -91,112,000 187,407,000 266,060,000 289,213,000 -60,054,000 11,736,000 -218,042,000 -161,007,000 -366,942,000 -282,907,000 -557,740,000 362,964,000 -64,760,000 -118,893,000 -145,400,000 101,995,000 -32,573,000 -66,959,000 -34,130,000 -40,855,000  -135,775,000 -83,303,000 -43,034,000           5,620,000  -33,791,000        426,000  
      equity in net (income) or loss of investments accounted for using the equity method and other income or loss
    		-158,000,000 -95,000,000 -12,000,000                                                       
      amortization of intangible assets
    		49,000,000 48,000,000 49,000,000 99,000,000 88,000,000 27,000,000 21,000,000 24,000,000 24,000,000 24,000,000 23,000,000 25,722,000 26,104,000 27,207,000 27,167,000 33,132,000 20,135,000 15,286,000 14,402,000 19,196,000 16,715,000 16,489,000 16,631,000 20,003,000 19,794,000 20,417,000 26,736,000 31,836,000 31,824,000 30,824,000 31,294,000                           
      share-based compensation
    		25,000,000 25,000,000 74,000,000 33,000,000 16,000,000 16,000,000 68,000,000 20,000,000 15,000,000 17,000,000 41,000,000 7,599,000 13,511,000 21,139,000 45,379,000 14,791,000 14,739,000 16,752,000 40,812,000 14,829,000 14,521,000 13,363,000 28,549,000 12,895,000 15,646,000 25,891,000 14,664,000 9,490,000 15,569,000 27,082,000 15,657,000 10,270,000 10,542,000 21,504,000 14,265,000 9,521,000 10,531,000 22,806,000 13,238,000 7,411,000 19,505,000 5,628,000 25,450,000 19,376,000 7,096,000 4,318,000 24,303,000 4,600,000 4,306,000 5,638,000 4,111,000 4,211,000 3,299,000     
      changes in:
    		                                                         
      reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable
    		634,000,000 560,000,000 826,000,000 832,000,000 1,078,000,000 709,000,000 660,000,000 534,000,000 584,000,000 417,000,000 603,000,000 335,931,000 918,602,000 358,528,000 275,954,000 213,979,000 599,706,000 388,352,000 560,153,000 445,758,000 509,623,000 652,389,000 506,057,000 222,678,000 160,401,000 -6,005,000 86,319,000 11,882,000 422,310,000 127,315,000 53,027,000  91,078,000 74,944,000 111,255,000  47,961,000 37,289,000 54,327,000 39,343,000 286,223,000 155,477,000 212,024,000 162,604,000 91,247,000 83,763,000 432,217,000 182,498,000 147,462,000 163,719,000 210,111,000 217,527,000 256,469,000 481,861,000 251,176,000 250,323,000 410,823,000 
      unearned premiums, net of ceded unearned premiums
    		-321,000,000 11,000,000 327,000,000 -324,000,000 77,000,000 216,000,000 663,000,000 -83,000,000 107,000,000 463,000,000 541,000,000 273,717,000 253,024,000 358,864,000 513,507,000 -49,203,000 146,592,000 278,615,000 560,035,000 -53,030,000 103,052,000 2,957,000 392,802,000 175,434,000 -18,829,000 156,393,000 177,645,000 -113,740,000 63,517,000 7,821,000 159,243,000                           
      premiums receivable
    		601,000,000 -352,000,000 -942,000,000 686,000,000 178,000,000 -523,000,000 -1,159,000,000 352,000,000 315,000,000 -777,000,000 -871,000,000 -13,488,000 -9,951,000 -485,099,000 -600,691,000 161,884,000 -65,707,000 -173,141,000 -608,250,000 143,123,000 1,872,000 -45,181,000 -418,457,000 -26,715,000 -16,913,000 -285,137,000 -233,772,000 135,738,000 55,355,000 -46,148,000 -176,350,000 127,296,000 79,905,000 -61,466,000 -217,348,000 81,958,000 97,901,000 -14,395,000 -192,247,000         -148,197,000          
      deferred acquisition costs
    		14,000,000 33,000,000 -14,000,000 -46,000,000 -86,000,000 2,000,000 -82,000,000 -45,000,000 -38,000,000 -77,000,000 -75,000,000 -131,690,000 -68,466,000 -76,912,000 -96,999,000 -15,277,000 -33,073,000 -88,192,000 -126,701,000 -36,710,000 -14,801,000 -17,302,000 -75,135,000 -13,816,000 -1,622,000 -23,168,000 -30,347,000 -4,747,000 -20,078,000 -11,825,000 -41,728,000 2,309,000 -7,456,000 -3,400,000 -30,050,000 12,714,000 -2,713,000 -2,705,000 -36,304,000 277,861,000        -21,319,000  22,807,000        
      reinsurance balances payable
    		-207,000,000 159,000,000 504,000,000 -410,000,000 -27,000,000 95,000,000 521,000,000 -237,000,000 40,000,000 373,000,000 279,000,000 -163,927,000 56,323,000 146,117,000 -74,022,000 -118,506,000 287,110,000 91,255,000 240,206,000 -139,670,000 73,459,000 52,354,000 79,807,000 75,487,000 76,810,000 62,605,000 53,634,000 -28,999,000 -12,584,000 29,998,000 20,114,000 -17,656,000 -24,514,000 21,783,000 51,929,000 -10,127,000 -15,415,000 35,679,000 -16,022,000  15,987,000     11,278,000  19,677,000 91,498,000 -11,202,000 57,237,000 28,752,000 76,441,000 52,890,000    
      deferred income tax assets
    		46,000,000 80,000,000 29,000,000 -96,000,000 16,000,000 21,000,000 24,000,000                                               1,507,000 1,496,000 3,646,000  
      other items
    		355,000,000 -357,000,000 49,000,000 -160,000,000 17,000,000 -108,000,000 -108,000,000 224,000,000 -2,000,000 -102,000,000 -212,000,000 -170,782,000 -77,653,000 -172,679,000 -13,957,000 86,983,000 -196,052,000 -134,733,000 -96,574,000 7,444,000 194,732,000 31,058,000 -223,124,000 22,249,000 -109,194,000 -37,253,000 56,143,000 -165,163,000 97,707,000 25,571,000 -51,985,000 -33,873,000 38,495,000 -55,194,000 46,664,000 -39,066,000 -19,651,000 121,265,000 -70,085,000 22,573,000 74,776,000 42,701,000 17,299,000    79,229,000 -30,978,000 34,734,000        -2,134,000 
      net cash from operating activities
    		2,186,000,000 1,124,000,000 1,458,000,000 1,573,000,000 2,018,000,000 1,518,000,000 1,564,000,000 1,665,000,000 1,970,000,000 1,151,000,000 963,000,000 981,510,000 1,379,749,000 902,405,000 551,563,000 800,004,000 1,014,979,000 849,727,000 762,845,000 555,055,000 1,009,870,000 711,126,000 610,454,000 830,615,000 477,126,000 235,398,000 400,180,000 31,483,000 527,067,000 345,949,000 208,118,000 359,505,000 495,915,000 218,681,000 322,543,000 190,327,000 422,380,000 299,738,000 85,461,000 144,821,000 446,547,000 224,580,000 657,561,000 390,137,000 184,623,000 294,803,000 972,997,000 334,545,000 403,131,000 358,970,000 426,832,000 399,976,000 423,178,000 419,901,000 357,753,000 327,840,000 509,084,000 
      capex
    		0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -10,268,000 -32,897,000 0 0 0 0 0 0 0 0 -3,045,000 0 0 0 0 0 0 0 0 0 
      free cash flows
    		2,186,000,000 1,124,000,000 1,458,000,000 1,573,000,000 2,018,000,000 1,518,000,000 1,564,000,000 1,665,000,000 1,970,000,000 1,151,000,000 963,000,000 981,510,000 1,379,749,000 902,405,000 551,563,000 800,004,000 1,014,979,000 849,727,000 762,845,000 555,055,000 1,009,870,000 711,126,000 610,454,000 830,615,000 477,126,000 235,398,000 400,180,000 31,483,000 527,067,000 345,949,000 208,118,000 359,505,000 495,915,000 218,681,000 322,543,000 190,327,000 422,380,000 289,470,000 52,564,000 144,821,000 446,547,000 224,580,000 657,561,000 390,137,000 184,623,000 294,803,000 972,997,000 331,500,000 403,131,000 358,970,000 426,832,000 399,976,000 423,178,000 419,901,000 357,753,000 327,840,000 509,084,000 
      investing activities
    		                                                         
