Research · Sep 3, 2026
[ACGL] Arch Capital Thesis 2026: Book Value Surges as Record Buyback Signals Confidence
Arch Capital Group FY25 (Dec 31, 2025) at $19.93B revenue (+14%). NI $4.40B; EPS $11.62. Q4 after-tax operating income $1.1B (+26%); FY $3.7B. Book value per share +22.6%. Buyback $1.9B FY25 (fastest pace ever). Reinsurance record $1.6B FY underwriting income. Insurance Q4 ex-cat combined ratio 90.8%. FY26 cat losses 7-8% of NEP guide; active buyback.