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Regulation FD Disclosure – Form 8-K
ITEM 7.01Regulation FD Disclosure.
On November 17, 2023 , Arch Mortgage Insurance Company and United Guaranty Residential Insurance Company (the "Bellemeade Cedants"), both subsidiaries of Arch Capital Group Ltd. , exercised their rights to terminate aggregate excess of loss mortgage reinsurance agreements with certain special purpose reinsurance companies domiciled in Bermuda (the "Terminated Bellemeade Agreements").The terminations are due to changes in Standard & Poor's ("S&P") Insurer Risk-Based Capital Adequacy Criteria that will have an impact on the Bellemeade Cedants' S&P capital treatment of the Terminated Bellemeade Agreements. The S&P changes became effective on November 15, 2023 . Prior to such S&P changes, the Bellemeade Cedants received significant S&P capital relief from the Terminated Bellemeade Agreements, whereas following such changes the Bellemeade Cedants will receive substantially decreased S&P capital relief.
The Terminated Bellemeade Agreements consist of the following: Bellemeade Re 2018-1, 2019-2, 2019-4, 2020-2, 2020-3, 2020-4, 2021-1, and 2021-2. The redemption date for the Bellemeade Agreements will be December 27, 2023 .As of September 30, 2023 , the Terminated Bellemeade Agreements represented $1.7 billion in limit of total coverage of $3.2 billion from all mortgage insurance-linked note vehicles. The remaining reinsurance agreements with Bellemeade Cedants will remain in place subject to their terms.
The information in this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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