<SEC-DOCUMENT>0000947484-20-000068.txt : 20200630
<SEC-HEADER>0000947484-20-000068.hdr.sgml : 20200630
<ACCEPTANCE-DATETIME>20200630143933
ACCESSION NUMBER:		0000947484-20-000068
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20200630
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200630
DATE AS OF CHANGE:		20200630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARCH CAPITAL GROUP LTD.
		CENTRAL INDEX KEY:			0000947484
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16209
		FILM NUMBER:		201002006

	BUSINESS ADDRESS:	
		STREET 1:		WATERLOO HOUSE, GROUND FLOOR
		STREET 2:		100 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		441-278-9250

	MAIL ADDRESS:	
		STREET 1:		WATERLOO HOUSE, GROUND FLOOR
		STREET 2:		100 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCH CAPITAL GROUP LTD
		DATE OF NAME CHANGE:	20000508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RISK CAPITAL HOLDINGS INC
		DATE OF NAME CHANGE:	19950816

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RISK CAPITAL RE INC
		DATE OF NAME CHANGE:	19950703
</SEC-HEADER>
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style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">(Commission File Number)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">(I.R.S. 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style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:right;text-indent:480px;font-size:11pt;"><span style="font-family:inherit;font-size:10pt;">Emerging growth company&#160;&#160;&#160;&#160;&#160;</span><span><ix:nonNumeric id="d828511e505-wk-Fact-E7860F21F6765CEFB3BA86FF010DB47B" name="dei:EntityEmergingGrowthCompany" contextRef="D2020Q2Jun30" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;font-size:11pt;">&#9744;</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;text-align:left;font-size:9.9pt;"><span style="font-family:inherit;font-size:9.9pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#160;</span><span style="font-family:Arial Unicode MS;font-size:9.9pt;">&#9744;</span></div><div><br/></div><hr style="page-break-after:always"></hr><div><br/></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 1.01&#160;&#160;&#160;&#160;</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Entry into a Material Definitive Agreement.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On June 30, 2020, Arch Capital Group Ltd. (the &#8220;Issuer&#8221;), completed the public offering of $1,000,000,000 aggregate principal amount of its 3.635% senior notes due 2050 (the &#8220;Notes&#8221;). The Notes have been registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), pursuant to the Issuer&#8217;s universal shelf registration statement on Form S-3 (File No. 333-221344), as supplemented by the prospectus supplement dated June 23, 2017, previously filed with the Securities and Exchange Commission under the Securities Act.</span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Notes were issued pursuant to an indenture (the &#8220;Base Indenture&#8221;), dated as of May 4, 2004, by and between the Issuer and The Bank of New York Mellon (the &#8220;Trustee&#8221;), as successor trustee to JPMorgan Chase Bank, as supplemented by a Second Supplemental Indenture, dated as of June 30, 2020, by and between the Issuer and the Trustee (the &#8220;Second Supplemental Indenture&#8221;, together with the Base Indenture, the &#8220;Indenture&#8221;). The Notes are senior unsecured obligations of the Issuer and rank equally with the other unsecured and unsubordinated indebtedness of the Issuer. </span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Issuer will pay interest on the Notes semi-annually in arrears on June 30 and December 30, beginning on December 30, 2020, to holders of record on the preceding June 15 or December 15, as the case may be. Interest will be calculated on the basis of a 360-day year of twelve 30-day months.</span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Unless previously redeemed, the Notes will mature on June 30, 2050, subject to deferral if the Issuer is not, at the time of such maturity, in compliance with certain regulatory capital requirements of applicable insurance supervisory laws then in effect. Other than in the case of redemption as a result of certain tax events (which such redemption will be permitted at the Issuer&#8217;s option at any time during the life of the Notes in whole and not in part at redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date), the Notes may be redeemed at the Issuer&#8217;s option at any time and from time to time prior to December 30, 2049, in whole or in part, at a redemption price equal to the &#8220;make-whole&#8221; redemption price, plus accrued and unpaid interest thereon to, but excluding, the redemption date. In addition, the Notes may be redeemed at the Issuer&#8217;s option at any time and from time to time on or after December 30, 2049, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The Notes are subject to certain covenants, including limitations on the ability of the Issuer and certain designated subsidiaries, with exceptions, to incur liens on the stock of certain designated subsidiaries, or dispose of capital stock of certain designated subsidiaries.</span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Indenture contains customary terms that upon certain events of default occurring and continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding may declare the principal of the Notes and any accrued and unpaid interest through the date of such declaration immediately due and payable. In the case of certain events of bankruptcy or insolvency relating to the Issuer, the principal amount of the Notes, together with any accrued and unpaid interest through the occurrence of such event, shall be immediately due and payable.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Copies of the Base Indenture and the Second Supplemental Indenture (including the form of Notes) are attached hereto as Exhibits 4.1 and 4.2 respectively, and are incorporated herein by reference. The description of the Indenture and the Notes in this report are summaries and are qualified in their entirety by the terms of the Indenture and the form of Note.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 2.03&#160;&#160;&#160;&#160;</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The information provided in Item 1.01 of this report is incorporated by reference into this Item 2.03.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 8.01&#160;&#160;&#160;&#160;</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Other Events.</span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In connection with the offering of the Notes, the Issuer is filing the legal opinions relating to the offering as Exhibit 5.1 and 5.2 to this report.</span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Financial Statements and Exhibits</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;">.</span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(d):&#160;&#160;&#160;&#160; The following exhibits are being filed herewith.</span></div><div><br/></div><hr style="page-break-after:always"></hr><div><br/></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:14%;"></td><td style="width:7%;"></td><td style="width:79%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">EXHIBIT&#160;NO.</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:1pt;"><span style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">DESCRIPTION</span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">4.1</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="http://www.sec.gov/Archives/edgar/data/947484/000104746904016436/a2136126zex-99_2.htm"><span style="font-family:inherit;font-size:10pt;">Indenture, dated as of May&#160;4, 2004, by and between Arch Capital Group Ltd., and The Bank of New York Mellon, as successor trustee to JPMorgan Chase Bank (incorporated by reference to Exhibit&#160;99.2 to&#160;Form&#160;8-K&#160;filed on May&#160;7, 2004)</span></a></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">4.2</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="ex4263020.htm"><span style="font-family:inherit;font-size:10pt;">Second Supplemental Indenture, dated as of June 30, 2020, by and between Arch Capital Group Ltd. and The Bank of New York Mellon (including the form of Global Notes for the Notes).</span></a></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">5.1</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="ex51cahill.htm"><span style="font-family:inherit;font-size:10pt;">Opinion of Cahill Gordon &amp; Reindel LLP</span></a></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">5.2</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><a 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style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">104</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div><br/></div><hr style="page-break-after:always"></hr><div><br/></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">SIGNATURES</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.44054580896686%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:49%;"></td><td style="width:6%;"></td><td style="width:8%;"></td><td style="width:37%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><span style="font-family:inherit;font-size:1pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">ARCH CAPITAL GROUP LTD.</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Date: June 30, 2020</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">By:</span></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">/s/ Fran&#231;ois Morin</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><span style="font-family:inherit;font-size:1pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><span style="font-family:inherit;font-size:1pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Name:</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Fran&#231;ois Morin</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><span style="font-family:inherit;font-size:1pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><span style="font-family:inherit;font-size:1pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Title:</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Executive Vice President, Chief Financial Officer and Treasurer</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div><br/></div>	</div></body>
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<TYPE>EX-4.2
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<FILENAME>ex4263020.htm
<DESCRIPTION>EX 4.2
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<div><a name="sC8AD00A47CFC74B2B94C04ADD9408BCF"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 4.2</font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ARCH CAPITAL GROUP LTD., <br>as Issuer,</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">and</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">THE BANK OF NEW YORK MELLON, <br>as Trustee</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">SECOND SUPPLEMENTAL INDENTURE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated June 30, 2020</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.635% Senior Notes due 2050</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><a name="s7BE016D4DA7A42D5B2D404ADD95EEC67"></a></div><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECOND SUPPLEMENTAL INDENTURE, dated June 30, 2020, between Arch Capital Group Ltd., a Bermuda company limited by shares (herein called the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and The Bank of New York Mellon, a New York banking corporation, as trustee hereunder (herein called the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Trustee</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as successor trustee to JPMorgan Chase Bank.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">RECITALS OF THE COMPANY</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company and the Trustee entered into an Indenture dated as of May 4, 2004 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Original Indenture</font><font style="font-family:inherit;font-size:12pt;">&#8221;), pursuant to which senior unsecured debentures, notes or other evidences of indebtedness of the Company (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Securities</font><font style="font-family:inherit;font-size:12pt;">&#8221;), which may be convertible into or exchangeable for any securities of any Person (including the Company), may be issued in one or more series from time to time.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 301 of the Original Indenture permits the terms of any series of Securities to be established in an indenture supplemental to the Original Indenture.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 901 of the Original Indenture provides that a supplemental indenture may be entered into by the Company and the Trustee without the consent of any Holders of the Securities for certain purposes stated therein.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company has requested the Trustee to join with it in the execution and delivery of this Second Supplemental Indenture in order to supplement the Original Indenture by, among other things, establishing certain terms of a series of Securities to be known as the Company&#8217;s &#8220;3.635% Senior Notes due 2050&#8221; (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Notes</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and adding certain provisions thereof for the benefit of the Holders of the Notes.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company has furnished the Trustee with a duly authorized and executed Company Order dated June 30, 2020 authorizing the execution of this Second Supplemental Indenture and the issuance of the Notes.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">All things necessary to make this Second Supplemental Indenture a valid agreement of the Company and the Trustee and a valid supplement to the Original Indenture have been done.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For and in consideration of the premises and the purchase of the Notes to be issued hereunder by Holders thereof, the Company and the Trustee mutually covenant and agree, for the equal and proportionate benefit of the respective Holders from time to time of the Notes, as follows:</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"><br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE ONE</font></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"><br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DEFINITIONS AND OTHER PROVISIONS</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">OF GENERAL APPLICATION</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 1.1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Original Indenture together with this Second Supplemental Indenture are hereinafter sometimes collectively referred to as the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Indenture</font><font style="font-family:inherit;font-size:12pt;">.&#8221;  For the avoidance of doubt, references to any &#8220;Section&#8221; of the &#8220;Indenture&#8221; refer to such Section of the Original Indenture as supplemented and amended by this Second Supplemental Indenture.  All capitalized terms which are used herein and not otherwise defined herein are defined in the Original Indenture and are used herein with the same meanings as in the Original Indenture.  If a capitalized term is defined in the Original Indenture and this Second Supplemental Indenture, the definition in this Second Supplemental Indenture shall apply to the Notes.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In addition, the following defined terms used in this Second Supplemental Indenture shall have the meanings specified below. </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Applicable Supervisory Regulations</font><font style="font-family:inherit;font-size:12pt;">&#8221; means such insurance supervisory laws, rules and regulations relating to group supervision or the supervision of single insurance entities, as applicable, which are applicable to the Company or the Insurance Group, and which shall initially mean the Group Rules until such time when the BMA no longer has jurisdiction or responsibility to regulate the Company or the Insurance Group.