      purchases of fixed maturity investments
    		-10,619,000,000 -8,150,000,000 -9,418,000,000 -9,731,000,000 -7,436,000,000 -5,798,000,000 -8,325,000,000 -5,038,000,000 -4,184,000,000 -4,939,000,000 -3,901,000,000 -3,325,173,000 -3,359,345,000 -2,978,292,000 -6,727,665,000 -5,581,835,000 -6,315,639,000 -12,023,416,000 -11,530,968,000 -5,714,394,000 -8,640,034,000 -13,444,854,000 -11,965,995,000 -7,677,977,000 -8,888,176,000 -7,444,470,000 -9,681,267,000 -8,727,784,000 -8,179,803,000 -9,422,408,000 -10,476,918,000 -7,692,255,000 -10,298,824,000 -9,408,194,000 -8,133,537,000 -7,069,769,000 -7,740,713,000 -7,610,660,000 -7,030,731,000         -3,772,652,000          
      purchases of equity securities
    		-277,000,000 -179,000,000 -808,000,000 -491,000,000 -278,000,000 -145,000,000 -509,000,000 -280,000,000 -72,000,000 -96,000,000 -8,000,000 -10,265,000 -131,160,000 -246,958,000 -408,615,000 -196,529,000 -358,177,000 -311,355,000 -309,419,000 -239,162,000 -330,699,000 -264,466,000 -760,683,000 -92,112,000 -228,129,000 -203,810,000 -377,000,000 -353,881,000 -266,980,000 -256,322,000 -143,833,000 -287,935,000 -165,089,000 -84,415,000 -128,263,000 -29,887,000 -196,991,000 -162,672,000 -125,863,000                   
      purchases of other investments
    		-513,000,000 -535,000,000 -697,000,000 -1,587,000,000 -529,000,000 -875,000,000 -494,000,000 -1,059,000,000 -555,000,000 -291,000,000 -266,000,000 -450,358,000 -349,715,000 -303,725,000 -616,659,000 -509,040,000 -316,922,000 -602,173,000 -430,961,000 -966,841,000 -340,194,000 -273,221,000 -228,471,000 -337,862,000 -352,470,000 -324,593,000 -522,454,000 -614,096,000 -522,824,000 -456,665,000 -427,039,000 -380,632,000 -358,161,000 -345,415,000 -305,198,000 -429,275,000 -46,470,000 -588,283,000 -685,497,000         -146,815,000          
      proceeds from sales of fixed maturity investments
    		8,435,000,000 6,522,000,000 7,301,000,000 9,798,000,000 5,227,000,000 3,691,000,000 7,529,000,000 4,450,000,000 2,576,000,000 4,045,000,000 3,034,000,000 1,853,586,000 1,911,450,000 2,025,616,000 6,053,352,000 3,509,653,000 6,937,404,000 12,213,254,000 10,917,134,000 5,404,479,000 7,711,837,000 13,109,907,000 11,723,123,000 7,075,372,000 8,555,892,000 7,076,590,000 8,679,147,000 8,057,305,000 8,017,794,000 9,224,934,000 10,386,746,000 7,828,042,000 9,753,375,000 9,151,013,000 7,827,536,000 6,682,493,000 7,056,035,000 7,498,060,000 6,857,459,000       3,377,680,000 11,014,920,000 3,523,338,000 4,326,607,000 3,531,987,000 2,887,666,000 3,319,331,000 4,121,591,000 3,983,562,000 646,860,000 548,030,000  
      proceeds from sales of equity securities
    		281,000,000 223,000,000 820,000,000 428,000,000 126,000,000 482,000,000 65,000,000 72,000,000 55,000,000 86,000,000 75,000,000 14,308,000 49,596,000 389,956,000 1,100,256,000 222,512,000 153,343,000 257,304,000 284,986,000 415,471,000 151,447,000 314,045,000 266,301,000 194,429,000 81,684,000 95,017,000 291,311,000 304,528,000 278,809,000 219,717,000 253,347,000 286,824,000 127,285,000 121,607,000 216,012,000 55,003,000 236,665,000 146,437,000 125,906,000                   
      proceeds from sales, redemptions and maturities of other investments
    		336,000,000 431,000,000 660,000,000 834,000,000 405,000,000 503,000,000 116,000,000 423,000,000 144,000,000 105,000,000 96,000,000 145,393,000 212,346,000 292,992,000 570,341,000 277,614,000 715,370,000 448,958,000 323,591,000 237,771,000 319,619,000 256,057,000 216,131,000 292,819,000 318,215,000 216,483,000 436,566,000 590,036,000 324,087,000 296,976,000 317,518,000 269,998,000 242,795,000 425,410,000 211,125,000 392,515,000 -220,307,000 473,412,000 605,263,000                   
      proceeds from redemptions and maturities of fixed maturity investments
    		475,000,000 568,000,000 758,000,000 766,000,000 392,000,000 515,000,000 363,000,000 192,000,000 221,000,000 188,000,000 180,000,000 136,655,000 133,791,000 203,320,000 240,753,000 394,343,000 428,576,000 384,794,000 421,042,000 225,842,000 276,052,000 170,884,000 198,356,000 149,770,000 144,525,000 100,424,000 287,031,000 159,796,000 299,680,000 273,223,000 174,718,000 214,184,000 169,843,000 207,086,000 163,894,000 118,132,000 155,413,000 202,327,000 272,657,000 261,660,000 537,410,000 253,898,000 683,826,000 456,937,000 212,625,000 168,758,000 444,681,000 136,932,000 183,984,000 142,780,000 274,842,000 12,966,000 83,394,000 118,579,000 89,030,000 74,943,000  
      net settlements of derivative instruments
    		35,000,000 147,000,000 93,000,000 -132,000,000 115,000,000 7,000,000 5,000,000 119,000,000 -115,000,000 32,000,000 14,000,000 37,529,000 -61,509,000 -42,328,000 -2,510,000 27,758,000 -85,116,000 -30,374,000 47,660,000 15,716,000 12,819,000 -45,017,000 195,488,000 4,722,000 57,964,000 29,737,000 36,070,000 -7,611,000 -14,968,000 -2,063,000 -3,921,000 -40,464,000 -21,778,000 24,083,000 21,091,000 -86,170,000                      
      net (purchases) sales of short-term investments
    		478,000,000 -242,000,000 294,000,000 549,000,000 -793,000,000 65,000,000 -90,000,000 -373,000,000 10,000,000 -125,000,000 -208,000,000 619,229,000 288,012,000 70,760,000 -510,752,000 1,338,070,000 -794,712,000 -967,261,000 589,175,000 129,670,000 164,012,000 -1,311,586,000 -11,777,000    595,318,000 230,099,000 -519,450,000 -47,352,000 -397,851,000  -299,702,000 -238,866,000 -65,594,000                       
      acquisitions, net of cash
    		   0                        0    -1,971,809,000                          
      purchases of fixed assets
    		-12,000,000 -12,000,000 -9,000,000 -13,000,000 -12,000,000 -11,000,000 -15,000,000 -15,000,000 -11,000,000 -15,000,000 -11,000,000 -13,289,000 -14,553,000 -12,060,000 -11,770,000 -6,987,000 -10,822,000 -11,095,000 -12,490,000 -13,155,000 -9,030,000 -9,217,000 -8,470,000 -11,276,000 -6,936,000 -9,423,000 -4,240,000 -5,979,000 -5,759,000 -5,909,000 -5,194,000 -3,738,000 -3,281,000 -4,332,000 -3,952,000 -4,835,000                      
      other
    		-2,000,000 -1,000,000 -2,000,000 -1,000,000 -32,000,000 57,000,000 -54,000,000   5,000,000 -1,000,000 -2,949,000 29,968,000 97,836,000 550,000 -162,007,000 -156,968,000 41,701,000 -246,590,000 69,795,000 -140,671,000 -33,821,000 42,500,000 -28,375,000 -80,847,000 -93,731,000 40,037,000 24,325,000 99,937,000 -33,395,000 19,603,000 -31,428,000 35,336,000 -31,338,000 29,115,000 -92,376,000 -4,555,000 25,239,000 29,779,000 588,000 3,181,000 714,000 8,950,000 7,357,000 5,061,000             
      net cash from investing activities
    		-1,383,000,000 -1,228,000,000 -1,008,000,000 420,000,000 -1,963,000,000 -1,509,000,000 -1,409,000,000 -1,532,000,000 -1,935,000,000 -1,005,000,000 -996,000,000 -995,334,000 -1,291,119,000 -502,883,000 -312,719,000 -686,448,000 -359,606,000 -600,489,000 -493,189,000 -434,808,000 -798,228,000 -1,531,694,000 -278,496,000 -503,532,000 -452,151,000 -294,793,000 -57,914,000 -479,414,000 -544,187,000 -214,517,000 -121,878,000 -1,466,435,000 -899,440,000 -122,401,000 -233,267,000 -413,125,000 -461,596,000 -83,773,000 44,619,000 3,381,000       1,431,000 152,040,000          
      financing activities
    		                                                         
