Terms and Conditions of Use YOUR ACCESS AND USE OF THIS WEBSITE IS SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS AND ALL APPLICABLE LAWS AND REGULATIONS. IF YOU DO NOT AGREE TO ALL OF THESE TERMS AND CONDITIONS, DO NOT ACCESS OR OTHERWISE USE THE WEBSITE OR ANY INFORMATION CONTAINED ON THIS WEBSITE. THESE TERMS AND CONDITIONS OF USE MAY BE REVISED PERIODICALLY AT ANY TIME WITHOUT NOTICE TO YOU. IT IS YOUR RESPONSIBILITY TO VISIT THIS WEBSITE FREQUENTLY TO REVIEW CAREFULLY THE CURRENT TERMS AND CONDITIONS OF USE WHICH GOVERN YOUR CONTINUED USE OF THIS WEBSITE. EACH AND EVERY TIME YOU ACCESS THIS WEBSITE YOU SHALL BE DEEMED TO HAVE AGREED TO THE THEN CURRENT TERMS AND CONDITIONS OF USE. AS A CONDITION OF YOUR USE OF THIS WEBSITE, YOU WARRANT THAT YOU WILL NOT USE THIS WEBSITE FOR ANY PURPOSE THAT IS UNLAWFUL OR PROHIBITED BY THESE TERMS AND CONDITIONS OF USE. 1. Non-Solicitation, Licensing and Regulatory Issues. This Website is provided for information purposes only. The information on this Website is not an offer to sell or a solicitation to buy any insurance product or security. No insurance product or security is offered or will be sold in any jurisdiction in which such offer or solicitation would be unlawful under the laws of such jurisdiction. Not all insurance coverages or products are available in all jurisdictions. This Website and its content is directed at persons having professional experience in the matters to which it relates and any investments or investment activity to which it relates are available only to such persons or will be engaged in only with such persons. It is not intended to and does not constitute any communication, invitation or inducement to persons not having professional expertise in matters relating to investments or other business products or services that are the subject matter of this Website. Arch Capital Group Ltd.'s Subsidiaries, Arch Reinsurance Company, Arch Insurance Company, Arch Excess & Surplus Insurance Company, Arch Specialty Insurance Company and Arch Indemnity Insurance Company, are licensed to transact insurance and/or reinsurance business or eligible surplus lines insurers in various states in the United States. Arch Insurance Company (a Missouri corporation, NAIC #11150) is licensed as an insurer in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Arch Specialty Insurance Company (a Nebraska corporation, NAIC #21199) is licensed in the state of Nebraska and is eligible as an excess and surplus lines insurer in additional jurisdictions. Arch Excess & Surplus Insurance Company (a Nebraska corporation, NAIC #10946) is licensed in the state of Nebraska and is eligible as an excess and surplus lines insurer in additional jurisdictions. Arch Indemnity Insurance Company (a Nebraska corporation, NAIC #30830) is licensed in the state of Nebraska and is eligible as an excess and surplus lines insurer in additional jurisdictions. Excess and surplus lines coverages may only be obtained through licensed surplus lines brokers, except to the extent that insureds may obtain insurance from unauthorized insurers through lawful direct placements or exemptions that may be applicable due to the nature of the coverage or the qualifications of the insured. Such exceptions to the use of a surplus lines broker are highly technical and impose legal obligations upon the insurer, including filings and tax payments, and should be pursued only upon qualified professional advice. Arch Capital Group Ltd., a Bermuda company, Arch Reinsurance Ltd., a Bermuda company, Arch Insurance Company (Europe) Limited, a company incorporated in England and Wales (Registered Number 4977362), Arch Underwriting at Lloyd's Ltd, a company incorporated in England and Wales (Registered Number 6645822) and its related Lloyd’s operations, Arch Reinsurance Europe Underwriting Limited, a company incorporated in Ireland (Registration Number 457160), and Arch Risk Transfer Services Ltd. a Cayman Islands company, are not licensed or otherwise authorized to conduct business in the United States or Canada and do not engage in or transact any business in the United States or Canada through this Website or otherwise. Arch Insurance Company (Europe) Limited is licensed in all jurisdictions which presently comprise the European Economic Area and is an eligible as an excess and surplus lines insurer in certain states of the United States. Arch Insurance Company (Europe) Limited is authorized to conduct reinsurance in all jurisdictions which presently comprise the European Economic Area. The Canada branch of Arch Insurance Company is licensed in each and every province and territory of Canada except Prince Edward Island. Arch Reinsurance Europe Underwriting Limited, Dublin (Ireland), Zurich Branch is authorized to conduct reinsurance business in Switzerland (to the exclusion of any other insurance business). In other European countries outside of Switzerland, Arch Reinsurance Europe Underwriting Limited, Dublin (Ireland), Zurich Branch may only conduct the insurance or reinsurance business to the extent this is permitted under the applicable and relevant local laws. Arch Reinsurance Europe Underwriting Limited is authorized to conduct reinsurance in all jurisdictions which presently comprise the European Economic Area, including in Denmark through its agent, Arch Re Accident & Health ApS. 2. Privacy. The Privacy Statement of Arch Capital Group Ltd. and its Subsidiaries applies to use of this Website, and its terms are made a part of these Terms and Conditions of Use by this reference. To view the Privacy Statement of each of Arch Capital Group Ltd. and its Subsidiaries, click here. Additionally, by using this Website, you acknowledge and agree that Internet transmissions are never completely private or secure. You understand that any message or information you send to this Website may be read or intercepted by others, even if there is a special notice that a particular transmission (for example, credit card information) is encrypted. 