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">BMA</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Bermuda Monetary Authority, or, should the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Company or the Insurance Group, as the context requires, a regulator which is otherwise subject to Applicable Supervisory Regulations.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Commercially Reasonable Efforts</font><font style="font-family:inherit;font-size:12pt;">&#8221; means commercially reasonable efforts consistent with the efforts of a comparable third party in the Company&#8217;s industry operating under similar circumstances in carrying out of obligations to complete the offer and sale of Qualifying Securities, subject to the existence of a Market Disruption Event, in an amount necessary to satisfy the Replacement Capital Obligation, to third parties that are not Subsidiaries of the Company in either public offerings or private placements. </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Comparable Treasury Issue</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes being redeemed (assuming for the avoidance of doubt for this purpose that the Notes mature on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate notes of comparable maturity to the remaining term of the Notes (assuming for the avoidance of doubt for this purpose that the Notes mature on the Par Call Date).</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Comparable Treasury Price</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, for any Redemption Date for the Notes, as applicable, (i)&#160;the average of the Reference Treasury Dealer Quotations for the Redemption Date for the Notes, after excluding the highest and lowest Reference Treasury Dealer Quotations for that Redemption Date, or (ii)&#160;if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all the Reference Treasury Dealer Quotations obtained.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conditions to Redemption</font><font style="font-family:inherit;font-size:12pt;">&#8221; are satisfied on any day with respect to a  redemption of the Notes, if:</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:96px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(i)</font><font style="font-family:inherit;font-size:12pt;">the Solvency Capital Requirement is complied with after the repayment or purchase of the Notes; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)&#160;&#160;&#160;&#160;with regard to redemptions occurring prior to December 31, 2023, the BMA has given, and not withdrawn by such date, its prior consent to the redemption of the Notes and the payment of accrued and unpaid interest or to the purchase of the Notes; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, that if under the Applicable Supervisory Regulations no such consent is required at the time in order for the Notes to qualify or continue to qualify, as applicable, as Tier 3 Capital of the Company or the Insurance Group, this clause (ii) shall not apply.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In the event (i) or (ii) above are not satisfied, the Conditions to Redemption will be deemed to be satisfied when the capital represented by the Notes to be redeemed or repaid is replaced with capital having equal or better treatment as the Notes under the Group Rules.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ECR</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the enhanced capital requirement applicable to the Insurance Group and as defined in the Insurance Act or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements defined in the Applicable Supervisory Regulations.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Final Maturity Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; means with respect to the Notes, a date after the Scheduled Maturity Date that is the earlier of (i)&#160;10 Business Days after the applicable Conditions to Redemption become satisfied and would continue to be satisfied if the final redemption payment were made on such date (so long as such requirements continue to be so satisfied on such 10th Business Day), and (ii) the date on which a Winding-Up occurs with respect to the Company.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Group Rules</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Group Solvency Standards, together with the Group Supervision Rules, as those rules and regulations may be amended or replaced from time to time.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Group Solvency Standards</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Bermuda Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011, as those rules and regulations may be amended or replaced from time to time.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Group Supervision Rules</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Independent Investment Banker</font><font style="font-family:inherit;font-size:12pt;">&#8221; means one of the Reference Treasury Dealers appointed by the Company after consultation with the Trustee. </font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Insurance Act</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Bermuda Insurance Act 1978 and related regulations, as amended or replaced from time to time.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Insurance Group</font><font style="font-family:inherit;font-size:12pt;">&#8221; means all Subsidiaries of the Company that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">A &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Market Disruption Event</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the occurrence or existence of any of the following events or sets of circumstances:  </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(1)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">trading in securities generally (or in the Company&#8217;s common shares, preference shares or other securities specifically) on the New York Stock Exchange, any other U.S. national or international securities exchange or over-the-counter market on which the Company&#8217;s common shares and/or preference shares and/or other securities are then listed or traded shall have been suspended or settlement on any such exchange generally shall have been materially disrupted or minimum prices shall have been established on any such exchange or market by the relevant exchange or by any other regulatory body or governmental agency having jurisdiction, and the establishment of such minimum prices materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, Qualifying Securities;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(2)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font 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style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">there shall have occurred any other national or international calamity or crisis (including any pandemic or epidemic) and such event materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, Qualifying Securities for the purposes of satisfying the Replacement Capital Obligation; </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(6)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font 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material fact required to be stated in that offering document or necessary to make the statements in that offering document not misleading and either (a)&#160;the disclosure of that event at such time, in the Company&#8217;s reasonable judgment, is not otherwise required by law and would have an adverse effect on its business in any material respect, (b)&#160;the disclosure relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which would impede, delay or otherwise negatively effect the Company&#8217;s ability to consummate that transaction or (c) the event relates to a previously undisclosed material (re)insurance loss and the disclosure of that event at such time, in the Company&#8217;s reasonable judgment, is impeded by the current nature of such event and the extent of losses remain under consideration by the Company&#8217;s management pending further information from brokers, cedants or insureds, provided that no single suspension 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item 8 shall exceed 90 consecutive days and multiple suspension periods described in this item 8 shall not exceed an aggregate of 90 days in any 180-day period. </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">material indebtedness</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any bond, debenture, note or other evidence of indebtedness of the Company, in each case for money borrowed, in an aggregate amount exceeding $100,000,000.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Outstanding</font><font style="font-family:inherit;font-size:12pt;">,&#8221; when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under the Indenture, except:</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(i)</font><font style="font-family:inherit;font-size:12pt;">Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(ii)</font><font style="font-family:inherit;font-size:12pt;">Securities for whose payment or redemption money or evidences of indebtedness in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">that</font><font style="font-family:inherit;font-size:12pt;">, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefor satisfactory to the Trustee has been made; and</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font 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determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Responsible Officer of the Trustee knows to be so owned shall be so disregarded.  Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#8217;s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.  In case of a dispute as to such right, any decision by the Trustee shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers&#8217; Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described Persons; and, subject to Section 601 of the Original Indenture, the Trustee shall be entitled to accept such Officers&#8217; Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purposes of any such determination.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Par Call Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; means December 30, 2049.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Qualifying Securities</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any securities (other than the Company&#8217;s common shares, rights to purchase the Company&#8217;s common shares and securities convertible into or exchangeable for the Company&#8217;s common shares, such as preference shares that are convertible into the Company&#8217;s common shares) having equal or better capital treatment as the capital represented by the Notes under the Group Supervision Rules.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reference Treasury Dealer</font><font style="font-family:inherit;font-size:12pt;">&#8221; means (1) each of Wells Fargo Securities, LLC, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. 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means, for each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the Redemption Date for the Notes being redeemed.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Relevant Taxing Jurisdiction</font><font style="font-family:inherit;font-size:12pt;">&#8221; means Bermuda or any political subdivision or taxing authority thereof or therein.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Responsible Officer</font><font style="font-family:inherit;font-size:12pt;">,&#8221; when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, senior associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of the Indenture.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Scheduled Maturity Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; means June 30, 2050.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Solvency Capital Requirement</font><font style="font-family:inherit;font-size:12pt;">&#8221; 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means &#8220;Tier 3 Ancillary Capital&#8221; as set out in the Group Supervision Rules (or, if the Group Supervision Rules are amended so as to no longer refer to Tier 3 Ancillary Capital in this respect, the nearest corresponding concept (if any) under the Group Supervision Rules, as amended).</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Treasury Rate</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, for any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Redemption Date.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Winding</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-weight:bold;">-Up</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221; will occur, with respect to any Person, if: (i)&#160;at any time an order is made, or an effective resolution is passed, for the&#160;winding-up&#160;of such Person (except, in any such case, a solvent&#160;winding-up&#160;solely for the purpose of a reorganization, merger or amalgamation or the substitution in place of such Person of a successor in business of such Person, the terms of which reorganization, merger, amalgamation or substitution (x) (A)&#160;have previously been approved in writing by the Trustee or by Holders of a majority in aggregate principal amount of the Outstanding Notes and (B)&#160;do not provide that the Notes or any amount in respect thereof shall thereby become payable) or (y) is permitted by the Indenture); or (ii)&#160;an administrator of such Person is appointed and such administrator gives notice that it intends to declare and distribute a dividend.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 1.2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Interpretation</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For all purposes of this Second Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(1)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the terms defined in this article have the meanings assigned to them in this article and include the plural as well as the singular;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(2)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(3)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term &#8220;generally accepted accounting principles&#8221; 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Designations</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In accordance with Section 301 of the Original Indenture, the Company hereby creates the Notes as a series of its Securities issued pursuant to the Indenture.  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Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents.  No service charge shall be made for any registration of transfer or exchange, but the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE FOUR</font></div><div style="line-height:130%;padding-bottom:10px;text-align:center;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">&#32;&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">OPTIONAL REDEMPTION; MATURITY</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 4.1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Repayment at Final Maturity</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Unless previously redeemed or purchased and cancelled, the Notes will become finally due and payable, and will be repaid, on the Final Maturity Date at a price equal to the principal amount thereof, together with accrued and unpaid interest on the Notes to, but excluding, the Final Maturity Date. </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For the avoidance of doubt, interest shall continue to accrue and be payable for so long as the principal amount of the Notes remain Outstanding.  In the event the Scheduled Maturity Date and the Final Maturity Date are not the same, the failure to repay the Notes on the Scheduled Maturity Date will constitute neither an Event of Default under the Indenture nor a default of any kind and will not give Holders of the Notes or the Trustee any right to accelerate repayment of the Notes or any other remedies (whether contractual, legal, equitable or otherwise). </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Company will only be permitted to repay the principal amount of the Notes on the Scheduled Maturity Date if the Conditions to Redemption are satisfied on the Scheduled Maturity Date.   </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">In the event that:</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(i)</font><font style="font-family:inherit;font-size:12pt;">as</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">of the Solvency Test Date or any date thereafter and including on the Scheduled Maturity Date or the Final Maturity Date, as may be applicable, the Company (A) does not have sufficient capital to satisfy the</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Solvency Capital Requirement</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">(the &#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-weight:bold;">First ECR Condition</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221;) or (B) would not have sufficient capital to satisfy the Solvency</font><font style="font-family:inherit;font-size:12pt;">&#32;Capital Requirement </font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">after giving effect to the repayment of the Notes (the &#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-weight:bold;">Second ECR Condition</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221; and, together with the First ECR Condition, each an &#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-weight:bold;">ECR Condition</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221;), the Company will promptly begin using Commercially Reasonable Efforts, subject to the existence of a Market Disruption Event, to raise proceeds from the issuance of Qualifying Securities in an amount at least equal to the principal amount of the Notes due to be repaid (the</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Replacement Capital Obligation</font><font style="font-family:inherit;font-size:12pt;">&#8221;); </font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(ii)</font><font style="font-family:inherit;font-size:12pt;">on</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">or after the Solvency Test Date and prior to the Scheduled Maturity Date, the Company is unable to satisfy any ECR Condition, the Company will, within 10 Business Days of the principal executive officer or the principal financial officer of the Company becoming aware of the Company&#8217;s inability to so satisfy such ECR Condition, notify the Trustee in writing of such inability (which the Trustee will promptly disseminate to the Holders of the Notes);</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">,</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">, that the Company will provide any such notice no later than the Business Day immediately preceding the Scheduled Maturity Date; and</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(iii)</font><font style="font-family:inherit;font-size:12pt;">the</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">Scheduled Maturity Date and Final Maturity Date are not the same, after a Final Maturity Date has been established:</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">then:</font></div><div style="line-height:125%;padding-left:96px;padding-bottom:14px;text-align:justify;text-indent:48px;"><font style="padding-bottom:14px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(A)</font><font style="font-family:inherit;font-size:12pt;">the Company will promptly notify the Trustee in writing of such Final Maturity Date (which the Trustee will promptly disseminate to the Holders of the Notes); and </font></div><div style="line-height:125%;padding-left:96px;padding-bottom:14px;text-align:justify;text-indent:48px;"><font style="padding-bottom:14px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(B)</font><font style="font-family:inherit;font-size:12pt;">if the Company is then unable to satisfy any ECR Condition as of such Final Maturity Date, the Company will, promptly after the principal executive officer or the principal financial officer of the Company becomes aware of the Company&#8217;s inability to so satisfy such ECR Condition, notify the Trustee in writing of such inability (which the Trustee will promptly disseminate to the Holders of the Notes); </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, that the Company will provide any such notice no later than the Business Day immediately preceding such Final Maturity Date. </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If a successful issuance of Qualifying Securities satisfying the Replacement Capital Obligation occurs after the Solvency Test Date, but prior to the Scheduled Maturity Date or the Final Maturity Date, as may be applicable (an &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">RCO Satisfying Issuance</font><font style="font-family:inherit;font-size:12pt;">&#8221;), then (i) such RCO Satisfying Issuance will constitute an issuance of replacement capital in satisfaction of the Conditions to Redemption for redemptions or repayments occurring prior to or on the Scheduled Maturity Date or the Final Maturity Date, as may be applicable, and (ii) the Company will promptly notify the Trustee of such RCO Satisfying Issuance in writing (which the Trustee will promptly disseminate to the Holders of the Notes). Subject to the prior sentence, the Replacement Capital Obligation will continue to apply until the earliest of (a)&#160;an RCO Satisfying Issuance, (b)&#160;the Conditions to Redemption are satisfied by means other than an RCO Satisfying Issuance; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">&#32;that, if the Conditions to Redemption cease to be satisfied prior to the Final Maturity Date, the Replacement Capital Obligation will be reinstated or (c) an Event of Default occurs. Accordingly, the Replacement Capital Obligation will cease to apply if the Company is able to restore its compliance with the Solvency Capital Requirement, after giving effect to repayment of the Notes, by a means other than the issuance of Qualifying Securities or with an issuance of Qualifying Securities that is less than the principal amount of the Notes, subject to the reinstatement of the Replacement Capital Obligation as described in the preceding sentence.  </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company&#8217;s </font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">failure to use Commercially Reasonable Efforts to raise sufficient proceeds from the issuance of Qualifying Securities to satisfy the Replacement Capital Obligation, where required hereunder and subject to the existence of a Market Disruption Event, will potentially constitute a breach hereunder (a &#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-weight:bold;">Replacement Capital Obligation Default</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221;)</font><font style="font-family:inherit;font-size:12pt;">, but it will not in any case constitute a default or an Event of Default hereunder or give rise to a right of acceleration of payment of the Notes or any other remedy under the terms hereunder or the Notes</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">. The sole remedy for a Replacement Capital Obligation Default</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;">is for the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes (provided that no Holder of the Notes may pursue any such remedy hereunder unless the Trustee will have failed to act after, among other things, notice of a breach of such covenant and request by Holders of at least 25% in principal amount of the Notes has occurred and the offer to the Trustee of indemnity satisfactory to it) to bring suit for </font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">specific performance of the Company&#8217;s obligations with respect to such covenant to use such Commercially Reasonable Efforts with respect to the Replacement Capital Obligation.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For the avoidance of doubt, the Replacement Capital Obligation will not apply at any time while the Solvency Capital Requirement is satisfied, and if the Company continues to satisfy the Solvency Capital Requirement after giving effect to a redemption or repayment of the Notes on the Scheduled Maturity Date or the Final Maturity Date, as may be applicable.   </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">If the Company is subject to a Replacement Capital Obligation, it may provide written certification to the Trustee (which the Trustee will promptly disseminate to the Holders of the Notes) within ten (10) Business Days of the later of (i)&#160;the occurrence of a Market Disruption Event and (ii)&#160;the beginning of the period of the Replacement Capital Obligation (if such Market Disruption Event occurred prior to the Replacement Capital Obligation period beginning and is continuing) certifying that a Market Disruption Event has occurred and is continuing, if such notice is provided the Company will be excused from its obligation to use Commercially Reasonable Efforts to issue Qualifying Securities pursuant to the Replacement Capital Obligation for an initial suspension period of 90 consecutive days following such certification. The Company may extend a suspension period by providing written certification to the Trustee (which the Trustee will promptly disseminate to the Holders of the Notes) on or prior to the expiration of such suspension period, certifying that the applicable Market Disruption Event is continuing, in which case, the Company&#8217;s obligation to use Commercially Reasonable Efforts to issue Qualifying Securities pursuant to the Replacement Capital Obligation will be excused for an additional 60 consecutive days following such further certification. Following the expiration of the applicable suspension period, the Company&#8217;s obligation to use Commercially Reasonable Efforts to issue Qualifying Securities pursuant to the Replacement Capital Obligation will be reinstated. The Company&#8217;s ability to initiate or extend a suspension period in connection with a Market Disruption Event will also be subject to the limits on suspension periods provided for in the definition of Market Disruption Event (if applicable). Notwithstanding the foregoing time limitations as to suspension in connection with a particular Market Disruption Event, the suspension of the Company&#8217;s obligations pursuant to the foregoing will not prohibit the further suspension of obligations in connection with, and the Company will be entitled to provide separate notices with respect to, any separate and distinct Market Disruption Event(s). In addition, for the avoidance of doubt, the Company will not be prohibited during any suspension of the requirements to use Commercially Reasonable Efforts during a Market Disruption Event from issuing any Qualifying Securities.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">For the avoidance of doubt, the Trustee shall have no responsibility to make any determinations or calculations with respect to (i)&#160;the Replacement Capital Obligation or any terms thereof, which collectively will be the responsibility of the Company, or (ii) the occurrence or continuation of any Replacement Capital Obligation Default, which will be made by the Holders of the Notes.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 4.2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Optional Redemption</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Subject to the Conditions to Redemption, the Notes will be redeemable, in whole at any time or in part from time to time before the Par Call Date, at the Company&#8217;s option, at a </font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">13</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus the greater of: (A) 100% of the principal amount of the Notes to be redeemed and (B) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 35 basis points. Subject to the Conditions to Redemption, the Notes will be redeemable, in whole at any time or in part from time to time on or after the Par Call Date, at the Company&#8217;s option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus 100% of the principal amount of the Notes to be redeemed. Interest on the Notes for which the Redemption Date is after a Regular Record Date and before the following Interest Payment Date, shall be payable to the holder of such Notes at the close of business on the Regular Record Date. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions of the Notes called for redemption.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Notwithstanding the foregoing, the Company may, at its sole option, subject to the Conditions to Redemption, redeem the Notes, at any time, in whole but not in part, following the occurrence of a Tax Event, at a Redemption Price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but excluding, the Redemption Date, subject to the right of a holder on the relevant Regular Record Date to receive accrued and unpaid interest on the Notes due on the relevant Interest Payment Date. </font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 4.3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Redemption Procedures.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The provisions of Article Eleven of the Original Indenture shall apply in the case of a redemption pursuant to a notice of redemption pursuant to Section 4.2; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, that notice of redemption shall be given by first-class mail, postage prepaid, mailed (or, in the case of Global Securities, delivered in accordance with the Depositary&#8217;s applicable procedures) not less than 15 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed, at his address appearing in the Security Register. Any redemption of Global Securities shall be done in accordance with the procedures of the Depositary.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">Notices of redemption may, in the Company&#8217;s sole discretion, be subject to one or more conditions precedent, including, but not limited to, the consummation of a financing transaction, equity offering, asset disposition or other corporate transaction (or a series of such transactions) or the satisfaction of the Conditions to Redemption.</font><font style="font-family:inherit;font-size:12pt;">&#32;In addition, if such redemption is subject to satisfaction of any such condition, the notice of redemption may state that, in the Company&#8217;s discretion, the Redemption Date may be delayed until such time as such condition shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that such condition shall not have been satisfied by the Redemption Date, or the Redemption Date so delayed. </font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE FIVE</font></div><div style="line-height:130%;padding-bottom:10px;text-align:center;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">&#32;&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">COVENANTS</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 5.1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Covenants</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Notes shall be entitled to the benefit of each of the covenants in Article Ten of the Original Indenture and the following additional covenants (which shall be deemed to be provisions of the Original Indenture and made subject to the provisions of Section 1006 of the Original Indenture and, when referred to as a provision of the Original Indenture, shall be identified by reference to the Section number that is set forth immediately preceding the covenant):</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 1007.  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Limitation on Liens on Stock of Designated Subsidiaries</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company shall not, and shall not permit any Designated Subsidiary to, create, assume, incur or guarantee any indebtedness for money borrowed if that indebtedness is evidenced by notes, debentures, bonds or similar negotiable instruments, which is secured by any mortgage, pledge, lien, security interest or other encumbrance (each, a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Lien</font><font style="font-family:inherit;font-size:12pt;">&#8221;) upon any shares of Capital Stock of any Designated Subsidiary owned by the Company or such Designated Subsidiary (whether such shares of stock are now owned or hereafter acquired). This restriction will not apply to indebtedness secured by (i)&#160;Liens on any shares of stock or indebtedness of or acquired from a Person that is merged or consolidated with or into, or is otherwise acquired by, the Company or any Designated Subsidiary, (ii)&#160;Liens to secure indebtedness of a Designated Subsidiary to the Company or another Designated Subsidiary (but only for so long as such indebtedness is owned or held by the Company or another Designated Subsidiary), (iii)&#160;Liens existing at the time a Subsidiary becomes a Designated Subsidiary; and (iv)&#160;any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in clauses (i) through (iii) above.