      purchases of common shares under share repurchase program
    		-732,000,000 -163,000,000 -196,000,000         0 -10,147,000 -320,688,000 -254,988,000 -362,097,000 -386,882,000 -306,049,000 -179,266,000 -7,986,000 0 0 -75,486,000 0 0 -2,871,000 -3,299,000     0 0 0 -75,256,000 0 -3,506,000 -198,979,000 -162,898,000         -189,843,000          
      proceeds from common shares issued
    		1,000,000 47,000,000 -28,000,000 9,000,000 6,000,000 24,000,000 -32,000,000 -7,000,000   -18,000,000 9,523,000 1,202,000 13,195,000 -17,260,000 6,137,000 96,000 10,193,000 -10,008,000 11,532,000 5,000 -5,134,000 -4,527,000 1,075,000 1,344,000 -1,901,000 -2,779,000 -13,564,000 -646,000 -2,848,000 -3,990,000 1,367,000 -2,298,000 -1,689,000 202,000 4,164,000 -1,481,000 2,590,000 -412,000 780,000 1,478,000 2,875,000 22,956,000 14,370,000 10,591,000  11,384,000 2,540,000 3,145,000     5,067,000 3,450,000 2,898,000 1,685,000 
      common dividends paid
    		0 -2,000,000 -5,000,000                                                       
      preferred dividends paid
    		-10,000,000 -10,000,000 -10,000,000 -10,000,000 -10,000,000 -10,000,000 -10,000,000 -10,000,000 -10,000,000 -10,000,000 -10,000,000 -10,184,000 -10,184,000 -10,184,000 -10,184,000 -10,184,000 -17,291,000 -10,402,000 -10,403,000 -10,403,000 -10,403,000 -10,403,000 -10,403,000 -10,403,000 -10,403,000 -10,403,000 -10,437,000 -11,105,000 -12,369,000 -11,349,000 -11,218,000 -11,617,000 -5,484,000 -5,485,000 -5,484,000 -5,485,000 -5,484,000 -5,485,000 -5,484,000         -6,461,000          
      net cash from financing activities
    		-743,000,000 -128,000,000 -241,000,000 -1,890,000,000 -7,000,000 14,000,000 -42,000,000 -17,000,000 -7,000,000 -15,000,000 -30,000,000 -1,849,000 -21,761,000 -448,543,000 -233,573,000 -347,670,000 -904,294,000 209,017,000 -186,602,000 -44,812,000 -105,247,000 805,833,000 -134,496,000 -37,411,000 -50,604,000 41,519,000 -338,905,000 191,509,000 132,876,000 -100,121,000 -227,669,000 1,381,878,000 467,176,000 -126,412,000 -86,973,000 129,438,000 172,540,000 -168,332,000 -138,302,000         -467,959,000 223,286,000 49,745,000 77,300,000 -1,120,000 194,238,000 959,197,000 3,443,000 2,125,000 1,039,000 
      effects of exchange rate changes on foreign currency cash and restricted cash
    		-14,000,000 55,000,000 16,000,000 -55,000,000 37,000,000 4,000,000 -11,000,000 27,000,000 -26,000,000 7,000,000 5,000,000 30,677,000 -36,776,000 -38,866,000 -3,924,000 -24,000 -20,633,000 -7,306,000 -6,084,000 28,136,000 15,895,000 8,981,000 -30,723,000 -10,272,000 -1,512,000 3,449,000 1,611,000                               
      increase in cash and restricted cash
    		46,000,000 -177,000,000 225,000,000 48,000,000 85,000,000 27,000,000 102,000,000 143,000,000 2,000,000 138,000,000 -58,000,000 15,004,000 30,093,000 -87,887,000 1,347,000 -234,138,000 -269,554,000 450,949,000 76,970,000 103,571,000 122,290,000 -5,754,000 166,739,000 279,400,000 -27,141,000 -14,427,000 4,972,000                               
      cash and restricted cash, beginning of year
    		0 0 1,760,000,000 0 0 0 1,498,000,000 0 0 0 1,273,000,000 0 0 0 1,314,771,000 0 0 0 1,290,544,000 0 0 0 903,698,000 0 0 724,643,000 727,284,000                               
      cash and restricted cash, end of period
    		46,000,000 -177,000,000 1,985,000,000  85,000,000 27,000,000 1,600,000,000  2,000,000 138,000,000 1,215,000,000  30,093,000 -87,887,000 1,316,118,000  -269,554,000 450,949,000 1,367,514,000  122,290,000 -5,754,000 1,070,437,000 279,400,000 -27,141,000 710,216,000 732,256,000                               
      income taxes paid
    		166,000,000 131,000,000 18,000,000 157,000,000 76,000,000 151,000,000 -6,000,000                     3,874,000 43,972,000 3,224,000 711,000 9,879,000 14,123,000 24,115,000 2,504,000 4,813,000 9,468,000 22,423,000 3,569,000       2,231,000 12,357,000 2,510,000 596,000 8,521,000 3,039,000 22,816,000 9,591,000 2,141,000 19,162,000 15,796,000 2,641,000 
      interest paid
    		0   64,000,000 0                       52,761,000 6,578,000 52,206,000 5,829,000 28,054,000 3,710,000 27,711,000 3,813,000 27,533,000 119,000 24,565,000 511,000       184,000 11,983,000   10,983,000 0 11,025,000 42,000 0 11,083,000 58,000 106,000 
      arch capital
    		0 0 9,000,000 97,000,000 0 0 9,000,000 95,000,000 -1,000,000 0 10,000,000 91,000 0 0 10,000 87,000 0 0 10,000 80,000 -102,010,000 0 102,020,000 0 0 102,019,000 102,018,000                               
      third party investment in redeemable noncontrolling interests
    		                                                         