3. Intellectual Property. The design of this Website and its content are the property of Arch Capital Group Ltd. or its Subsidiaries and are protected by copyright and other intellectual property laws. Arch Capital Group Ltd. and its Subsidiaries hereby authorize you to view and download the content portion of this Website only for your personal use, provided that you retain, on any copies of the materials, all copyright and other proprietary notices contained on the original materials. You may not otherwise copy, reproduce, modify, adapt, display, perform, publish, create derivative works from, store, sublicense, translate, sell, rent, reverse engineer, decompile, disassemble, or otherwise exploit this Website or its content. The display of any trade names, trademarks, service marks, logos, or domain names on this Website does not imply that a license of any kind has been granted with respect to such trade names, trademarks, service marks, logos, or domain names. Any unauthorized downloading, re-transmission or other copying or modification of trade names, trademarks, service marks, logos or domain names may be a violation of trademark laws and could subject you to legal action. You acknowledge that any software which may be available or provided to you on this Website may contain technology that is subject to strict controls pursuant to export control laws and regulations of the United States of America and other countries and jurisdictions. You hereby agree that you will not transfer or export such software in violation of such applicable export laws and regulations. Arch Capital Group Ltd. and its Subsidiaries do not authorize the downloading or exportation of any software or technical data from this Website to any jurisdiction prohibited by such export controls laws and regulations. 4. Security. You should be aware that the Internet is not secure. If you choose to send any electronic communications by means of this Website, you do so at your own risk. Arch Capital Group Ltd. and its Subsidiaries do not guarantee that such communications will not be intercepted or changed or that they will reach the intended recipient securely. 5. Disclaimers. YOUR ACCESS TO AND USE OF THIS WEBSITE ARE AT YOUR SOLE RISK. YOU ARE ENTIRELY LIABLE FOR YOUR ACTIVITIES. ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES DO NOT WARRANT THE ACCURACY, COMPLETENESS, TIMELINESS OR OTHER CHARACTERISTICS OF ANY CONTENT AVAILABLE ON OR THROUGH THIS WEBSITE. THIS WEBSITE AND THE INFORMATION ON IT ARE PROVIDED "AS IS." ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE NON-INFRINGEMENT. ANY WARRANTIES FOR CONTENT, INFORMATION, DATA, SERVICES, UNINTERRUPTED ACCESS, OR PRODUCTS PROVIDED THROUGH OR IN CONNCECTION WITH THIS WEBSITE; ANY WARRANTIES CONCERNING THE AVAILABILITY, ACCURACY, USEFULNESS OR CONTENT OF INFORMATION, OR SERVICES OFFERED ON OR THROUGH THIS WEBSITE; AND ANY WARRANTIES THAT THIS WEB SITE IS FREE OF VIRUSES, WORMS, TROJAN HORSES OR OTHER HARMFUL COMPONENTS. ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES SHALL NOT BE RESPONSIBLE OR LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY LOSS OR DAMAGE CAUSED BY USE OF, OR RELIANCE ON, OR INABILITY TO USE OR ACCESS, OR DELAYS IN, OR INACCURACIES OR ERRORS OR DEFECTS OR OMISSIONS IN THE WEBSITE, REGARDLESS OF THE CLAIM AS TO THE NATURE OF THE CAUSE OF ACTION, EVEN IF ARCH CAPITAL GROUP LTD. OR ANY OF ITS SUBSIDIARIES HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE OR LOSS. ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES SHALL NOT BE LIABLE UNDER ANY LEGAL THEORY FOR ANY DAMAGES SUFFERED IN CONNECTION WITH USE OF THIS WEBSITE, INCLUDING BUT NOT LIMITED TO ANY LOST PROFITS, LOST SAVINGS OR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES, WHETHER RESULTING FROM IMPAIRED OR LOST DATA, SOFTWARE OR COMPUTER FAILURE OR ANY OTHER CAUSE, BY YOU OR ANY OTHER THIRD PARTY, EVEN IF ARCH CAPITAL GROUP LTD. OR ANY OF ITS SUBSIDIARIES HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. YOU HEREBY EXPRESSLY RELEASE ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES FROM ANY AND ALL LIABILITY OR RESPONSIBILITY TO ANY DAMAGE CAUSED, DIRECTLY OR INDIRECTLY, TO YOU OR ANY THIRD PARTY AS A RESULT OF THIS WEBSITE, ITS CONTENT INCLUDING ANYTHING DOWNLOADED OR ACCESSED. ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES DO NOT REPRESENT OR WARRANT THAT THIS WEBSITE WILL BE AVAILABLE FOR ACCESS ALL THE TIME OR AT ANY TIME ON A CONTINUOUS, UNINTERRUPTED BASIS, AND ARE NOT RESPONSIBLE FOR ANY INCONVENIENCE OR OTHER LOSS THAT YOU MAY SUFFER AS A RESULT. ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES ARE NOT RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER, HARDWARE, SOFTWARE, OR OTHER PROPERTY RESULTING IN ANY WAY FROM YOUR USE OF THIS WEBSITE. 6. Forward-Looking Statements. The Private Securities Litigation Reform Act of 1995 ("PLSRA") provides a "safe harbor" for forward-looking statements. This report or any other written or oral statements made by or on behalf of us may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. Forward-looking statements, for purposes of the PLSRA or otherwise, can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" and similar statements of a future or forward-looking nature or their negative or variations or similar terminology. Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. Important factors that could cause actual events or results to differ materially from those indicated in such statements are discussed below, elsewhere in this report and in our periodic reports filed with the Securities and Exchange Commission ("SEC"), and include: our ability to successfully implement our business strategy during “soft” as well as “hard” markets; acceptance of our business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and our insureds and reinsureds; our ability to maintain or improve our ratings, which may be affected by our ability to raise additional equity or debt financings, by ratings agencies' existing or new policies and practices, as well as other factors described herein; general economic and market conditions (including inflation, interest rates, foreign currency exchange rates, prevailing credit terms and the depth and duration of a recession) and conditions specific to the reinsurance and insurance markets (including the length and magnitude of the current “soft” market) in which we operate; competition, including increased competition, on the basis of pricing, capacity, coverage terms or other factors; developments in the world's financial and capital markets and our access to such markets; our ability to successfully integrate, establish and maintain operating procedures (including the implementation of improved computerized systems and programs to replace and support manual systems) to effectively support our underwriting initiatives and to develop accurate actuarial data; the loss of key personnel; the integration of businesses we have acquired or may acquire into our existing operations; accuracy of those estimates and judgments utilized in the preparation of our financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, contingencies and litigation, and any determination to use the deposit method of accounting, which for a relatively new insurance and reinsurance company, like our company, are even more difficult to make than those made in a mature company since relatively limited historical information has been reported to us through September 30, 2011; greater than expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries; severity and/or frequency of losses; claims for natural or man-made catastrophic events in our insurance or reinsurance business could cause large losses and substantial volatility in our results of operations; acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events; losses relating to aviation business and business produced by a certain managing underwriting agency for which we may be liable to the purchaser of our prior reinsurance business or to others in connection with the May 5, 2000 asset sale described in our periodic reports filed with the SEC; availability to us of reinsurance to manage our gross and net exposures and the cost of such reinsurance; the failure of reinsurers, managing general agents, third party administrators or others to meet their obligations to us; the timing of loss payments being faster or the receipt of reinsurance recoverables being slower than anticipated by us; our investment performance, including legislative or regulatory developments that may adversely affect the market value of our investments; the impact of an inability to reach agreement on a national debt ceiling in the United States or the perceived inability of the United States to continue to pay its debt obligations when due, including the possible downgrade of U.S. securities by credit rating agencies, and the resulting effect on the value of securities in the Company’s investment portfolio as well as the uncertainty in the market generally; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; changes in accounting principles or policies or in our application of such accounting principles or policies; changes in the political environment of certain countries in which we operate or underwrite business; statutory or regulatory developments, including as to tax policy and matters and insurance and other regulatory matters such as the adoption of proposed legislation that would affect Bermuda-headquartered companies and/or Bermuda-based insurers or reinsurers and/or changes in regulations or tax laws applicable to us, our subsidiaries, brokers or customers; and the other matters set forth under Item 1A “Risk Factors”, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” and other sections of this Annual Report on Form 10-K, as well as the other factors set forth in Arch Capital Group Ltd.'s other documents on file with the SEC, and management's response to any of the aforementioned factors. All subsequent written and oral forward looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. We undertake no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise. 7. Stock Quote Disclaimer. The stock price available through this Website may be delayed, and is provided for informational purposes only and is not intended for trading purposes. Arch Capital Group Ltd. and its Subsidiaries or its stock information provider shall not be liable for any inaccuracies or delays in the quote, or for any actions you might take in reliance thereon. 