Arch Capital 2026 Insurance Forum Takeaways

Research evidence excerpt

Arch Capital 2026 Insurance Forum Takeaways

J P M O R G A N North America Equity Research

12 May 2026

Arch Capital Neutral

ACGL, ACGL US

2026 Insurance Forum Takeaways Price (12 May 26):$94.31

Insurance - Life & Nonlife

Francois Morin (CFO), Matt Shulman (CEO, Arch Insurance North America), and Pablo S. Singzon AC

Vinay Misquith (SVP, Finance) attended our insurance forum. Our meeting notes (1-212) 622-2295

are summarized below. Management emphasized opportunities in primary pablo.s.singzon@jpmorgan.com

insurance and continued strong underwriting results in mortgage insurance, Kevin Wijendra

counterbalanced by a more challenging competitive environment in reinsurance. (1-212) 622-7054

On capital, ACGL commented that share buybacks remain a priority, and that it kevin.wijendra@jpmorgan.com

J.P. Morgan Securities LLC

does not see many inorganic opportunities in the current market.

• Arch was constructive on US middle market (MidCorp, ~$1.2 billion of

GWP or 11% of P&C insurance), which management characterized as a

business where placements tend to be more relationship-based, stickier, and

less price driven, and which would have been challenging to build organically

(which we agree with). The core line in middle market is packaged business

(casualty and property), which is provided by 6-7 companies at the national

level, creating what management sees as a rational competitive environment.

ACGL also identified workers’ compensation as a potential growth

opportunity. Arch believes that it can compete with larger middle market/

packaged insurers by being more nimble in providing coverage, increasing

customer segmentation, differentiating on service, specializing in certain

verticals, and leveraging scale. Management also emphasized MidCorp's