On May 9, 2013, the Board of Directors of Arch Capital Group Ltd. declared dividends with respect to the outstanding 13,000,000 shares of its 6.75% Non-Cumulative Preferred Shares, Series C, $0.01 per share (the Series C Shares), with a liquidation preference of $25.00 per share. All such dividends will be payable out of lawfully available funds for the payment of dividends under Bermuda law on June 30, 2013 to holders of record of the Series C Shares, as of June 15, 2013, unless determined otherwise by the board or the executive committee of the board on or prior to the applicable effective date.

Arch Capital Group Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net premiums written of USD 952,776,000 against USD 863,611,000 for the same period a year ago. Total revenues were USD 890,141,000 against USD 815,008,000 for the same period a year ago. Income before income taxes was USD 261,329,000 against USD 166,158,000 for the same period a year ago. Net income available to common shareholders USD 250,992,000 or USD 1.85 diluted per share against USD 157,795,000 or USD 1.14 diluted per share for the same period a year ago. Consolidated cash flow provided by operating activities for the 2013 first quarter was USD 205.7 million, compared to USD 144.8 million for the 2012 first quarter. The increase in operating cash flows in the 2013 first quarter reflected a higher level of premium receipts and income distributions from investment funds than in the 2012 first quarter. The company also reported after-tax operating income available to common shareholders of USD 158.7 million, or USD 1.17 per share, for the 2013 first quarter, compared to after-tax operating income available to common shareholders of USD 113.7 million, or USD 0.82, for the 2012 first quarter. The company's after-tax operating income available to common shareholders represented an annualized return on average common equity of 12.9% for the 2013 first quarter, compared to 10.4% for the 2012 first quarter, while the company's net income available to common shareholders represented an annualized return on average common equity of 20.4% for the 2013 first quarter, compared to 14.4% for the 2012 first quarter. The company's book value per common share was USD 37.66 at March 31, 2013, a 4.1% increase from USD 36.19 per share at December 31, 2012 and a 13.0% increase from USD 33.33 per share at March 31, 2012. Reported net investment income was USD 66 million or USD 0.48 per share, versus approximately USD 74 million or USD 0.53 per share in both the 2012 fourth quarter and the first quarter of 2012.

Arch Capital Group Ltd., Q1 2013 Earnings Call, Apr 30, 2013