8. Indemnification. You agree to defend, indemnify and hold Arch Capital Group Ltd. and its Subsidiaries and their employees, agents, officers, directors, contractors, suppliers and other representatives harmless from and against all liabilities, damages, claims, actions, costs and expenses (including reasonable attorneys' fees) in connection with or arising from your use of this Website. Arch Capital Group Ltd. and its Subsidiaries may, if necessary, participate in the defense of any claim or action at your expense and any negotiations for settlement. Arch Capital Group Ltd. and its Subsidiaries reserve the right, on notice to you, to assume exclusive defense and control of any claim or action subject to indemnification by you, without relieving you of your indemnification obligations hereunder. Upon learning of a claim by a third party that your use violates or allegedly violates a third party's rights, you agree to promptly notify Arch Capital Group Ltd. of any such claim. You agree to cooperate with us as reasonably required in the defense of any such claims, and you shall not in any event settle any such claim or matter without the written consent of Arch Capital Group Ltd. 9. Remedies for Misuse You agree that any unauthorized use of this Website or its contents that may cause Arch Capital Group Ltd. or its Subsidiaries immediate and irreparable harm for which money damages may not constitute an adequate remedy. You further agree that injunctive relief, in addition to any other remedies available, may be warranted in order to enforce these Terms and Conditions of Use. You further understand that unauthorized use of this Website may expose you to civil and criminal liability and that we may report violations of these Terms and Conditions of Use to and cooperate fully with the appropriate law enforcement authorities concerning any violations hereof. 10. Interpretation. If any provision of these Terms and Conditions of Use is held invalid or unenforceable, that provision will be enforced to the maximum extent permissible, and other provisions shall remain enforceable and in full effect. No failure or delay in enforcing any term, exercising any option or requiring performance shall be a waiver of that or any other right. 11. Links to Third Party Sites. This Website may contain hyperlinks to websites operated by persons or entities other than Arch Capital Group Ltd. or its Subsidiaries. Such hyperlinks are provided for your reference and convenience only. Please be aware that Arch Capital Group Ltd. and its Subsidiaries do not monitor, endorse or accept responsibility for the content on such websites or the operator or operations of such websites. You are solely responsible for determining the extent to which you may use any content at any other web sites to which you might link from this Website. You agree not to hold Arch Capital Group Ltd. and its Subsidiaries responsible for the content or operation at any other web sites to which you might link from this Website. Selected content on Arch Capital Group Ltd.'s site is provided by a third party. Arch Capital Group Ltd. has no control over, and takes no responsibility for supplementing, correcting or updating that information. Furthermore, Arch Capital Group Ltd. makes no warranties or representations of any kind whether with respect to its accuracy, completeness, timeliness or otherwise. Arch Capital Group Ltd. has no obligation to correct or update that information and shall not be liable for damages of any kind arising out of your access, inability to access or reliance upon the investor information contained in this Website. 12. Communications. You agree that you will not upload to, distribute, or otherwise publish on the Website any slanderous, obscene, libelous, or defamatory material. You are solely responsible for any content you post to this Website and represent and warrant that such content (a) shall not be fraudulent; (b) shall not infringe any third party's copyright, patent, trademark, trade secret or other proprietary rights or rights of publicity or privacy; (c) shall not violate any law, statute, ordinance or regulation (including without limitation those governing import/export control, consumer protection, unfair competition, anti-discrimination or false advertising); and (d) shall not contain any viruses, Trojan horses, worms, time bombs, cancel bots or other computer programming routines that are intended to damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information. 13. Terms for RSS Feeds Subject to the disclaimers in these Terms and Conditions of Use, you may use the RSS feeds from this Website. Furthermore, the contents of this Website are protected by the relevant copyright laws and international copyright treaties and all title, ownership and intellectual property rights remain the respective property of Arch Capital Group Ltd. and each of its Subsidiaries with respect to its own Website. We require proper attribution whenever you use contents from this Website on your Website. We may restrict, modify, suspend, or terminate your access to these feeds, in whole or in part, at any time without liability. We reserve the right to ask that you remove contents in your Website that were derived, copied or otherwise adapted from this Website. 14. Applicable Law These Terms and Conditions of Use are governed by the laws of Bermuda. You hereby consent to the exclusive jurisdiction of the English courts in all disputes arising out of or relating to the use of this Website. Use of this Website is unauthorized in any jurisdiction that does not give effect to all provisions of these Terms and Conditions of Use, including without limitation this paragraph. This does not affect the user's rights under the mandatory consumer laws of any country.