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 1008.  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Limitation on the Disposition of Stock of Designated Subsidiaries</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">So long as any Notes are Outstanding, the Company will not, nor will the Company permit any Designated Subsidiary to issue, sell, assign, transfer or otherwise dispose of any shares of Capital Stock of any Designated Subsidiary; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, that the foregoing shall not apply to any issuance, sale, assignment, transfer or disposition of Capital Stock (i)&#160;required by any law, regulation or order of any court, or governmental or insurance regulatory authority, unless any such order was requested by the Company or any of the Designated Subsidiaries, (ii)&#160;for fair market value, as determined in good faith by the Company&#8217;s Board of Directors or (iii)&#160;to the Company or any of its Subsidiaries.&#8221;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">For purposes only of the Notes and Sections 1007 and 1008 of the Indenture, the following terms shall have the following meanings:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Capital Stock</font><font style="font-family:inherit;font-size:12pt;">&#8221; of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity </font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">15</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">of such person, including preferred stock, in each case, which are entitled to vote in the election of directors, member or general partners or other similar managing body, as applicable, but excluding any debt securities convertible into or other securities convertible into such equity; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however,</font><font style="font-family:inherit;font-size:12pt;">&#32;that preferred shares or other similar securities issued in the ordinary course of business by any of the Company&#8217;s Subsidiaries in connection with their &#8220;rent-a-captive&#8221; business shall not be deemed capital stock for purposes of the covenants described herein.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Designated Subsidiary</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any present or future consolidated Subsidiary of the Company, (a)&#160;the assets of which constitute at least 20% of the Company&#8217;s consolidated assets and (b)&#160;in which the Company holds, directly or indirectly, equity interests entitled to more than 50% of the profits thereof; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, that (i) in the event Liens of the type described in Section 1007 are placed on the Capital Stock of more than one of the Company&#8217;s Subsidiaries in one transaction or in a series of related transactions and such Subsidiaries, when taken together as a whole, constitute at least 20% of the Company&#8217;s consolidated assets, each such Subsidiary shall be deemed to be a &#8220;Designated Subsidiary&#8221; for purposes of such transaction or transactions, as the case may be, and (ii) in the event of a sale, transfer or other disposition of the type described in Section 1008 of any shares of Capital Stock of more than one of the Company&#8217;s Subsidiaries in one transaction or in a series of related transactions and such Subsidiaries, when taken together as a whole, constitute at least 20% of the Company&#8217;s consolidated assets, each such Subsidiary shall be deemed to be a &#8220;Designated Subsidiary&#8221; for purposes of such transaction or transactions, as the case may be.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Lien</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall have the meaning set forth in Section 1007 hereof.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">For purposes of the Indenture and the Notes, the first paragraph of Section 1003 of the Original Indenture is hereby amended in its entirety and replaced with the following:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, immediately prior to such due date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum (in the currency in which the Securities of such series are payable) sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">For purposes of the Indenture and the Notes, Section 1004 of the Original Indenture is hereby amended in its entirety and replaced with the following:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;SECTION 1004.  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Corporate Existence</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Except as otherwise permitted under Article Eight and Section 1008, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and material rights (charter and statutory) and franchises; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, that the Company will not be required to preserve any such right or franchise if the Board of Directors or senior management of the Company determines that the preservation thereof is no longer desirable </font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">16</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders.&#8221;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 5.2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Payment of Additional Amounts</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Company will make all payments under the Notes without withholding or deduction at source for, or on account of, any present or future taxes, duties, assessments or similar governmental charges (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Taxes</font><font style="font-family:inherit;font-size:12pt;">&#8221;) unless such Taxes are required to be withheld or deducted by (i)&#160;the laws (or any regulations or rulings promulgated thereunder) of any taxing jurisdiction or (ii)&#160;any official position regarding the application, administration, interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a taxing authority in a taxing jurisdiction). If any such withholding or deduction at source is required with respect to any Tax imposed or levied by any Relevant Taxing Jurisdiction, the Company will, subject to certain limitations and exceptions described below, pay to each holder of any Notes such additional amounts as may be necessary, if any, so that every net payment of principal, premium, if any, interest or any other amount made to such holder under the Notes, after such withholding or deduction, will equal the amount provided for in the Indenture to be then due and payable (any such additional amounts, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Additional Amounts</font><font style="font-family:inherit;font-size:12pt;">&#8221;). </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Notwithstanding the foregoing, the Company will not be required to pay any Additional Amounts for or on account of:</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(i)</font><font style="font-family:inherit;font-size:12pt;">any Tax which would not have been imposed but for the fact that the applicable holder or beneficial owner of a Note (1)&#160;is or was a resident, domiciliary or national of, engages or engaged in business in, maintains or maintained a permanent establishment in, or is or was physically present in, the Relevant Taxing Jurisdiction or had some other present or former connection with the Relevant Taxing Jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Note, (2)&#160;presented such Note for payment in the Relevant Taxing Jurisdiction, unless such Note could not have been presented for payment elsewhere, or (3)&#160;presented such Note for payment more than 30&#160;days after the date on which the payment in respect of such Note became due and payable or provided for, whichever is later, except to the extent that the holder would have been entitled to such Additional Amounts if it had presented such Note for payment on any day within that 30&#8209;day period;</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(ii)</font><font style="font-family:inherit;font-size:12pt;">any estate, inheritance, gift, net worth, wealth, sale, gains, excise, value added transfer, personal property or similar Tax;</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(iii)</font><font style="font-family:inherit;font-size:12pt;">any Tax that is imposed or withheld by reason of the failure by the holder or beneficial owner of such Note to comply with any reasonable request by the Company addressed to the holder within 90&#160;days of such request (1)&#160;to provide information concerning the nationality, residence or identity of such holder or such beneficial owner or (2)&#160;to make any declaration or other similar claim or satisfy any information or reporting requirement, which is required or imposed by statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to an exemption from, or reduction in, such Tax;</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">17</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(iv)</font><font style="font-family:inherit;font-size:12pt;">any Tax that is imposed other than by means of withholding in respect of payments made under a Note;</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">(v)</font><font style="font-family:inherit;font-size:12pt;">any withholding or deduction imposed pursuant to current Sections&#160;1471 through 1474 of the Internal Revenue Code of 1986, as amended (or any amended or successor version thereof), any current or future regulations promulgated thereunder or official interpretations thereof, any intergovernmental agreements, treaties or conventions in connection therewith (or any laws, regulations or official administrative guidance implementing such agreements, treaties or conventions), and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code of 1986, as amended (or any amended or successor version thereof); or</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">any combination of items&#160;(i), (ii), (iii), (iv) and (v) above.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In addition, the Company will not pay Additional Amounts with respect to any holder who is a fiduciary or partnership or otherwise not the sole beneficial owner of such Note to the extent that a beneficiary, partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had it been the holder of such Note.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities) related to the Indenture in effect from time to time (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Applicable Law</font><font style="font-family:inherit;font-size:12pt;">&#8221;) that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Company agrees&#160;to provide to the Trustee and the Paying Agent information about the parties and/or transactions (including any modification to the terms of such transactions) reasonably requested by the Trustee to allow the Trustee or the Paying Agent to determine whether it has Tax-related obligations under Applicable Law.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The obligations described in this Section&#160;5.2 will survive any termination, defeasance or discharge of the Indenture.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Prior to the date on which the payment of any Additional Amounts are due, the Company will deliver to the Trustee an Officer&#8217;s Certificate stating that such Additional Amounts will be payable on the applicable Payment Date and setting forth the amounts so payable and any other information necessary to enable the Trustee (or applicable Paying Agent) to pay such Additional Amounts to holders on the Payment Date. Any such Officer&#8217;s Certificate will be delivered at least two Business Days in advance of when the payments in question are required to be made (unless a shorter period of time is acceptable to the Trustee in its reasonable discretion).</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">18</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE SIX</font></div><div style="line-height:120%;text-align:center;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;"><br>EVENTS OF DEFAULT</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 6.1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Events of Default</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Clause (2) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended and restated as follows:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;(2)   </font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">default in the payment of the principal of (or premium, if any, on) any Notes when due, including upon redemption, other than if deferral of such payment is required due to a failure to satisfy the Conditions to Redemption; or&#8221;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Clause (3) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby removed and replaced with &#8220;RESERVED&#8221;:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Clause (4) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended and restated as follows:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;(4)  default in the performance, or breach, of any covenant of the Company in this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of another series of Securities other than that series) and continuance of such default or breach for a period of 60 days after there has been given by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a &#8220;Notice of Default&#8221; hereunder; </font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">,</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">, notwithstanding the foregoing, a Replacement Capital Obligation Default, including, without limitation, the failure by the Company to use Commercially Reasonable Efforts or to otherwise satisfy the Replacement Capital Obligation or any covenant contained in such section shall in no case be a default or an &#8220;Event of Default&#8221; and shall not allow any acceleration or any other remedy with respect to the Notes;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-style:italic;">further</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">that the only remedy for a breach of such covenant shall be an action for specific performance with respect to such covenant to use Commercially Reasonable Efforts as described above; or&#8221;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Clause (6) of Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended and restated as follows:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;(6)   </font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">the commencement by the Company of a voluntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the consent by the Company to the </font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">19</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of all or substantially all of the Company&#8217;s assets, or the making by the Company of a general assignment for the benefit of creditors; or&#8221;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Section 501 of the Original Indenture is, for purposes of the Indenture and the Notes, hereby amended to add the following clauses (8) through (10):</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;(8)  default by the Company in the payment when due of the principal at its stated final maturity of any material indebtedness (other than the Notes), which default shall continue unremedied or unwaived for more than 60 days after the expiration of any grace period or extension of the time for payment applicable thereto; or</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(9)  default by the Company under any instrument or instruments governing any material indebtedness (other than under the Indenture) that has caused the holders thereof or their representative to declare such indebtedness to be due and payable prior to its stated final maturity, unless such declaration has been rescinded, or has been cured, within 60 days; or</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(10)  failure within 60 days to pay, bond or otherwise discharge any uninsured final judgment against the Company or court order for the payment of money by the Company, in each case, in excess of $100,000,000, which is not stayed on appeal or is not otherwise being appropriately contested in good faith.