      cash and restricted cash, end of year
    		                                                         
      equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss
    		    -162,000,000 -62,000,000 -112,000,000  -55,000,000 17,000,000 -66,000,000  62,590,000 55,235,000 -11,420,000  -191,622,000 -45,089,000 -135,939,000                                       
      change in third party investment in redeemable noncontrolling interests
    		        0                                                 
      purchase of operating affiliate
    		               0 -207,567,000 0 -546,349,000                                       
      impact of the deconsolidation of the variable interest entity
    		               0                                          
      proceeds from issuance of preferred shares
    		               0 0           97,640,000    0                          
      redemption of preferred shares
    		               0           -92,555,000 0                              
      third party investment in non-redeemable noncontrolling interests
    		                0 0 15,971,000  0 0 -2,867,000                                   
      dividends paid to redeemable noncontrolling interests
    		               0 0 -959,000 -948,000 -1,404,000 -1,001,000 -1,359,000 -1,181,000 -2,414,000 -4,497,000 -4,497,000 -4,497,000 -4,498,000 -4,497,000 -4,497,000 -4,497,000 -4,498,000 -4,497,000 -4,497,000 -4,497,000 -4,497,000 -4,497,000 -4,497,000 -4,816,000                   
      change in cash collateral related to securities lending
    		                   0 26,614,000 -405,000 55,001,000 -600,000 37,208,000 -29,618,000 161,567,000 -136,152,000 -27,001,000 -5,253,000 180,946,000 -127,313,000 -9,220,000 24,403,000 -43,118,000 -35,347,000 47,014,000 -12,800,000 -5,529,000                   
      proceeds from borrowings
    		                   0 13,875,000 988,618,000 16,300,000 137,283,000 3,800,000 59,000,000 39,585,000 14,500,000    1,340,741,000 0   192,285,000       264,526,000 264,526,000 214,526,000             
      repayments of borrowings
    		                   -55,000,000 -139,000,000   0 -1,500,000 -26,038,000 -101,000,000 -25,000,000 -100,000,000 -50,000,000 -22,000,000 -40,000,000 0 -105,000,000 -74,171,000                       
      equity in net income or loss of investments accounted for using the equity method and other income or loss
    		                                                         