Terms and Conditions of Use

YOUR ACCESS AND USE OF THIS WEBSITE IS SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS AND ALL APPLICABLE LAWS AND REGULATIONS. IF YOU DO NOT AGREE TO ALL OF THESE TERMS AND CONDITIONS, DO NOT ACCESS OR OTHERWISE USE THE WEBSITE OR ANY INFORMATION CONTAINED ON THIS WEBSITE. THESE TERMS AND CONDITIONS OF USE MAY BE REVISED PERIODICALLY AT ANY TIME WITHOUT NOTICE TO YOU. IT IS YOUR RESPONSIBILITY TO VISIT THIS WEBSITE FREQUENTLY TO REVIEW CAREFULLY THE CURRENT TERMS AND CONDITIONS OF USE WHICH GOVERN YOUR CONTINUED USE OF THIS WEBSITE. EACH AND EVERY TIME YOU ACCESS THIS WEBSITE YOU SHALL BE DEEMED TO HAVE AGREED TO THE THEN CURRENT TERMS AND CONDITIONS OF USE. AS A CONDITION OF YOUR USE OF THIS WEBSITE, YOU WARRANT THAT YOU WILL NOT USE THIS WEBSITE FOR ANY PURPOSE THAT IS UNLAWFUL OR PROHIBITED BY THESE TERMS AND CONDITIONS OF USE.

1. Non-Solicitation, Licensing and Regulatory Issues.

This Website is provided for information purposes only. The information on this Website is not an offer to sell or a solicitation to buy any insurance product or security. No insurance product or security is offered or will be sold in any jurisdiction in which such offer or solicitation would be unlawful under the laws of such jurisdiction. Not all insurance coverages or products are available in all jurisdictions. This Website and its content is directed at persons having professional experience in the matters to which it relates and any investments or investment activity to which it relates are available only to such persons or will be engaged in only with such persons. It is not intended to and does not constitute any communication, invitation or inducement to persons not having professional expertise in matters relating to investments or other business products or services that are the subject matter of this Website.

Arch Capital Group Ltd.'s Subsidiaries, Arch Reinsurance Company, Arch Insurance Company, Arch Excess & Surplus Insurance Company, Arch Specialty Insurance Company and Arch Indemnity Insurance Company, are licensed to transact insurance and/or reinsurance business or eligible surplus lines insurers in various states in the United States. Arch Insurance Company (a Missouri corporation, NAIC #11150) is licensed as an insurer in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Arch Specialty Insurance Company (a Nebraska corporation, NAIC #21199) is licensed in the state of Nebraska and is eligible as an excess and surplus lines insurer in additional jurisdictions. Arch Excess & Surplus Insurance Company (a Nebraska corporation, NAIC #10946) is licensed in the state of Nebraska and is eligible as an excess and surplus lines insurer in additional jurisdictions. Arch Indemnity Insurance Company (a Nebraska corporation, NAIC #30830) is licensed in the state of Nebraska and is eligible as an excess and surplus lines insurer in additional jurisdictions.

Excess and surplus lines coverages may only be obtained through licensed surplus lines brokers, except to the extent that insureds may obtain insurance from unauthorized insurers through lawful direct placements or exemptions that may be applicable due to the nature of the coverage or the qualifications of the insured. Such exceptions to the use of a surplus lines broker are highly technical and impose legal obligations upon the insurer, including filings and tax payments, and should be pursued only upon qualified professional advice.

Arch Capital Group Ltd., a Bermuda company, Arch Reinsurance Ltd., a Bermuda company, Arch Insurance Company (Europe) Limited, a company incorporated in England and Wales (Registered Number 4977362), Arch Underwriting at Lloyd's Ltd, a company incorporated in England and Wales (Registered Number 6645822) and its related Lloyd’s operations, Arch Reinsurance Europe Underwriting Limited, a company incorporated in Ireland (Registration Number 457160), and Arch Risk Transfer Services Ltd. a Cayman Islands company, are not licensed or otherwise authorized to conduct business in the United States or Canada and do not engage in or transact any business in the United States or Canada through this Website or otherwise. Arch Insurance Company (Europe) Limited is licensed in all jurisdictions which presently comprise the European Economic Area and is an eligible as an excess and surplus lines insurer in certain states of the United States. Arch Insurance Company (Europe) Limited is authorized to conduct reinsurance in all jurisdictions which presently comprise the European Economic Area. The Canada branch of Arch Insurance Company is licensed in each and every province and territory of Canada except Prince Edward Island. Arch Reinsurance Europe Underwriting Limited, Dublin (Ireland), Zurich Branch is authorized to conduct reinsurance business in Switzerland (to the exclusion of any other insurance business). In other European countries outside of Switzerland, Arch Reinsurance Europe Underwriting Limited, Dublin (Ireland), Zurich Branch may only conduct the insurance or reinsurance business to the extent this is permitted under the applicable and relevant local laws. Arch Reinsurance Europe Underwriting Limited is authorized to conduct reinsurance in all jurisdictions which presently comprise the European Economic Area, including in Denmark through its agent, Arch Re Accident & Health ApS.