&#8221;</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE SEVEN</font></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"><br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MISCELLANEOUS</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Effect of Second Supplemental Indenture</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">This Second Supplemental Indenture is a supplemental indenture within the meaning of Section 901 of the Original Indenture, and the Original Indenture shall be read together with this Second Supplemental Indenture and shall have the same effect over the Notes, in the same manner as if the provisions of the Original Indenture and this Second Supplemental Indenture were contained in the same instrument.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">In all other respects, the Original Indenture is confirmed by the parties hereto as supplemented by the terms of this Second Supplemental Indenture.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Effect of Headings</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Article and Section headings herein are for convenience only and shall not affect the construction hereof.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Successors and Assigns</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">All covenants and agreements in this Second Supplemental Indenture by the Company, the Trustee and the Holders shall bind their successors and assigns, whether so expressed or not.</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">20</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Severability Clause</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div 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Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any benefit or any legal or equitable right, remedy or claim under this Second Supplemental Indenture.  In addition, the Notes will not in any way give rise to any rights of set-off, recoupments or counterclaims against any claims and obligations of the Company or any of the Insurance Group to any person in whose names the Notes are registered or any creditor of the Company or any of the Insurance Group.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.6.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Conflict</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In the event that there is a conflict or inconsistency between the Original Indenture and this Second Supplemental Indenture, the provisions of this Second Supplemental Indenture shall control; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, if any provision hereof limits, qualifies or conflicts with another provision herein or in the Original Indenture, in either case, which is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.7.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS SECOND SUPPLEMENTAL INDENTURE AND THE NOTES  SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.8.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Trustee</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.  Exchange of signature pages to this Second Supplemental Indenture and the Notes by facsimile or electronic transmission shall constitute effective execution and delivery of this Second Supplemental Indenture and the Notes.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">21</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Trustee shall not be deemed to have notice of any default or Event of Default (other than with respect to an Event of Default arising out of the failure to pay interest or principal on the Notes) unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.9.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendments</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The first sentence of Section 202 of the Indenture is hereby deleted in its entirety and replaced with following:</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">The Trustee&#8217;s certificate of authentication required by this article shall be in substantially the form set forth below and executed by the Trustee by manual or electronic signature.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">The last sentence of Section 303 of the Indenture is hereby deleted in its entirety and replaced with following.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or electronic signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.10.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Force Majeure</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. For the avoidance of doubt, neither epidemics nor pandemics constitute &#8220;acts of God&#8221; for purposes of this Second Supplemental Indenture.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECTION 7.11.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Waiver of Jury Trial</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">EACH OF THE COMPANY, THE HOLDERS BY THEIR ACCEPTANCE OF THE NOTES, AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE, THE ORIGINAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[Signature page to follow]</font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">22</font></div></div><hr style="page-break-after:always"><div><a name="sD91DF557CC3F9390838004ADD991EDCF"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed on the date and year first written above.</font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARCH CAPITAL GROUP LTD.</font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:322px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:288px;"><font style="font-family:inherit;font-size:12pt;">By </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Fran&#231;ois Morin&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;<br>Name: Fran&#231;ois Morin</font></div></td></tr></table><div style="line-height:120%;padding-bottom:40px;text-align:left;padding-left:366px;text-indent:-43px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title:  Executive Vice President &amp; Chief Financial Officer&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THE BANK OF NEW YORK MELLON,</font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;as Trustee</font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:322px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:288px;"><font style="font-family:inherit;font-size:12pt;">By </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Shannon Matthews&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;<br>Name: Shannon Matthews</font></div></td></tr></table><div style="line-height:120%;padding-bottom:40px;text-align:left;padding-left:366px;text-indent:-43px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title:  Agent&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Second Supplemental Indenture Signature Page</font></div></div><hr style="page-break-after:always"><div><a name="s99C456F7B0B11AE9DA8304ADD9B2524A"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">EXHIBIT I</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">INSERT GLOBAL SECURITY LEGEND, IF APPROPRIATE</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">-</font><font style="font-family:inherit;font-size:12pt;">&#32;UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DTC</font><font style="font-family:inherit;font-size:12pt;">&#8221;), TO ARCH CAPITAL GROUP LTD. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND SUCH PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER, CEDE &amp; CO., HAS AN INTEREST HEREIN. </font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]</font></div><div style="line-height:130%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">ARCH CAPITAL GROUP LTD.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">3.635% SENIOR NOTE DUE 2050</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">No.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Principal Amount $</font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CUSIP No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARCH CAPITAL GROUP LTD., a Bermuda company limited by shares, for value received, promises to pay to __________, or registered assigns, the principal sum of ________________ United States Dollars (US$___________) on June 30, 2050, provided, that the Conditions to Redemption are met on such date or, if the Conditions to Redemption are not met on such date, on the Final Maturity Date.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Interest Payment Dates:  June 30 and December 30.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Regular Record Dates:  June 15 and December 15.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Additional provisions of this Note are set forth on the other side of this Note.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 1</font></div></div><hr style="page-break-after:always"><div><a name="s0B1EC27B5616E3F38E8604ADD9E4E36D"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.</font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARCH CAPITAL GROUP LTD.</font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;Name:</font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;Title:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Signature Page to Note</font></div></div><hr style="page-break-after:always"><div><a name="s50318DC0852558C0B47304ADDA06F72B"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">TRUSTEE&#8217;S CERTIFICATE OF AUTHENTICATION</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dated: </font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THE BANK OF NEW YORK MELLON,</font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;as Trustee</font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;text-align:center;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Authorized Officer</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Signature Page to Note</font></div></div><hr style="page-break-after:always"><div><a name="sD67C24349372681772A004ADDA49B018"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Reverse of Note)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.635% Senior Note due 2050</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">1.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Interest</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Arch Capital Group Ltd., a Bermuda company limited by shares (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), for value received, promises to pay interest on the principal amount of this Note (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Note</font><font style="font-family:inherit;font-size:12pt;">&#8221;) at the rate of 3.635% per annum.  The Company shall pay interest semiannually, in arrears, on June 30 and December 30 of each year, commencing December 30, 2020.  Interest on the Note shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from December 30, 2020 until the principal hereof is due.  Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.  The Company shall pay interest on overdue principal at the rate borne by the Note, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">2.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Method of Payment</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company shall pay interest on the Note (except defaulted interest, which shall be paid pursuant to Section 307 of the Original Indenture) to the Persons who are registered Holders at the close of business on the June 15 or December 15 next preceding the Interest Payment Date even if Notes are canceled after the record date and on or before the Interest Payment Date.  The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.  Payment of principal (and premium, if any) and interest in respect of Notes represented by a Global Security will be made by wire transfer of immediately available funds to the accounts specified by the Depository.  Payments of principal (and premium, if any) and interest in respect of a certificated Note may be made, at the option of the Company, either by wire transfer in immediately available funds to the accounts specified by registered Holders as of the relevant record dates or (subject to collection) by check mailed to the address of the registered Holders as of the relevant record dates or at the specified offices of any Paying Agent.  Payment of principal in respect of a certificated Note will only be made against presentation and, provided that payment is made in full, surrender of the appropriate certificate at the specified offices of any Paying Agent.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">3.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Repayment at Final Maturity</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a) &#160;&#160;&#160;&#160;Unless previously redeemed or purchased and cancelled, the Notes will become finally due and payable, and will be repaid, on the Final Maturity Date at a price equal to the principal amount thereof, together with accrued and unpaid interest on the Notes to, but excluding, the Final Maturity Date. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For the avoidance of doubt, interest shall continue to accrue and be payable for so long as the principal amount of the Notes remain Outstanding.  In the event the Scheduled Maturity Date and the Final Maturity Date are not the same, the failure to repay the Notes on the Scheduled Maturity Date will constitute neither an Event of Default under the Indenture nor a default of any kind and will not give Holders of the Notes or the Trustee any right to accelerate repayment of the Notes or any other remedies (whether contractual, legal, equitable or otherwise). </font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b) &#160;&#160;&#160;&#160;The Company will only be permitted to repay the principal amount of the Notes on the Scheduled Maturity Date if the Conditions to Redemption are satisfied on the Scheduled Maturity Date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Final Maturity Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; means with respect to the Notes, a date after the Scheduled Maturity Date that is the earlier of (i)&#160;10 Business Days after the applicable Conditions to Redemption become satisfied and would continue to be satisfied if the final redemption payment were made on such date (so long as such requirements continue to be so satisfied on such 10th Business Day), and (ii) the date on which a Winding-Up occurs with respect to the Company.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">4.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Paying Agent and Registrar</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Initially, THE BANK OF NEW YORK MELLON, a New York banking corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Trustee</font><font style="font-family:inherit;font-size:12pt;">&#8221;), will act as Paying Agent and Registrar with respect to the Notes.  The Company may appoint and change any Paying Agent or Registrar without notice.  The Company may act as Paying Agent or Registrar.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">5.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indenture</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company issued the Notes under an Indenture dated as of May 4, 2004, by and between the Company and the Trustee (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Original Indenture</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as supplemented by a Second Supplemental Indenture dated June 30, 2020, by and between the Company and the Trustee (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Second Supplemental Indenture</font><font style="font-family:inherit;font-size:12pt;">&#8221;), which collectively constitutes the indenture governing the Securities (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Indenture</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended as in effect on the date of the Indenture (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TIA</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  The Notes include all terms and provisions of the Indenture, and Holders are referred to the Indenture and the TIA for a statement of such terms and provisions.  