<SEC-DOCUMENT>0001214659-25-005684.txt : 20250410
<SEC-HEADER>0001214659-25-005684.hdr.sgml : 20250410
<ACCEPTANCE-DATETIME>20250410094020
ACCESSION NUMBER:		0001214659-25-005684
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250410
DATE AS OF CHANGE:		20250410
EFFECTIVENESS DATE:		20250410

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARCH CAPITAL GROUP LTD.
		CENTRAL INDEX KEY:			0000947484
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				980374481
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16209
		FILM NUMBER:		25826749

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Friends Fiduciary Corp
		CENTRAL INDEX KEY:			0001696940
		ORGANIZATION NAME:           	
		EIN:				231968136
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1700 MARKET STREET
		STREET 2:		SUITE 1535
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152417272

	MAIL ADDRESS:	
		STREET 1:		1700 MARKET STREET
		STREET 2:		SUITE 1535
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o49255px14a6g.htm
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ff_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: ARCH CAPITAL GROUP LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: FRIENDS FIDUCIARY CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: 1700 MARKET STREET, SUITE
1535, PHILADELPHIA, PA 19103</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Friends Fiduciary Corporation does not beneficially own more than $5
million in Arch Capital Group Ltd.&rsquo;s stock. This notice of exempt solicitation is therefore being provided on a voluntary basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Dear Fellow Arch Capital Group Shareholder,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Friends Fiduciary writes to urge
you to vote <B>FOR Item 5,</B> &ldquo;Shareholder Proposal Requesting That the Company Report to Shareholders on the Effectiveness of
its Diversity, Equity and Inclusion Efforts&rdquo; (the &ldquo;Proposal&rdquo;), at Arch Capital Group Ltd.&rsquo;s (&ldquo;Arch Capital&rsquo;s&rdquo;
or the &ldquo;Company&rsquo;s&rdquo;) annual general meeting on <B>May 7, 2025</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; border: Black 1pt solid">RESOLVED,
Shareholders request that Arch Capital Group Ltd. (&ldquo;Arch Capital&rdquo;) report to shareholders on the effectiveness of the Company&rsquo;s
diversity, equity, and inclusion efforts. The report should be done at reasonable expense, exclude proprietary information, and provide
transparency on outcomes, using quantitative metrics, for hiring, retention, and promotion of employees, including by gender, race, and
ethnicity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUMMARY OF RATIONALE:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">As shown by multiple research studies, workforce and management diversity
feed financial outperformance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The insurance industry relies on successful recruitment and retention of
top talent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Investors need quantitative data to understand the effectiveness of company
talent acquisition efforts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Arch Capital lags peers in disclosing workforce demographic data.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>As Shown by Multiple Research Studies, Workforce and Management
Diversity Feed Financial Outperformance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Studies have shown a robust link between workforce and management diversity
and corporate financial performance, with research indicating companies with diverse teams have better management, stronger long-term
growth prospects, and improved share value. In its fourth report investigating the business case for diversity, McKinsey found that companies
with both gender and racial diversity in executive teams have an increased likelihood of above-average profitability. &ldquo;Companies
in the top quartile for board-gender diversity are 27 percent more likely to outperform financially than those in the bottom quartile.