2. Privacy.

The Privacy Statement of Arch Capital Group Ltd. and its Subsidiaries applies to use of this Website, and its terms are made a part of these Terms and Conditions of Use by this reference. To view the Privacy Statement of each of Arch Capital Group Ltd. and its Subsidiaries, click here. Additionally, by using this Website, you acknowledge and agree that Internet transmissions are never completely private or secure. You understand that any message or information you send to this Website may be read or intercepted by others, even if there is a special notice that a particular transmission (for example, credit card information) is encrypted.

3. Intellectual Property.

The design of this Website and its content are the property of Arch Capital Group Ltd. or its Subsidiaries and are protected by copyright and other intellectual property laws. Arch Capital Group Ltd. and its Subsidiaries hereby authorize you to view and download the content portion of this Website only for your personal use, provided that you retain, on any copies of the materials, all copyright and other proprietary notices contained on the original materials. You may not otherwise copy, reproduce, modify, adapt, display, perform, publish, create derivative works from, store, sublicense, translate, sell, rent, reverse engineer, decompile, disassemble, or otherwise exploit this Website or its content.

The display of any trade names, trademarks, service marks, logos, or domain names on this Website does not imply that a license of any kind has been granted with respect to such trade names, trademarks, service marks, logos, or domain names. Any unauthorized downloading, re-transmission or other copying or modification of trade names, trademarks, service marks, logos or domain names may be a violation of trademark laws and could subject you to legal action.

You acknowledge that any software which may be available or provided to you on this Website may contain technology that is subject to strict controls pursuant to export control laws and regulations of the United States of America and other countries and jurisdictions. You hereby agree that you will not transfer or export such software in violation of such applicable export laws and regulations. Arch Capital Group Ltd. and its Subsidiaries do not authorize the downloading or exportation of any software or technical data from this Website to any jurisdiction prohibited by such export controls laws and regulations.

4. Security.

You should be aware that the Internet is not secure. If you choose to send any electronic communications by means of this Website, you do so at your own risk. Arch Capital Group Ltd. and its Subsidiaries do not guarantee that such communications will not be intercepted or changed or that they will reach the intended recipient securely.

5. Disclaimers.

YOUR ACCESS TO AND USE OF THIS WEBSITE ARE AT YOUR SOLE RISK. YOU ARE ENTIRELY LIABLE FOR YOUR ACTIVITIES. ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES DO NOT WARRANT THE ACCURACY, COMPLETENESS, TIMELINESS OR OTHER CHARACTERISTICS OF ANY CONTENT AVAILABLE ON OR THROUGH THIS WEBSITE. THIS WEBSITE AND THE INFORMATION ON IT ARE PROVIDED "AS IS." ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE NON-INFRINGEMENT. ANY WARRANTIES FOR CONTENT, INFORMATION, DATA, SERVICES, UNINTERRUPTED ACCESS, OR PRODUCTS PROVIDED THROUGH OR IN CONNCECTION WITH THIS WEBSITE; ANY WARRANTIES CONCERNING THE AVAILABILITY, ACCURACY, USEFULNESS OR CONTENT OF INFORMATION, OR SERVICES OFFERED ON OR THROUGH THIS WEBSITE; AND ANY WARRANTIES THAT THIS WEB SITE IS FREE OF VIRUSES, WORMS, TROJAN HORSES OR OTHER HARMFUL COMPONENTS.

ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES SHALL NOT BE RESPONSIBLE OR LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY LOSS OR DAMAGE CAUSED BY USE OF, OR RELIANCE ON, OR INABILITY TO USE OR ACCESS, OR DELAYS IN, OR INACCURACIES OR ERRORS OR DEFECTS OR OMISSIONS IN THE WEBSITE, REGARDLESS OF THE CLAIM AS TO THE NATURE OF THE CAUSE OF ACTION, EVEN IF ARCH CAPITAL GROUP LTD. OR ANY OF ITS SUBSIDIARIES HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE OR LOSS.

ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES SHALL NOT BE LIABLE UNDER ANY LEGAL THEORY FOR ANY DAMAGES SUFFERED IN CONNECTION WITH USE OF THIS WEBSITE, INCLUDING BUT NOT LIMITED TO ANY LOST PROFITS, LOST SAVINGS OR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES, WHETHER RESULTING FROM IMPAIRED OR LOST DATA, SOFTWARE OR COMPUTER FAILURE OR ANY OTHER CAUSE, BY YOU OR ANY OTHER THIRD PARTY, EVEN IF ARCH CAPITAL GROUP LTD. OR ANY OF ITS SUBSIDIARIES HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. YOU HEREBY EXPRESSLY RELEASE ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES FROM ANY AND ALL LIABILITY OR RESPONSIBILITY TO ANY DAMAGE CAUSED, DIRECTLY OR INDIRECTLY, TO YOU OR ANY THIRD PARTY AS A RESULT OF THIS WEBSITE, ITS CONTENT INCLUDING ANYTHING DOWNLOADED OR ACCESSED. ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES DO NOT REPRESENT OR WARRANT THAT THIS WEBSITE WILL BE AVAILABLE FOR ACCESS ALL THE TIME OR AT ANY TIME ON A CONTINUOUS, UNINTERRUPTED BASIS, AND ARE NOT RESPONSIBLE FOR ANY INCONVENIENCE OR OTHER LOSS THAT YOU MAY SUFFER AS A RESULT. ARCH CAPITAL GROUP LTD. AND ITS SUBSIDIARIES ARE NOT RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER, HARDWARE, SOFTWARE, OR OTHER PROPERTY RESULTING IN ANY WAY FROM YOUR USE OF THIS WEBSITE.

6. Forward-Looking Statements.

The Private Securities Litigation Reform Act of 1995 ("PLSRA") provides a "safe harbor" for forward-looking statements. This report or any other written or oral statements made by or on behalf of us may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. Forward-looking statements, for purposes of the PLSRA or otherwise, can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" and similar statements of a future or forward-looking nature or their negative or variations or similar terminology.

Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. Important factors that could cause actual events or results to differ materially from those indicated in such statements are discussed below, elsewhere in this report and in our periodic reports filed with the Securities and Exchange Commission ("SEC"), and include:

our ability to successfully implement our business strategy during “soft” as well as “hard” markets;
acceptance of our business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and our insureds and reinsureds;
our ability to maintain or improve our ratings, which may be affected by our ability to raise additional equity or debt financings, by ratings agencies' existing or new policies and practices, as well as other factors described herein;
general economic and market conditions (including inflation, interest rates, foreign currency exchange rates, prevailing credit terms and the depth and duration of a recession) and conditions specific to the reinsurance and insurance markets (including the length and magnitude of the current “soft” market) in which we operate;
competition, including increased competition, on the basis of pricing, capacity, coverage terms or other factors;
developments in the world's financial and capital markets and our access to such markets;
our ability to successfully integrate, establish and maintain operating procedures (including the implementation of improved computerized systems and programs to replace and support manual systems) to effectively support our underwriting initiatives and to develop accurate actuarial data;
the loss of key personnel;
the integration of businesses we have acquired or may acquire into our existing operations;
accuracy of those estimates and judgments utilized in the preparation of our financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, contingencies and litigation, and any determination to use the deposit method of accounting, which for a relatively new insurance and reinsurance company, like our company, are even more difficult to make than those made in a mature company since relatively limited historical information has been reported to us through September 30, 2011;
greater than expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;
severity and/or frequency of losses;
claims for natural or man-made catastrophic events in our insurance or reinsurance business could cause large losses and substantial volatility in our results of operations;
acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events;
losses relating to aviation business and business produced by a certain managing underwriting agency for which we may be liable to the purchaser of our prior reinsurance business or to others in connection with the May 5, 2000 asset sale described in our periodic reports filed with the SEC;
availability to us of reinsurance to manage our gross and net exposures and the cost of such reinsurance;
the failure of reinsurers, managing general agents, third party administrators or others to meet their obligations to us;
the timing of loss payments being faster or the receipt of reinsurance recoverables being slower than anticipated by us;
our investment performance, including legislative or regulatory developments that may adversely affect the market value of our investments;
the impact of an inability to reach agreement on a national debt ceiling in the United States or the perceived inability of the United States to continue to pay its debt obligations when due, including the possible downgrade of U.S. securities by credit rating agencies, and the resulting effect on the value of securities in the Company’s investment portfolio as well as the uncertainty in the market generally;
material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements;
changes in accounting principles or policies or in our application of such accounting principles or policies;
changes in the political environment of certain countries in which we operate or underwrite business;
statutory or regulatory developments, including as to tax policy and matters and insurance and other regulatory matters such as the adoption of proposed legislation that would affect Bermuda-headquartered companies and/or Bermuda-based insurers or reinsurers and/or changes in regulations or tax laws applicable to us, our subsidiaries, brokers or customers; and
the other matters set forth under Item 1A “Risk Factors”, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” and other sections of this Annual Report on Form 10-K, as well as the other factors set forth in Arch Capital Group Ltd.'s other documents on file with the SEC, and management's response to any of the aforementioned factors.

All subsequent written and oral forward looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. We undertake no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise.