This Security is one of a series of Securities designated as the 3.635% Senior Notes due 2050 of the Company (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Notes</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The aggregate principal amount at maturity of the Notes which may be authenticated and delivered under the Indenture shall be unlimited.  In addition, the aggregate principal amount of Securities of any class or series which may be authenticated and delivered under the Indenture shall be unlimited, provided that such Securities shall rank equally with the Notes.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">6.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Certain Covenants</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Indenture imposes certain limitations on the ability of each of the Company and the Designated Subsidiaries to, among other things, create or incur Liens and to sell or otherwise dispose of Designated Subsidiaries.  The Indenture also imposes limitations on the ability of the Company to consolidate or amalgamate with or merge into any other Person or convey, transfer, sell or lease its property or assets substantially as an entirety to any Person.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">7.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Optional Redemption</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Subject to the Conditions to Redemption, the Notes will be redeemable, in whole at any time or in part from time to time before the Par Call Date, at the Company&#8217;s option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, </font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">but not including, the Redemption Date plus the greater of: (A) 100% of the principal amount of the Notes to be redeemed, and (B) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 35 basis points. Subject to the Conditions to Redemption, the Notes will be redeemable, in whole at any time or in part from time to time on or after the Par Call Date, at the Company&#8217;s option, at a Redemption Price equal to accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date plus 100% of the principal amount of the Notes to be redeemed Interest on the Notes for which the Redemption Date is after a Regular Record Date and before the following Interest Payment Date, shall be payable to the holder of such Notes at the close of business on the Regular Record Date.</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions of the Notes called for redemption.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">Notwithstanding the foregoing, the Company may, at its sole option, subject to the Conditions to Redemption, redeem the Notes, at any time, in whole but not in part, following the occurrence of a Tax Event at a Redemption Price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but excluding, the Redemption Date, subject to the right of a holder on the relevant Regular Record Date to receive accrued and unpaid interest on the Notes due on the relevant Interest Payment Date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">As used in this Section 7, the following terms shall have the respective meanings set forth below:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Applicable Supervisory Regulations</font><font style="font-family:inherit;font-size:12pt;">&#8221; means such insurance supervisory laws, rules and regulations relating to group supervision or the supervision of single insurance entities, as applicable, which are applicable to the Company or the Insurance Group, and which shall initially mean the Group Rules until such time when the BMA no longer has jurisdiction or responsibility to regulate the Company or the Insurance Group.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">BMA</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Bermuda Monetary Authority, or, should the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Company or the Insurance Group, as the context requires, a regulator which is otherwise subject to Applicable Supervisory Regulations.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Comparable Treasury Issue</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes being redeemed (assuming for the avoidance of doubt for this purpose that the Notes mature on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate notes of comparable maturity to the remaining term of the Notes (assuming for the avoidance of doubt for this purpose that the Notes mature on the Par Call Date).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Comparable Treasury Price</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, for any Redemption Date for the Notes, (i)&#160;the average of the Reference Treasury Dealer Quotations for the Redemption Date for the Notes, </font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 6</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">after excluding the highest and lowest Reference Treasury Dealer Quotations for that Redemption Date, or (ii)&#160;if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all the Reference Treasury Dealer Quotations obtained.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conditions to Redemption</font><font style="font-family:inherit;font-size:12pt;">&#8221; are satisfied on any day with respect to a redemption of the Notes, if:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:96px;"><font style="font-family:inherit;font-size:12pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the Solvency Capital Requirement is complied with after the repayment or purchase of Notes; and</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)&#160;&#160;&#160;&#160;with regard to redemptions occurring prior to December 31, 2023, the BMA has given, and not withdrawn by such date, its prior consent to the redemption of the Notes and the payment of accrued and unpaid interest or to the purchase of the Notes; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, that if under the Applicable Supervisory Regulations no such consent is required at the time in order for  Notes to qualify or continue to qualify, as applicable, as Tier 3 Capital of the Company or the Insurance Group, this clause (ii) shall not apply.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In the event (i) or (ii) above are not satisfied, the Conditions to Redemption will be deemed to be satisfied when the capital represented by the Notes to be redeemed or repaid is replaced with capital having equal or better treatment as the Notes under the Group Rules.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ECR</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the enhanced capital requirement applicable to the Insurance Group and as defined in the Insurance Act or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements defined in the Applicable Supervisory Regulations.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Group Rules</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Group Solvency Standards, together with the Group Supervision Rules, as those rules and regulations may be amended or replaced from time to time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Group Solvency Standards</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Bermuda Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011, as those rules and regulations may be amended or replaced from time to time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Group Supervision Rules</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Independent Investment Banker</font><font style="font-family:inherit;font-size:12pt;">&#8221; means one of the Reference Treasury Dealers appointed by the Company after consultation with the Trustee. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Insurance Act</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Bermuda Insurance Act 1978 and related regulations, as amended or replaced from time to time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Insurance Group</font><font style="font-family:inherit;font-size:12pt;">&#8221; means all Subsidiaries of the Company that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Par Call Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; means December 30, 2049.</font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 7</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reference Treasury Dealer</font><font style="font-family:inherit;font-size:12pt;">&#8221; means (1) each of Wells Fargo Securities, LLC, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and a Primary Treasury Dealer (as defined herein) selected by Lloyds Securities Inc. or its affiliates, and their respective successors; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">however</font><font style="font-family:inherit;font-size:12pt;">, that if any of the foregoing ceases to be or refuses to act as a primary U.S. government securities dealer in the United States (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Primary Treasury Dealer</font><font style="font-family:inherit;font-size:12pt;">&#8221;), the Company will appoint another Primary Treasury Dealer as a substitute and (2) any other Primary Treasury Dealers selected by the Company.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reference Treasury Dealer Quotations</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, for each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the Redemption Date for the Notes being redeemed.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Relevant Taxing Jurisdiction</font><font style="font-family:inherit;font-size:12pt;">&#8221; means Bermuda or any political subdivision or taxing authority thereof or therein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Solvency Capital Requirement</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the ECR or any other requirement to maintain assets applicable to the Company or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Tax Event</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, with respect to the Notes, if at any time the Company receives an opinion of counsel that as a result of (i)&#160;any change in or amendment to the laws or treaties (or any regulations or rulings promulgated under these laws or treaties) of any Relevant Taxing Jurisdiction or any change in or amendment to the application or official interpretation of such laws, treaties, regulations or rulings, (ii)&#160;any action taken by a taxing authority of any Relevant Taxing Jurisdiction, or (iii)&#160;a decision rendered by a court of competent jurisdiction in any Relevant Taxing Jurisdiction whether or not such decision was rendered with respect to the Company, in each case, which change is formally announced after the Issue Date (or, in the case of a jurisdiction that first becomes a Relevant Taxing Jurisdiction at a later date, after such date), there is a substantial probability that the Company will be required at any time thereafter to pay Additional Amounts with respect to the Notes as provided in Section&#160;5.2 of the Indenture and such requirement cannot be avoided by the use of reasonable measures then available.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Tier 3 Capital</font><font style="font-family:inherit;font-size:12pt;">&#8221; means &#8220;Tier 3 Ancillary Capital&#8221; as set out in the Group Supervision Rules (or, if the Group Supervision Rules are amended so as to no longer refer to Tier 3 Ancillary Capital in this respect, the nearest corresponding concept (if any) under the Group Supervision Rules, as amended).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Treasury Rate</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, for any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Redemption Date.</font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 8</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">8.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sinking Fund</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Notes will not be entitled to the benefit of any mandatory redemption or sinking fund.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">9.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notice of Optional Redemption</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Notice of optional redemption will be mailed by first-class mail, postage prepaid (or, in the case of Global Securities, delivered in accordance with the Depositary&#8217;s applicable procedures), at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder&#8217;s registered address.  </font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">Notices of redemption may, in the Company&#8217;s sole discretion, be subject to one or more conditions precedent, including, but not limited to, the consummation of a financing transaction, equity offering, asset disposition or other corporate transaction (or a series of such transactions) or the satisfaction of the Conditions to Redemption.</font><font style="font-family:inherit;font-size:12pt;">&#32;In addition, if such redemption is subject to satisfaction of any such condition, the notice of redemption may state that, in the Company&#8217;s discretion, the Redemption Date may be delayed until such time as such condition shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that such condition shall not have been satisfied by the Redemption Date, or the Redemption Date so delayed. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess of $2,000.  If money sufficient to pay the Redemption Price of and accrued and unpaid interest, including premium, if any, on all Notes (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent on or before the Redemption Date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">10.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Denominations; Transfer; Exchange</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Notes are in fully registered form without coupons in denominations of $2,000 and any whole multiple of $1,000 in excess of $2,000.  A Holder may transfer or exchange Notes in accordance with the Indenture.  Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents.  No service charge shall be made for any registration of transfer or exchange, but the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">11.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Persons Deemed Owners</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The registered Holder of this Note may be treated as the owner of it for all purposes.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">12.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Discharge and Defeasance</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Subject to certain conditions and limitations set forth in the Indenture, the Company may terminate some of or all its obligations under the Notes and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of, premium, if any, and interest, on, the Notes to redemption or maturity, as the case may be.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">13.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Ranking</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Notes will represent the Company&#8217;s direct, unsecured obligations and will rank equally with all the Company&#8217;s current and future unsecured and unsubordinated indebtedness.</font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 9</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">14.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Rights of Set-Off</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Notes will not in any way give rise to any rights of set-off, recoupments or counterclaims against any claims and obligations of the Company or any of the Insurance Group to any person in whose names the Notes are registered or any creditor of the Company or any of the Insurance Group.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">15.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment, Waiver</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the terms of the Notes may be amended with the written consent of the Holders of not less than a majority in aggregate principal amount of the Notes and (ii) any default may be waived with the written consent of the Holders of at least a majority in principal amount of the Outstanding Securities of such affected series.  Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Notes, so long as such changes do not materially and adversely affect the interests of the Holder, (a) to cure any ambiguity, omission, defect or inconsistency; (b) to make any change that does not materially adversely affect the interests of the Holders of the Notes; (c) to provide for successors to the Company; (d) to provide any guarantees of the Notes (subject to the Conditions to Redemption); (e) to add Events of Default with respect to the Notes; (f) to add additional covenants or to surrender any right or power conferred upon the Company by the Indenture; (g) to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the TIA; (h) to provide for uncertificated Notes in addition to or in place of certificated Notes; (i) to change or eliminate any of the provisions of the Indenture, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">&#32;that such change or elimination shall become effective only when there are no Securities of a prior series outstanding that are entitled to the benefit of such provision; (j) to establish the form or terms of Securities as permitted by the Indenture; and (k) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee, pursuant to the Indenture.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">16.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Defaults and Remedies</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If an Event of Default, other than an Event of Default described in Section 501(5) or 501(6) of the Indenture, and subject to the limitations with respect to the Replacement Capital Obligations and Replacement Capital Obligation Default in Section 4.1 of the Second Supplemental Indenture, with respect to the Notes shall have occurred and be continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding, by notice in writing to the Company (and to the Trustee if given by the Holders of the Notes), will be entitled to declare all unpaid principal of and accrued interest on the Notes then Outstanding to be due and payable immediately.  In the case of an Event of Default described in Section 501(5) or 501(6) of the Indenture, all unpaid principal of and accrued interest on all Notes then Outstanding shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of any Notes.  Such declaration of acceleration may be annulled and past defaults (except, unless theretofore cured, a default in payment of principal of, premium, if any, interest on the Notes) may be waived by the Holders of a majority in principal amount of the Notes then Outstanding upon the conditions provided in the Indenture.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">Further, at any time after a Replacement Capital Obligation Default has occurred and is continuing, the holders of a majority in aggregate principal </font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 10</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">amount of the Notes may, on behalf of the holders of all Notes, waive any such Replacement Capital Obligation Default and its consequences with respect to the Notes.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">17.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Trustee Dealings with the Company</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes or Securities of other series and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and, subject to the Indenture, may otherwise deal with the Company with the same rights it would have if it were not Trustee.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">18.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Recourse Against Others</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">No incorporator, shareholder, officer or director, as such, of the Company shall have any liability for any obligations, covenants or agreements of the Company under the Notes or the Indenture or for any claim based thereon or otherwise in respect thereof.  By accepting a Note, each Holder expressly waives and releases all such liability.  The waiver and release are a condition of, and part of the consideration for, the execution of the Indenture and the issuance of the Notes.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">19.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authentication</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Note shall not be valid until the certificate of authentication on the other side of this Note has been executed by an authorized signatory of the Trustee by manual or electronic signature, which may be delivered via facsimile or electronic transmission.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">20.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Abbreviations</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">21.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">22.</font></div></td><td style="vertical-align:top;padding-left:24px;"><div style="line-height:130%;text-align:left;font-size:12pt;text-indent:-24px;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">CUSIP Number</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused the CUSIP number to be printed on this Note and has directed the Trustee to use the CUSIP number in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such number either as printed on this Note or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture and a copy of this Note.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 11</font></div></div><hr style="page-break-after:always"><div><a name="sA15EFF5621B944E94FD204ADDA7F25F0"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">ASSIGNMENT FORM</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To assign this Note , fill in the form below:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">I or we assign and transfer this Security to</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Print or type assignee&#8217;s name, address and zip code)</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Insert assignee&#8217;s soc. sec. or tax I.D. No.)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">and irrevocably appoint ______________ agent to transfer this Note on the books of the Company.  The agent may substitute another to act for him.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;Your Signature:  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">_____________________________________________________</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Sign exactly as your name appears on the other side of this Note.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 12</font></div></div><hr style="page-break-after:always"><div><a name="sAA9DF58C241833E8508C04ADDA94E610"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The initial principal amount of this Global Security is $_____________.  The following increases or decreases in this Global Security have been made:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:97.22222222222221%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:23%;"></td><td style="width:21%;"></td><td style="width:19%;"></td><td style="width:17%;"></td><td style="width:20%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Date of  <br>Exchange</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Amount of decrease in  <br>Principal Amount of  <br>this Global Security</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Amount of increase  <br>in Principal Amount  <br>of this Global <br>Security</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Principal amount  <br>of this Global  <br>Security following  <br>such decrease or <br>increase</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;text-indent:0px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Signature of  <br>authorized signatory  <br>of Trustee or  <br>Securities Custodian</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit I - 13</font></div></div>	</div></body>
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<div><a name="s4473D6E118B80E531AB304C73D8A2958"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 5.1</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[Cahill Gordon &amp; Reindel LLP Letterhead]</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(212) 701-3000</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 30, 2020</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Arch Capital Group Ltd.</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:10pt;">Waterloo House, Ground Floor</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100 Pitts Bay Road, Pembroke HM08</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bermuda</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ladies and Gentlemen:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have acted as special counsel to Arch Capital Group Ltd., a Bermuda public company limited by shares (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Issuer</font><font style="font-family:inherit;font-size:10pt;">&#8221;), in connection with the registration statement on Form S-3 (File No. 333-221344) (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Registration Statement</font><font style="font-family:inherit;font-size:10pt;">&#8221;) and the Prospectus Supplement dated June 23, 2020 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Prospectus</font><font style="font-family:inherit;font-size:10pt;">&#8221;) relating to $1,000,000,000 aggregate principal amount of the Issuer&#8217;s 3.635% Senior Notes due 2050 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Notes</font><font style="font-family:inherit;font-size:10pt;">&#8221;) issued on the date hereof.</font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In our capacity as counsel, we have examined originals, or copies certified or otherwise identified, of (i) the Purchase Agreement, dated June 23, 2020, by and among the Issuer and Wells Fargo Securities, LLC, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and Lloyds Securities Inc., as representatives of the underwriters listed therein; (ii) the base indenture (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Base Indenture</font><font style="font-family:inherit;font-size:10pt;">&#8221;), dated as of May 4, 2004, by and between the Issuer and The Bank of New York Mellon, as successor Trustee to JPMorgan Chase Bank (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Trustee</font><font style="font-family:inherit;font-size:10pt;">&#8221;); (iii) the Second Supplemental Indenture, dated as of the date hereof, by and between the Issuer and the Trustee (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Second Supplemental Indenture</font><font style="font-family:inherit;font-size:10pt;">,&#8221; and together with the Base Indenture, the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Indenture</font><font style="font-family:inherit;font-size:10pt;">&#8221;); (iv) the form of global notes representing the Notes; and (v) the Registration Statement and the Prospectus.</font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have also examined originals or copies, certified or otherwise identified to our satisfaction, of certain records of the Issuer, certain agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Issuer and others. In such examinations, we have assumed the genuineness of all signatures on original documents and the conformity to the originals of all copies submitted to us as conformed or photocopied.</font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that: </font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:30px;text-align:left;text-indent:26px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">1.</font><font style="font-family:inherit;font-size:10pt;">Assuming due authorization and execution by the Issuer and, when authenticated by the Trustee in accordance with the Indenture and delivered to the Underwriters against payment therefor in accordance with the terms of the Purchase Agreement, the Notes will have been validly issued and delivered and will constitute valid and binding obligations of the Issuer entitled to the benefits of the Indenture and enforceable against the Issuer in accordance with their terms, except as the enforceability thereof may be subject to the Enforceability Exceptions (as defined herein).</font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our opinions set forth above are subject to the following qualifications:</font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:30px;text-align:left;text-indent:26px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">A.</font><font style="font-family:inherit;font-size:10pt;">The enforceability of the Notes may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance and transfer acts, moratorium or other laws affecting creditor&#8217;s rights generally; and (ii) judicial discretion and general principles of equity (regardless of whether considered in a proceeding in equity or at law), including without limitation, principles that (a) include a requirement that a creditor act with reasonableness and in good faith and deal fairly with its debtors, (b) limit a creditor&#8217;s right to accelerate maturity of a debt upon the occurrence of a default deemed immaterial, or (c) might render certain waivers unenforceable, and we wish to advise you that the remedy of specific performance or injunctive relief (whether considered in a proceeding in equity or at law) is subject to the exercise of judicial discretion.</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:30px;text-align:left;text-indent:26px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">B.</font><font style="font-family:inherit;font-size:10pt;">Certain provisions of the Notes may be unenforceable in whole or in part under the laws of the State of New York, but the inclusion of such provisions does not affect the validity of the Notes, and the Notes contain adequate provisions for the practical realization of the rights and benefits intended to be provided thereby.  Without limiting the foregoing, New York courts or Federal courts applying New York law may deny or limit the enforceability of clauses or provisions that purport to (i) give the right of specific performance and injunctive and other forms of equitable relief, (ii) limit or expand the right of set-off, (iii) require that provisions thereof be waived only in writing, to the extent that an oral agreement or an implied agreement by trade practices or course of conduct has been created modifying any provisions of such documents, (iv) limit the jurisdiction of any courts or establish any exclusive venue or evidentiary standards or any waiver of trial by jury, or (v) provide for indemnification or contribution, in either case, to the extent such provisions violate general principles of equity (regardless of whether considered in a proceeding in equity or at laws) or public policy (the qualification set forth in this paragraph B, together with those in paragraph A, the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Enforceability Exceptions</font><font style="font-family:inherit;font-size:10pt;">&#8221;).</font></div><div style="line-height:120%;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:30px;text-align:left;text-indent:26px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">C.</font><font style="font-family:inherit;font-size:10pt;">We express no opinion as to the right of the Trustee or any holder of the Notes to collect any payment to the extent that such payment constitutes a penalty, forfeiture or late charge.</font></div><div style="line-height:120%;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:30px;text-align:left;text-indent:26px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">D.</font><font style="font-family:inherit;font-size:10pt;">We express no opinion as to the applicability of Section 547 or 548 of the United States Bankruptcy Code or of any provisions of any state preference or fraudulent conveyance statute or law to the transactions contemplated by the Notes.</font></div><div style="line-height:120%;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:30px;text-align:left;text-indent:26px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">E.</font><font style="font-family:inherit;font-size:10pt;">We express no opinion as to the effect, if any, of any law of any jurisdiction (other than the State of New York) in which any holder of the Notes or the company is located or where the enforcement of the Notes may be sought that limits the rate of interest that such holder of the Notes may charge or collect.</font></div><div style="line-height:120%;text-align:left;padding-left:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:30px;text-align:left;text-indent:26px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">F.</font><font style="font-family:inherit;font-size:10pt;">Our opinions above insofar as they related to the choice of law provisions or provisions purporting to constitute a submission to the jurisdiction of one or more specified courts, of the Notes, is rendered solely in reliance upon New York General Obligations Law Section 5-1401 and 5-1402, and New York Civil Practice Law and Rules 327(b), and is expressly conditioned upon the assumption that the legality, validity, building effect and enforceability of such provisions will be determined by a court of the State of New York, or a Untied States Federal court sitting in New York and applying New York choice of law rules, including such Section 5-1401 and 5-1402.</font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are members of the bar of the State of New York, and in rendering this opinion we express no opinion as to the laws of any jurisdiction other than the laws of the State of New York (including, without limitation, Bermuda).</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We hereby consent to the filing of this opinion as an exhibit to the Form 8-K filed by the Issuer on the date hereof. Such consent does not constitute a consent under Section 7 of the Securities Act of 1933, and by giving such consent we have not certified any part of the Registration Statement, the prospectus therein or the Prospectus Supplement therein and do not otherwise admit that we are within the categories of persons whose consent is required under said Section 7 or under the rules and regulations of the Securities and Exchange Commission thereunder.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:336px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Very truly yours,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:336px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Cahill Gordon &amp; Reindel LLP</font></div><div style="line-height:120%;text-align:left;text-indent:336px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div></div>	</div></body>