      change in third party investment in non-redeemable noncontrolling interests
    		                                                         
      equity in net income or loss of investment funds accounted for using the equity method and other income or loss
    		                    -95,078,000 96,350,000 29,034,000 6,808,000 -15,968,000 -29,752,000 -19,383,000  -16,255,000 -11,388,000 -36,141,000  -3,004,000 7,918,000 3,243,000  14,332,000 -8,379,000 -1,970,000                   
      net impairment losses recognized in earnings
    		                       1,163,000 49,000 1,309,000 162,000 1,723,000 1,878,000 1,730,000 1,807,000 13,593,000 3,867,000 5,343,000 7,639,000 7,336,000 5,868,000 1,113,000 5,799,000 1,023,000 4,364,000 2,680,000 8,091,000 6,016,000 1,606,000 36,134,000            
      net sales of short-term investments
    		                       -72,442,000 -91,081,000 292,601,000           178,034,000           74,201,000         -49,120,000 
      reconciliation of cash and restricted cash within the consolidated balance sheets:
    		                                                         
      cash
    		                          680,891,000                               
      restricted cash
    		                          51,365,000                               
      cash and restricted cash
    		                          732,256,000                               
      equity in net income or loss of investment funds accounted for using theequity method and other income or loss
    		                                                         
      proceeds from investment in joint venture
    		                                   0 0                     
      effects of exchange rate changes on foreign currency cash
    		                           260,000 6,285,000 5,255,000 2,241,000 -10,822,000 -1,426,000 -11,238,000 2,332,000 -3,093,000 -8,619,000 6,429,000 -6,468,000 4,183,000 6,403,000 5,406,000    3,580,000  139,000 513,000 -456,000 1,217,000       
      increase in cash
    		                           -256,162,000 122,041,000 36,566,000 -139,188,000 264,126,000 62,225,000 -41,370,000 4,635,000 -96,453,000 124,705,000 54,062,000 -14,690,000 71,107,000 48,261,000 44,137,000 31,426,000 6,898,000 4,137,000   18,765,000    118,467,000 25,429,000 -258,000   -95,358,000 
      cash beginning of year
    		                           0 0 0 842,942,000 0 0 0 553,326,000 0 0 0 485,702,000 351,699,000 362,740,000 362,740,000 334,571,000 334,571,000 334,571,000 251,739,000 239,915,000 239,915,000 317,017,000 0 0 0 222,477,000 0 0 113,052,000 0 
      cash end of year
    		                                                         
      non-cash consideration paid in convertible non-voting common equivalent preferred shares
    		                                                         
      cash end of period
    		                            122,041,000 36,566,000 703,754,000  62,225,000 -41,370,000 557,961,000  124,705,000 54,062,000 471,012,000 422,806,000 411,001,000 406,877,000 365,997,000 341,469,000 338,708,000 244,037,000 239,097,000 258,680,000 225,249,000  -178,234,000 118,467,000 247,906,000 -258,000 75,294,000 86,723,000 -95,358,000 
      net realized losses
    		                                   127,981,000           86,362,000  1,097,000    783,000     
      reserve for losses and loss adjustment expenses, net of unpaid lossesand loss adjustment expenses recoverable
    		                                                         
      other liabilities
    		                               82,473,000 83,282,000 23,617,000 32,697,000 38,585,000 101,479,000 -45,985,000 -48,856,000 10,134,000 6,753,000 33,366,000 8,143,000  41,448,000 2,802,000 50,421,000 40,490,000 1,296,000 -13,396,000 22,315,000 -4,129,000 22,460,000  -3,633,000 2,238,000 43,842,000 
      net sales (purchases) of short-term investments
    		                                      66,283,000          188,663,000         
      change in other assets
    		                               -42,089,000 -17,232,000 6,679,000 6,737,000 6,661,000                      
      unearned premiums, net of prepaid reinsurance premiums
    		                                55,875,000 17,578,000 169,656,000 -108,536,000 35,289,000 142,000 156,731,000 181,735,000 194,123,000 130,136,000 105,905,000 96,881,000 96,645,000 120,867,000 33,870,000 105,497,000 127,107,000  -13,289,000 4,119,000 113,179,000 39,031,000 -17,928,000 103,071,000 7,819,000 
      see notes to consolidated financial statements
    		                                0 0 10,000                       
      purchase of business, net of cash acquired
    		                                   0 0 3,250,000 -2,432,000                   
      purchase price
    		                                                         