7. Stock Quote Disclaimer.

The stock price available through this Website may be delayed, and is provided for informational purposes only and is not intended for trading purposes. Arch Capital Group Ltd. and its Subsidiaries or its stock information provider shall not be liable for any inaccuracies or delays in the quote, or for any actions you might take in reliance thereon.

8. Indemnification.

You agree to defend, indemnify and hold Arch Capital Group Ltd. and its Subsidiaries and their employees, agents, officers, directors, contractors, suppliers and other representatives harmless from and against all liabilities, damages, claims, actions, costs and expenses (including reasonable attorneys' fees) in connection with or arising from your use of this Website. Arch Capital Group Ltd. and its Subsidiaries may, if necessary, participate in the defense of any claim or action at your expense and any negotiations for settlement. Arch Capital Group Ltd. and its Subsidiaries reserve the right, on notice to you, to assume exclusive defense and control of any claim or action subject to indemnification by you, without relieving you of your indemnification obligations hereunder. Upon learning of a claim by a third party that your use violates or allegedly violates a third party's rights, you agree to promptly notify Arch Capital Group Ltd. of any such claim. You agree to cooperate with us as reasonably required in the defense of any such claims, and you shall not in any event settle any such claim or matter without the written consent of Arch Capital Group Ltd.

9. Remedies for Misuse

You agree that any unauthorized use of this Website or its contents that may cause Arch Capital Group Ltd. or its Subsidiaries immediate and irreparable harm for which money damages may not constitute an adequate remedy. You further agree that injunctive relief, in addition to any other remedies available, may be warranted in order to enforce these Terms and Conditions of Use. You further understand that unauthorized use of this Website may expose you to civil and criminal liability and that we may report violations of these Terms and Conditions of Use to and cooperate fully with the appropriate law enforcement authorities concerning any violations hereof.

10. Interpretation.

If any provision of these Terms and Conditions of Use is held invalid or unenforceable, that provision will be enforced to the maximum extent permissible, and other provisions shall remain enforceable and in full effect. No failure or delay in enforcing any term, exercising any option or requiring performance shall be a waiver of that or any other right.

11. Links to Third Party Sites.

This Website may contain hyperlinks to websites operated by persons or entities other than Arch Capital Group Ltd. or its Subsidiaries. Such hyperlinks are provided for your reference and convenience only. Please be aware that Arch Capital Group Ltd. and its Subsidiaries do not monitor, endorse or accept responsibility for the content on such websites or the operator or operations of such websites. You are solely responsible for determining the extent to which you may use any content at any other web sites to which you might link from this Website. You agree not to hold Arch Capital Group Ltd. and its Subsidiaries responsible for the content or operation at any other web sites to which you might link from this Website. Selected content on Arch Capital Group Ltd.'s site is provided by a third party. Arch Capital Group Ltd. has no control over, and takes no responsibility for supplementing, correcting or updating that information. Furthermore, Arch Capital Group Ltd. makes no warranties or representations of any kind whether with respect to its accuracy, completeness, timeliness or otherwise. Arch Capital Group Ltd. has no obligation to correct or update that information and shall not be liable for damages of any kind arising out of your access, inability to access or reliance upon the investor information contained in this Website.

12. Communications.

You agree that you will not upload to, distribute, or otherwise publish on the Website any slanderous, obscene, libelous, or defamatory material. You are solely responsible for any content you post to this Website and represent and warrant that such content (a) shall not be fraudulent; (b) shall not infringe any third party's copyright, patent, trademark, trade secret or other proprietary rights or rights of publicity or privacy; (c) shall not violate any law, statute, ordinance or regulation (including without limitation those governing import/export control, consumer protection, unfair competition, anti-discrimination or false advertising); and (d) shall not contain any viruses, Trojan horses, worms, time bombs, cancel bots or other computer programming routines that are intended to damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information.

13. Terms for RSS Feeds

Subject to the disclaimers in these Terms and Conditions of Use, you may use the RSS feeds from this Website. Furthermore, the contents of this Website are protected by the relevant copyright laws and international copyright treaties and all title, ownership and intellectual property rights remain the respective property of Arch Capital Group Ltd. and each of its Subsidiaries with respect to its own Website. We require proper attribution whenever you use contents from this Website on your Website. We may restrict, modify, suspend, or terminate your access to these feeds, in whole or in part, at any time without liability. We reserve the right to ask that you remove contents in your Website that were derived, copied or otherwise adapted from this Website.

14. Applicable Law

These Terms and Conditions of Use are governed by the laws of Bermuda. You hereby consent to the exclusive jurisdiction of the English courts in all disputes arising out of or relating to the use of this Website. Use of this Website is unauthorized in any jurisdiction that does not give effect to all provisions of these Terms and Conditions of Use, including without limitation this paragraph. This does not affect the user's rights under the mandatory consumer laws of any country.