Similarly, companies in the top quartile for ethnically diverse boards are 13 percent more likely to outperform than those in the bottom
quartile.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not asking for authority to vote your proxy and no proxy cards
will be accepted. Please vote your proxy according to the instructions in Arch Capital Group Ltd.&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diversity on executive teams has also been tied to outperformance,
with a &ldquo;39 percent increased likelihood of outperformance for those in the top quartile of ethnic representation versus the bottom
quartile,&rdquo; the same likelihood of outperformance found for those in the top quartile of gender representation.<SUP>1</SUP> Research
from the World Economic Forum also shows that companies &ldquo;with above-average diversity scores drive 45% average revenue from innovation,
while companies with below-average diversity scores drive only 26%.&rdquo;<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other widely respected sources have recognized the importance of diversity
and inclusion in company financial performance, including the Business Roundtable,<SUP>3</SUP> American Banker,<SUP>4</SUP> and Bloomberg.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>The Insurance Industry Relies on Successful Recruitment and Retention
of Top Talent</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As part of the insurance industry, Arch Capital and its peers rely
heavily on successful recruitment of top talent. Arch Capital notes that the success of its business &ldquo;depends on attracting and
retaining a capable and talented workforce,&rdquo; highlighting the need to compete successfully for talented executives and employees.<SUP>6</SUP>
Recent reporting has revealed a talent shortage within the insurance industry; reasons identified include not only a larger share of this
workforce nearing retirement than being recruited,<SUP>7</SUP> but also affinity bias within the insurance industry, which has &ldquo;leaned
towards recruiting individuals who mirror the existing workforce.&rdquo;<SUP>8</SUP> To address this issue and create a resilient workforce,
there is an industry recognition of the need to attract, hire and retain young talent.<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Studies continue to show that a majority of workers support diversity
and inclusion, with young talent particularly seeking employment opportunities at &ldquo;companies with clear value systems and corresponding
behaviors around inclusion, transparency, fairness and sustainable business practices&rdquo;<SUP>10</SUP> Young generations are also increasingly
more diverse than their predecessors, a trend that is expected to continue.<SUP>11</SUP> Attracting young talent requires a talent acquisition
process that reaches all available talent and previously underutilized talent pools.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Investors Need Quantitative Data to Understand the Effectiveness
of Company Talent Acquisition Efforts</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arch Capital notes a commitment to have a workforce that better reflects
the communities in which it operates, looking for the best talent by &ldquo;developing recruiting strategies that expand our access into
previously untapped talent markets, while adopting processes that promote objectivity and equity.&rdquo;<SUP>12</SUP> While we appreciate
Arch Capital&rsquo;s commitment to acquiring the best talent, without robust quantitative workforce diversity data, it is difficult for
investors to evaluate the effectiveness of Arch Capital&rsquo;s talent acquisition efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impact</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://online.uncp.edu/degrees/business/mba/general/diversity-and-inclusion-good-for-business/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.businessroundtable.org/business-roundtable-launches-initiative-to-place-greater-emphasis-on-skills-in-hiring-and-advancement-improve-equity-and-diversity-in-employment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.americanbanker.com/diversity-&amp;-inclusion-yields-strongest-returns</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.bloomberg.com/news/articles/2019-09-17/when-companies-improve-their-diversity-stock-prices-get-a-boost</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.sec.gov/ix?doc=/Archives/edgar/data/0000947484/000094748425000017/acgl-20241231.htm#i8f00ce33b17040b5b34e6d7060c3031e_16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.insurancebusinessmag.com/us/news/breaking-news/us-insurance-sector-to-lose-around-400000-workers-by-2026-466593.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.insurancebusinessmag.com/ca/news/breaking-news/the-role-of-deandi-in-filling-the-insurance-talent-gap-465345.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.insurancejournal.com/magazines/mag-features/2025/03/24/816425.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.conference-board.org/press/dei-backlash;
https://www.cnbc.com/2021/04/30/diversity-equity-and-inclusion-are-important-to-workers-survey-shows.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://builtin.com/diversity-inclusion/diversity-in-the-workplace-statistics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.archgroup.com/careers/diversity-inclusion/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not asking for authority to vote your proxy and no proxy cards
will be accepted. Please vote your proxy according to the instructions in Arch Capital Group Ltd.&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EEO-1 reporting is required workforce diversity data provided to the
U.S. Equal Employment Opportunity Commission (EEOC) and provides a granular breakdown of a company&rsquo;s workforce by gender, race/ethnic