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<TYPE>EX-5.2
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<DESCRIPTION>EX 5.2
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<div><a name="s0099AB2BF8F5C493D4E004C876F34078"></a></div><div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#2d2a30;">&#160;</font></div></div><div><br></div><div style="line-height:138%;text-align:right;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Exhibit 5.2</font></div><div style="line-height:138%;text-align:center;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#2d2a30;">[Conyers Dill &amp; Pearman Limited Letterhead]</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">30 June 2020</font></div><div style="line-height:138%;padding-bottom:13px;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:7pt;color:#2d2a30;">Matter No.: 319142</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:Arial;font-size:7pt;color:#2d2a30;">+441 298 7859</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><a style="font-family:Arial;font-size:7pt;color:#2d2a30;text-decoration:underline;" href="#"><font style="font-family:Arial;font-size:7pt;color:#2d2a30;text-decoration:underline;">chiara.nannini@conyers.com</font></a><font style="font-family:Arial;font-size:7pt;color:#2d2a30;">&#32;</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Arch Capital Group Ltd.</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Waterloo House, Ground Floor</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">100 Pitts Bay Road</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Pembroke HM 09</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Bermuda</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Dear Sirs</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Re: Arch Capital Group Ltd. (the &#8220;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">Company</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">&#8221;)</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">We have acted as special Bermuda legal counsel to the Company in connection with the proposed issuance and sale by the Company of its US$1,000,000,000 aggregate principal amount of 3.635% Senior Notes due 2050 (the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Notes</font><font style="font-family:Arial;font-size:11pt;">&#8221;), pursuant to the purchase agreement dated 23 June 2020 among the Company, and Wells Fargo Securities, LLC, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Lloyds Securities Inc. as representatives of the several underwriters named in Schedule A therein (the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Purchase Agreement</font><font style="font-family:Arial;font-size:11pt;">&#8221;). The Notes will be issued and sold pursuant to the prospectus supplement dated 23 June 2020 (the "</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Prospectus Supplement</font><font style="font-family:Arial;font-size:11pt;">"), supplementing the prospectus dated 3 November 2017 (the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Base Prospectus</font><font style="font-family:Arial;font-size:11pt;">&#8221; and together with the Prospectus Supplement, the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Prospectus</font><font style="font-family:Arial;font-size:11pt;">&#8221;) that forms part of the Registration Statement on Form S-3 (File No. 333-221344) of the Company (the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Registration Statement</font><font style="font-family:Arial;font-size:11pt;">&#8221; which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto). </font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">The Notes will be issued pursuant to an indenture, dated as of 4 May 2004 between the Company and the Trustee (as such term is defined therein) as successor to JPMorgan Chase Bank (the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Original Indenture</font><font style="font-family:Arial;font-size:11pt;">&#8221;), as supplemented by the first supplemental indenture, dated as of 8 December 2016 (the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">First Supplemental Indenture</font><font style="font-family:Arial;font-size:11pt;">&#8221;) and the second supplemental indenture, dated  as of 30 June 2020 (the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Second Supplemental Indenture</font><font style="font-family:Arial;font-size:11pt;">&#8221; and together with the First Supplemental Indenture and the Original Indenture, the &#8220;</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Indenture</font><font style="font-family:Arial;font-size:11pt;">&#8221;) by and between the Company and the Trustee.  </font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">For the purposes of giving this opinion, we have examined the Prospectus, the Registration Statement, the Purchase Agreement, the Indenture, an extract of minutes of a meeting of the Company's Board of Directors held on 15 May 2020, the resolutions of the executive committee of the Company dated 19 June 2020, each certified by the Secretary of the Company on 30 June 2020 (the resolutions contained in such extract and the resolutions of the executive committee being collectively referred to herein as the "</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Resolutions</font><font style="font-family:Arial;font-size:11pt;">"). We have also reviewed the memorandum of association and the bye-laws of the Company (together, the "</font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">Constitutional Documents</font><font style="font-family:Arial;font-size:11pt;">"), certified by the Secretary of the Company on 30 June 2020, </font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#2d2a30;">&#160;</font></div></div><div><br></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">and such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below.  </font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">We have assumed (a) the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken, (b) that where a document has been examined by us in draft or unexecuted form, it will be or has been executed and/or filed in the form of that draft or unexecuted form, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn to our attention, (c) the accuracy and completeness of all factual representations made in the Registration Statement, the Propsectus, the Indenture and the other documents reviewed by us, (d) that the Company will enter into the Indenture in furtherance of its objects as set out in its memorandum of association, (e) that the Constitutional Documents will not be amended in any manner that would affect the opinions expressed herein, (f) that the Resolutions were passed at one or more duly convened, constituted and quorate meetings, or by unanimous written resolutions, remain in full force and effect and have not been rescinded or amended, (g) that there is no provision of the law of any jurisdiction, other than Bermuda, which would have any implication in relation to the opinions expressed herein, (h) that the Indenture is valid and binding in accordance with its terms pursuant to its governing law, (i) the capacity, power and authority of all parties other than the Company to enter into and perform their obligations under any and all documents entered into by such parties in connection with the Indenture and the due execution and delivery thereof by each party thereto, (j) that none of the parties to the Indenture (other than the Company) carries on business from premises in Bermuda at which it employs staff and pays salaries and other expenses, (k) at the time of issue of the Notes, the general permission to the issue and subsequent transfer of securities, other than equity securities, of the Bermuda Monetary Authority will not have been revoked or amended, (l) at the time of issue of the Notes, the Company will be able to pay its liabilities as they become due.</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">The obligations of the Company in connection with the Indenture (a) will be subject to the laws from time to time in effect relating to bankruptcy, insolvency, liquidation, possessory liens, rights of set off, reorganisation, amalgamation, merger, moratorium or any other laws or legal procedures, whether of a similar nature or otherwise, generally affecting the rights of creditors as well as applicable international sanctions, (b) will be subject to statutory limitation of the time within which proceedings may be brought, (c) will be subject to general principles of equity and, as such, specific performance and injunctive relief, being equitable remedies, may not be available, (d) may not be given effect to by a Bermuda court, if and to the extent they constitute the payment of an amount which is in the nature of a penalty, and (e)  may not be given effect by a Bermuda court to the extent that they are to be performed in a jurisdiction outside Bermuda and such performance would be illegal under the laws of that jurisdiction.  Notwithstanding any contractual submission to the jurisdiction of specific courts, a Bermuda court has inherent discretion to stay or allow proceedings in the Bermuda courts.</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than Bermuda.  This opinion is to be governed by and construed in accordance with the laws of Bermuda and is limited to and is given on the basis of the current law and practice in Bermuda. This opinion is issued solely for the purposes of the issuance by the Company of the Notes and is not to be relied upon in respect of any other matter.</font></div><div><br></div><div><div style="line-height:138%;padding-bottom:13px;text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#003a5d;font-weight:bold;">conyers.com | 2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#2d2a30;">&#160;</font></div></div><div><br></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">On the basis of and subject to the foregoing, we are of the opinion that:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">The Company is duly incorporated and existing under the laws of Bermuda and is in good standing (meaning solely that it has not failed to make any filing with any Bermuda governmental authority or to pay any Bermuda government fee or tax which would make it liable to be struck off the Register of Companies and thereby cease to exist under the laws of Bermuda).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:0px;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">When the Notes shall have been duly executed by the Company and authenticated by the Trustee as provided in the Indenture and shall have been duly delivered to the purchasers therefor against payment of the agreed consideration therefore as provided in the Purchase Agreement, the Notes will be validly issued and will constitute valid and binding obligations of the Company under the laws of Bermuda.</font></div></td></tr></table><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">We hereby consent to the filing of this opinion as an exhibit to the filing by the Company of a Current Report on Form 8-K on the date hereof, which Form 8-K will be incorporated by reference into the Registration Statement, and to all references to our firm included in or made a part of the Prospectus.&#160; In giving such consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Securities and Exchange Commission promulgated thereunder.</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Yours faithfully,</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">/s/ Conyers Dill &amp; Pearman Limited_</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Conyers Dill &amp; Pearman Limited</font></div><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:138%;padding-bottom:13px;text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#003a5d;font-weight:bold;">conyers.com | 3</font></div></div>	</div></body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>acgl-20200630_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!--XBRL Document Created with Wdesk from Workiva-->
<!-- -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
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<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140574275863960">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Jun. 30, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_acgl_DocumentandEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun. 30,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Arch Capital Group Ltd.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">D0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-0374481<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Waterloo House, Ground Floor<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">100 Pitts Bay Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Pembroke<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">HM 08<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">BM<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">441<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">278-9250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000947484<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-16209<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common shares, $0.0011 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ACGL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesEPreferredStockMember', window );">Depositary Series E Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Depositary shares, each representing a 1/1,000th interest in a 5.25% Series E preferred share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ACGLP<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember', window );">Depositary Series F Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Depositary shares, each representing a 1/1,000th interest in a 5.45% Series F preferred share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ACGLO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_acgl_DocumentandEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Document and Entity Information [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">acgl_DocumentandEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>acgl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityListingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityListingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:employerIdItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