      cash paid
    		                                                         
      contingent consideration liability
    		                                                         
      total purchase price
    		                                                         
      assets acquired
    		                                                         
      investments, at fair value
    		                                                         
      intangible asset -- acquired insurance contracts
    		                                                         
      intangible asset -- operating platform
    		                                                         
      intangible asset -- favorable lease contract
    		                                                         
      intangible asset -- insurance licenses
    		                                                         
      other assets acquired
    		                                                         
      total assets acquired
    		                                                         
      liabilities acquired
    		                                                         
      reserves for losses and loss adjustment expenses
    		                                                         
      unearned premiums
    		                                                         
      intangible liability -- unfavorable service contract
    		                                                         
      other liabilities acquired
    		                                                         
      total liabilities acquired
    		                                                         
      net assets acquired
    		                                                         
      goodwill
    		                                                         
      balance, beginning of period
    		                                    5,286,000 20,513,000 769,081,000                   
      sale of shares to noncontrolling interests
    		                                                         
      amounts attributable to noncontrolling interests
    		                                    -25,907,000 -15,227,000 20,513,000                   
      foreign currency translation adjustments
    		                                                         
      balance, end of period
    		                                    -20,718,000 5,286,000 789,594,000                   
      net realized gains
    		                                     27,089,000 -87,907,000                   
      purchases of furniture, equipment and other assets
    		                                     -10,268,000 -32,897,000                   
      purchases of:
    		                                                         
      fixed maturity investments
    		                                       3,628,932,000 7,622,120,000 3,376,248,000 13,984,442,000 9,111,774,000 4,443,108,000             
      equity securities
    		                                       75,860,000 199,650,000 52,316,000                
      other investments
    		                                       111,149,000 201,680,000 84,920,000 301,808,000 213,814,000 101,235,000             
      proceeds from the sales of:
    		                                                         
      change in investment of securities lending collateral
    		                                       6,322,000   9,705,000  30,092,000 179,191,000 553,396,000           
      change in securities lending collateral
    		                                        77,051,000 125,904,000  680,000    274,855,000 268,722,000    10,429,000     
      net purchases of short-term investments
    		                                                         
      proceeds from issuance of series c preferred shares
    		                                                         
      repurchase of series a and b preferred shares
    		                                                         
      numerator:
    		                                                         
      preferred dividends
    		                                                         
      loss on repurchase of preferred shares
    		                                                         
      net income available to common shareholders
    		                                                         
      denominator:
    		                                                         
      weighted-average common shares outstanding — basic
    		                                                         
      effect of dilutive common share equivalents:
    		                                                         
      nonvested restricted shares
    		                                                         
      stock options
    		                                                         
      weighted-average common shares and common share equivalents outstanding — diluted
    		                                                         
      earnings per common share:
    		                                                         
      basic
    		                                                         
      diluted
    		                                                         
      equity in net income of investment funds accounted for using the equity method and other income
    		                                        18,590,000                 
      december 31, 2010
    		                                                         
      other assets
    		                                       475,911,000                  
      retained earnings
    		                                       4,422,553,000                  
      three months ended march 31, 2011
    		                                                         
      other operating expenses
    		                                       102,420,000        -73,637,000          
      income tax benefit
    		                                                         
      net income per common share - basic
    		                                       140                  
      net income per common share - diluted
    		                                       140                  
      net cash used by investing activities
    		                                                         
      gross premiums written
    		                                        635,005,000 634,583,000 624,490,000 616,353,000 633,576,000 638,409,000 678,338,000 626,348,000 661,210,000         
      net premiums written
    		                                        438,263,000 449,291,000 431,361,000 422,837,000 452,924,000 441,586,000 466,115,000 402,764,000 428,344,000         
      net premiums earned
    		                                        410,819,000 407,591,000 411,881,000 405,473,000 429,477,000 401,097,000 441,049,000 419,100,000 413,847,000         
      fee income
    		                                        702,000 778,000 864,000 874,000 753,000 870,000 872,000 882,000 1,425,000         
      losses and loss adjustment expenses
    		                                               -287,303,000          
      acquisition expenses
    		                                               -51,889,000          
      underwriting income
    		                                        -33,429,000  2,947,000 -6,033,000 -29,932,000 11,421,000  7,153,000 40,361,000         
      net investment income
    		                                                         
