Acquisition of Allianz's U.S. Middle Market and Entertainment Businesses

Informational Statements

The Private Securi es Li ga on Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries ("Arch", or the "Company") may include forward−looking statements, which reflect the Company's 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 release are forward−looking statements.

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This presentation may contain non-GAAP financial measures as defined by Regulation G of the rules of the SEC. Arch believes these non-GAAP measures provide users of its financial information meaningful and useful insight in evaluating the performance of the Company. Investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, the comparable GAAP measures. Additional information about non-GAAP measures can also be found in the Current Report on Form 8-K furnished to the SEC by the Company in connection with its most recent earnings press release and the Company's website: www.archgroup.com. From time to time, the Company posts additional financial information and presentations to its website, including information with respect to its subsidiaries, and investors and other recipients of this information are encouraged to check the website.

Transaction Highlights

• Acquisition accelerates build-out of Arch Insurance's U.S. middle market segment with a scalable platform that wrote $1.7B of GPW in 2023.

• In addition to scale, acquired business adds valuable distribution relationships with a broad group of retail brokers, in-house claims management capabilities, and strong underwriting expertise in Retail Property.

• Priced to achieve attractive transaction IRR and to be accretive to EPS and ROE beginning in 2025.

• Arch to remain well capitalized pro forma after transaction.

Transaction enhances Arch's growth strategy in key insurance markets where underwriting expertise is a competitive advantage.

Overview of Acquired Business (1/2)

• Scaled Middle Market, Programs and Entertainment

commercial business written out of Fireman's Fund Insurance Company and subsidiaries1.

 Provides admitted P&C coverages to middle market companies and specialized coverages to the entertainment sector for 30K+ accounts in all 50 states.

 Business adds historically strong relationships with a broad group of retail brokers, in-house claims management capabilities, underwriting expertise in Retail Property and scalable platform for middle market business.

• Multiyear underwriting and operational transformation program launched under Allianz ownership in 2017 has reshaped the book and improved performance.
• Arch expects to further enhance underwriting and claims

management of the business through deployment of best- in-class analytics and customer-centric capabilities, and expansion in adjacent business lines.

GPW ($M)

• Includes Fireman's Fund Insurance Co. subsidiaries: American Automobile Insurance Co., Chicago Insurance Co., Interstate Fire & Casualty Co., and National Surety Co.

Overview of Acquired Business (2/2)

Key Transaction Terms

• Subsequent to closing, Allianz may pursue a legal entity separation with Arch acquiring entities only containing in-scope business upon completion of separation; acquisition is not contingent on the separation

Transaction Structure

Transaction structured as an asset purchase to ensure transfer of in-scope business only.

• Includes Fireman's Fund Insurance Co. subsidiaries: American Automobile Insurance Co., Chicago Insurance Co., Interstate Fire & Casualty Co., and National Surety Co.

Contact

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