identity, and level of occupation. While EEO-1 reports serve as a snapshot of the current workforce, further reporting of hiring, turnover
and promotion data provide investors with the information necessary to evaluate the effectiveness of company talent acquisition and human
capital management year over year. This data provides insight into the effectiveness of acquiring top talent, continued retention of talent
hired and the ability of talent to rise through the ranks, providing useful information in evaluating the effectiveness of on-the-job
training, learning, mentorship programs, and employee satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arch Capital itself notes in its 10-K the importance of this data to
its business strategy, stating: &ldquo;Our ability to execute our business strategy successfully, continue to grow and innovate and offer
our employees a dynamic and supportive workplace depends on the recruitment, retention and promotion of talented, agile, and resilient
employees at all levels of our organization.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Arch Capital Lags Peers in Disclosing Workforce Demographic Data</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arch Capital previously provided some disclosures around its workforce
racial/ethnic and gender demographic data in its Sustainability Report,<SUP>13</SUP> but the company&rsquo;s most recent reporting no
longer provides racial/ethnic diversity information.<SUP>14</SUP> Current disclosures not only lack the information disclosed previously
by Arch Capital, but also lack the granularity provided in corporate EEO-1 reports. EEO-1 reports provide decision-useful data in a reliable,
standardized and comparable way, enabling shareholders to more accurately assess company business models, growth strategies and corporate
culture. As of 2023, 73.8% of S&amp;P 500 companies have disclosed EEO-1 reports, a notable rise from 5.4% of constituents disclosing
in 2020. This disclosure trend carried down market-cap to a broader set of companies; as of 2023 43.6% of Russell 1000 companies disclose
EEO-1 reports.<SUP>15</SUP> Over 53% of Arch Capital&rsquo;s 15 proxy-listed peers have also disclosed this information.<SUP>16</SUP>
Additionally, several Arch Capital peers go beyond EEO-1 data, to share with investors the success of their talent management and talent
retention strategies. Over 46% of these peers are reporting voluntary turnover, 20% are reporting turnover by gender, and 26% are reporting
overall new hires. New hires by gender and promotions by gender are reported by 13% of listed competitors as well.<SUP>17</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preparation of the additional information requested by the proposal
does not lack economic merit, nor would it be an inefficient use of company resources. Companies already compile and report EEO-1 data
to the EEOC, and several Arch Capital peers already disclose this data publicly. Just as companies are expected to publicly provide revenue
data, rather than simply explaining their marketing strategies, quantitative data on workforce diversity provides investors with greater
information to evaluate performance, as compared to qualitative descriptions of talent acquisition and human capital management programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://web.archive.org/web/20240612180821/https://www.archgroup.com/wp-content/uploads/Arch-Sustainability-Report-2023.pdf
p.37</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.archgroup.com/wp-content/uploads/Arch-Sustainability-Report-2024.pdf
p.43</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://19984548.fs1.hubspotusercontent-na1.net/hubfs/19984548/The%20State%20of%20EEO-1%20Reporting%20%7C%20DiversIQ.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> Arthur J. Gallagher &amp; Co. 2023 EEO-1 Report; Assurant
2023 EEO-1 Report; Chubb 2023 EEO-1 Report; Everest Group 2023 EEO-1 Report; The Hartford Insurance Group 2023 EEO-1 Report; Old Republic
Internation 2023 EEO-1 Report; Travelers 2022 EEO-1 Report; Willis Towers Watson 2023 EEO-1 Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> Assurant 2024 Sustainability Report p.71-72; Axis Bloomberg
Gender Equality Index FY2022; Chubb 2024 Sustainability Report p.14; Cincinnati Financial 2024 10-K p.12; Everest Group 2023 CSR p.63;
Willis Towers Watson 2024 10-K p.8-9; American Financial Group 2023 CSR Report p.20; Hartford Insurance Group 2023 ESG Supplement p.2;
Travelers 2023 ESG Analyst Data p.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not asking for authority to vote your proxy and no proxy cards
will be accepted. Please vote your proxy according to the instructions in Arch Capital Group Ltd.&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As long-term investors, we believe that diversity and inclusion at
the management and workforce levels support company performance. Quantitative EEO-1 data, and greater disclosure of hiring, retention
and promotion data, would bring Arch Capital in line with its peers and provide shareholders with information needed to evaluate the effectiveness
of Arch Capital&rsquo;s talent acquisition and retention, both of which are fundamental to insurance company success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We urge you to vote FOR the Proposal.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ethan Birchard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Director&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Friends Fiduciary Corporation&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not asking for authority to vote your proxy and no proxy cards
will be accepted. Please vote your proxy according to the instructions in Arch Capital Group Ltd.&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