      equity in net income of investment funds accounted for using the equity method
    		                                                         
      other income
    		                                                         
      other incomes
    		                                                         
      interest expense
    		                                                         
      net foreign exchange gains
    		                                                         
      income before income taxes
    		                                                         
      underwriting ratios
    		                                                         
      loss ratio
    		                                        73,400 73,000 64,400 67,900 72,600 67,300 76,500 68,600 62,700         
      acquisition expense ratio
    		                                        16,000 14,900 16,100 15,900 15,500 14,100 14,000 12,200 11,100         
      other operating expense ratio
    		                                        18,700 18,300 18,700 17,700 18,800 15,700 16,300 17,600 16,600         
      combined ratio
    		                                        108,100 106,200 99,200 101,500 106,900 97,100 106,800 98,400 90,400         
      underwriting loss
    		                                         -25,506,000     -30,148,000           
      net foreign exchange losses
    		                                                         
      income tax expense
    		                                                         
      equity in net (income) loss of investment funds accounted for using the equity method and other income
    		                                             10,428,000  18,277,000          
      proceeds from sales of other investments
    		                                             24,027,000 235,712,000 65,226,000 54,754,000    5,359,000     
      excess tax benefits from share-based compensation
    		                                             742,000 1,778,000 660,000 2,355,000 1,742,000 563,000 693,000 2,450,000     
      other income and equity in net (income) loss of investment funds accounted for using the equity method
    		                                                         
      investment in joint venture
    		                                                         
      purchases of furniture, equipment and other
    		                                               -3,045,000          
      revolving credit agreement borrowings
    		                                              100,000,000           
      decrease in cash
    		                                                         
      funds held by reinsureds
    		                                               1,908,000 21,602,000 11,595,000 -9,120,000 47,108,000 35,771,000 375,000 -9,264,000 19,927,000 2,978,000 
      proceeds from preferred shares issued, net of issuance costs
    		                                                 0 -150,000       
      other (income) loss
    		                                                         
      paid losses and loss adjustment expenses recoverable
    		                                                    17,145,000     
      proceeds from sale of other investments
    		                                                 8,863,000 267,000       
      proceeds from sale of companies, net of cash
    		                                                         
      proceeds from common shares issued, net of repurchases
    		                                                 7,518,000 953,000 2,522,000 8,690,000     
      proceeds from issuance of senior notes, net of issuance costs
    		                                                         
      repayment of credit agreement borrowings
    		                                                         
      basic earnings per common share:
    		                                                         
      divided by:
    		                                                         
      weighted-average common shares outstanding
    		                                                         
      basic earnings per common share
    		                                                         
      diluted earnings per common share:
    		                                                         
      effect of dilutive securities:
    		                                                         
      series a convertible preference shares
    		                                                         
      warrants
    		                                                         
      total shares
    		                                                         
      diluted earnings per share
    		                                                         
      change in short-term investment of funds received under securities lending agreements, at fair value
    		                                                  -82,204,000       
      net income, as reported
    		                                                  -212,283,000 10,100,000 115,892,000 -212,283,000 10,100,000 115,892,000 -86,253,000 
      total share-based employee compensation expense under fair value method, net of income taxes
    		                                                         
      pro forma net income
    		                                                  -212,506,000 10,058,000 114,815,000 -212,506,000 10,058,000 114,815,000 -88,175,000 
      earnings per share – basic:
    		                                                         
      as reported
    		                                                  -6,130 280 3,370 -6,130 280 3,370 -2,710 
      pro forma
    		                                                  -6,130 270 3,340 -6,130 270 3,340 -2,760 
      earnings per share – diluted:
    		                                                         
      deposit accounting liabilities
    		                                                    6,542,000 -555,000 2,134,000 4,180,000 13,782,000 
      net proceeds from preferred shares issued
    		                                                    193,527,000     
      declaration of preferred dividends to be paid
    		                                                    2,667,000     
      non-cash compensation
    		                                                     2,413,000 1,978,000 2,095,000  
      accrued investment income
    		                                                     7,193,000 -6,232,000 185,000  
      sales of equity securities
    		                                                     10,715,000   2,289,000 
      investment of securities lending collateral
    		                                                         
      proceeds from issuance of senior notes
    		                                                        0 
      repayment of revolving credit agreement borrowings
    		                                                         
      securities lending collateral received
    		                                                         
      repurchase of common shares
    		                                                         
      total stock-based employee compensation expense under fair value method, net of income taxes
    		                                                         
      sales of privately held securities
    		                                                       1,786,000  
      other loss
    		                                                        -95,000 
      excess of fair value of net assets acquired over cost
    		                                                         
      deferred income tax asset
    		                                                         
      sales of fixed maturity investments
    		                                                        1,289,628,000 
      (repayment of) proceeds from revolving credit agreement borrowings
    		                                                         
      benefit from non-cash compensation
    		                                                         
      net realized investment gains
    		                                                         
      net unrealized foreign exchange gains
    		                                                         
      loan to chairman
    		                                                         
      release of escrowed assets
    		                                                         
      debt retirement and other
    		                                                         
      total stock-based employee compensation expense under fair value method, net of income tax
    		                                                         
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.