<SEC-DOCUMENT>0000947484-21-000148.txt : 20211104
<SEC-HEADER>0000947484-21-000148.hdr.sgml : 20211104
<ACCEPTANCE-DATETIME>20211104153952
ACCESSION NUMBER:		0000947484-21-000148
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211104
DATE AS OF CHANGE:		20211104
EFFECTIVENESS DATE:		20211104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARCH CAPITAL GROUP LTD.
		CENTRAL INDEX KEY:			0000947484
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				980374481
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-20964
		FILM NUMBER:		211379689

	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>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0000947484</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2021</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2021</reportCalendarOrQuarter>
      <filingManager>
        <name>ARCH CAPITAL GROUP LTD.</name>
        <address>
          <com:street1>WATERLOO HOUSE, GROUND FLOOR</com:street1>
          <com:street2>100 PITTS BAY ROAD</com:street2>
          <com:city>PEMBROKE</com:city>
          <com:stateOrCountry>D0</com:stateOrCountry>
          <com:zipCode>HM 08</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-20964</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Francois Morin</name>
      <title>EVP, Chief Financial Officer and Treasurer</title>
      <phone>1-441-278-9250</phone>
      <signature>Francois Morin</signature>
      <city>Pembroke</city>
      <stateOrCountry>D0</stateOrCountry>
      <signatureDate>11-04-2021</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>29</tableEntryTotal>
      <tableValueTotal>780437</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <name>Arch Investment Management Ltd.</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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<DESCRIPTION>INFORMATION TABLE
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    <nameOfIssuer>MAGELLAN MIDSTREAM P</nameOfIssuer>
    <titleOfClass>COM UNIT RP LP</titleOfClass>
    <cusip>559080106</cusip>
    <value>3273</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71815</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>71815</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TC ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87807B107</cusip>
    <value>3334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69319</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>69319</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CORE DIV GRWTH</titleOfClass>
    <cusip>46434V621</cusip>
    <value>22489</value>
    <shrsOrPrnAmt>
      <sshPrnamt>445452</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>445452</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ENTERPRISE PRODS PAR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293792107</cusip>
    <value>3057</value>
    <shrsOrPrnAmt>
      <sshPrnamt>141277</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>141277</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>KINDER MORGAN INC DE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49456B101</cusip>
    <value>3420</value>
    <shrsOrPrnAmt>
      <sshPrnamt>204415</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>204415</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29250N105</cusip>
    <value>3408</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85621</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>85621</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>969457100</cusip>
    <value>3419</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131805</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>131805</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>S&amp;P 500 VAL ETF</titleOfClass>
    <cusip>464287408</cusip>
    <value>12721</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87481</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>87481</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MPLX LP</nameOfIssuer>
    <titleOfClass>COM UNIT REP LTD</titleOfClass>
    <cusip>55336V100</cusip>
    <value>3513</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123397</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>123397</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer>
    <titleOfClass>COM UT LTD PTN</titleOfClass>
    <cusip>29273V100</cusip>
    <value>4006</value>
    <shrsOrPrnAmt>
      <sshPrnamt>418186</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>418186</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHENIERE ENERGY PART</nameOfIssuer>
    <titleOfClass>COM UNIT</titleOfClass>
    <cusip>16411Q101</cusip>
    <value>3066</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75383</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>75383</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR T</nameOfIssuer>
    <titleOfClass>FINANCIAL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>53066</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1413970</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1413970</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>MSCI USA VALUE</titleOfClass>
    <cusip>46432F388</cusip>
    <value>22315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221163</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>221163</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PLAINS ALL AMERN PIP</nameOfIssuer>
    <titleOfClass>UNIT LTD PARTN</titleOfClass>
    <cusip>726503105</cusip>
    <value>3526</value>
    <shrsOrPrnAmt>
      <sshPrnamt>346703</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>346703</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR T</nameOfIssuer>
    <titleOfClass>SBI INT-UTILS</titleOfClass>
    <cusip>81369Y886</cusip>
    <value>40746</value>
    <shrsOrPrnAmt>
      <sshPrnamt>637857</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>637857</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>S&amp;P 500 VAL ETF</titleOfClass>
    <cusip>464287408</cusip>
    <value>9907</value>
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      <Shared>0</Shared>
      <None>0</None>
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    <cusip>46434V621</cusip>
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    <otherManager>1</otherManager>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>MSCI USA VALUE</titleOfClass>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>95911</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR T</nameOfIssuer>
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    <cusip>81369Y605</cusip>
    <value>44233</value>
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    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1178607</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>ISHS 1-5YR INVS</titleOfClass>
    <cusip>464288646</cusip>
    <value>41074</value>
    <shrsOrPrnAmt>
      <sshPrnamt>751855</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>751855</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <cusip>464288646</cusip>
    <value>39558</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>724106</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
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    <cusip>464288646</cusip>
    <value>12980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>237600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <cusip>46434V621</cusip>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>327197</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
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    <titleOfClass>CSI CHI INTERNET</titleOfClass>
    <cusip>500767306</cusip>
    <value>142916</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>3020200</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>INVESCO EXCH TRADED</nameOfIssuer>
    <titleOfClass>SR LN ETF</titleOfClass>
    <cusip>46138G508</cusip>
    <value>125312</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5663824</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>5663824</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SSGA ACTIVE ETF TR</nameOfIssuer>
    <titleOfClass>BLACKSTONE SENR</titleOfClass>
    <cusip>78467V608</cusip>
    <value>75371</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1637797</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1637797</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>ISHS 1-5YR INVS</titleOfClass>
    <cusip>464288646</cusip>
    <value>46948</value>
    <shrsOrPrnAmt>
      <sshPrnamt>859378</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>859378</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FORTRESS TRANS INFRS</nameOfIssuer>
    <titleOfClass>COM REP LTD LIAB</titleOfClass>
    <cusip>34960P101</cusip>
    <value>17861</value>
    <shrsOrPrnAmt>
      <sshPrnamt>703730</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>703730</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>IBOXX HI YD ETF</titleOfClass>
    <cusip>464288513</cusip>
    <value>2625</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
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</SEC-DOCUMENT>
