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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

March 31, 2022

Or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Bermuda

98-0374481

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Waterloo House, Ground Floor

100 Pitts Bay Road,

Pembroke

HM 08,

Bermuda

(441)

278-9250

(Address of principal executive offices)

(Registrant’s telephone number, including area code)

Title of each class

Trading Symbol (s)

Name of each exchange on which registered

Common shares, $0.0011 par value per share

ACGL

NASDAQ

Stock Market

Depositary shares, each representing a 1/1000th interest in a 5.45% Series F preferred share

ACGLO

NASDAQ

Stock Market

Depositary shares, each representing a 1/1000th interest in a 4.55% Series G preferred share

ACGLN

NASDAQ

Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Large Accelerated Filer ☑ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☐ Emerging growth company ☐

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. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

									Page No.
			PART I
			Financial Information						2
Item 1.			Consolidated Financial Statements						4
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						35
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						57
Item 4.			Controls and Procedures						58
			PART II
			Other Information						58
Item 1.			Legal Proceedings						58
Item 1A.			Risk Factors						58
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						59
Item 3.			Defaults Upon Senior Securities						59
Item 4.			Mine Safety Disclosures						59
Item 5.			Other Information						59
Item 6.			Exhibits						60
			Signatures						61

•our ability to successfully implement our business strategy during “soft” as well as “hard” markets;

•acceptance of our business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and our insureds and reinsureds;

•our ability to consummate acquisitions and integrate the business we have acquired or may acquire into our existing operations;

•our ability to maintain or improve our ratings, which may be affected by our ability to raise additional equity or debt financings, by ratings agencies’ existing or new policies and practices, as well as other factors described herein;

•general economic and market conditions (including inflation, interest rates, unemployment, housing prices, foreign currency exchange rates, prevailing credit terms and the depth and duration of a recession, including those resulting from COVID-19) and conditions specific to the reinsurance and insurance markets in which we operate;

•competition, including increased competition, on the basis of pricing, capacity (including alternative sources of capital), coverage terms, or other factors;

•developments in the world’s financial and capital markets and our access to such markets;

•our ability to successfully enhance, integrate and maintain operating procedures (including information technology) to effectively support our current and new business;

•the loss and addition of key personnel;

•material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements;

•accuracy of those estimates and judgments utilized in the preparation of our financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, contingencies and litigation, and any determination to use the deposit method of accounting;

•greater than expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;

•the adequacy of the Company’s loss reserves;

•severity and/or frequency of losses;

•greater frequency or severity of unpredictable natural and man-made catastrophic events;

•claims for natural or man-made catastrophic events or severe economic events in our insurance, reinsurance and mortgage businesses could cause large losses and substantial volatility in our results of operations;

•the effect of climate change on our business;

•the effect of contagious disease (including COVID-19) on our business;

•acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events;

•availability to us of reinsurance to manage our gross and net exposures and the cost of such reinsurance;

•the failure of reinsurers, managing general agents, third party administrators or others to meet their obligations to us;

•the timing of loss payments being faster or the receipt of reinsurance recoverables being slower than anticipated by us;

•our investment performance, including legislative or regulatory developments that may adversely affect the fair value of our investments;

•changes in general economic conditions, including sovereign debt concerns or downgrades of U.S. securities by credit rating agencies, which could affect our business, financial condition and results of operations;

•changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the replacement of LIBOR with alternative benchmark rates;

•the volatility of our shareholders’ equity from foreign currency fluctuations, which could increase due to us not matching portions of our projected liabilities in foreign currencies with investments in the same currencies;

•changes in accounting principles or policies or in our application of such accounting principles or policies;

•changes in the political environment of certain countries in which we operate or underwrite business;

•a disruption caused by cyber-attacks or other technology breaches or failures on us or our business partners and service providers, which could negatively impact our business and/or expose us to litigation;

•statutory or regulatory developments, including as to tax matters and insurance and other regulatory matters such as the adoption of proposed legislation that would affect Bermuda-headquartered companies and/or Bermuda-based insurers or reinsurers and/or changes in regulations or tax laws applicable to us, our subsidiaries, brokers or customers, including new guidance implementing the Tax Cuts and Jobs Act of 2017 and the possible implementation of the Organization for Economic Cooperation and Development (“OECD”) Pillar I and Pillar II initiatives; and

•the other matters set forth under Item 1A “Risk Factors”, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of our Annual Report on Form 10-K for the year ended December 31, 2021, as well as the other factors set forth in our other documents on file with the SEC, and management’s response to any of the aforementioned factors.

						Page No.
Report of Independent Registered Public Accounting Firm						5
Consolidated Balance Sheets
March 31, 2022 (unaudited) and December 31, 2021						6
Consolidated Statements of Income
For the three month periods ended March 31, 2022 and 2021 (unaudited)						7
Consolidated Statements of Comprehensive Income
For the three month periods ended March 31, 2022 and 2021 (unaudited)						8
Consolidated Statements of Changes in Shareholders’ Equity
For the three month periods ended March 31, 2022 and 2021 (unaudited)						9
Consolidated Statements of Cash Flows
For the three month periods ended March 31, 2022 and 2021 (unaudited)						10
Notes to Consolidated Financial Statements (unaudited)
Note 1 - Basis of Presentation and Recent Accounting Pronouncements						11
Note 2 - Share Transactions						11
Note 3 - Earnings Per Common Share						12
Note 4 - Segment Information						13
Note 5 - Reserve for Losses and Loss Adjustment Expenses						16
Note 6 - Allowance for Expected Credit Losses						17
Note 7 - Investment Information						19
Note 8 - Fair Value						24
Note 9 - Derivative Instruments						29
Note 10 - Commitments and Contingencies						30
Note 11 - Variable Interest Entities and Noncontrolling Interests						31
Note 12 - Other Comprehensive Income (Loss)						33
Note 13 - Income Taxes						34
Note 14 - Legal Proceedings						34
Note 15 - Transactions with Related Parties						34

			(Unaudited)
			March 31, 2022						December 31, 2021
Assets
Investments:
Fixed maturities available for sale, at fair value (amortized cost: $18,317,693 and $17,973,823; net of allowance for credit losses: $34,145 and $2,883 )			$	17,648,853					$	17,998,109
Short-term investments available for sale, at fair value (amortized cost: $2,332,513 and $1,734,738; net of allowance for credit losses: $0 and $0)			2,332,624						1,734,716
Equity securities, at fair value			1,002,572						1,804,170
Other investments, at fair value			1,686,666						1,973,550
Investments accounted for using the equity method			3,325,543						3,077,611
Total investments			25,996,258						26,588,156
Cash			812,917						858,668
Accrued investment income			82,607						85,453
Investment in operating affiliates			1,144,255						1,135,655
Premiums receivable (net of allowance for credit losses: $39,073 and $39,958)			3,223,504						2,633,280
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $18,483 and $13,230)			5,941,000						5,880,735
Contractholder receivables (net of allowance for credit losses: $3,731 and $3,437)			1,810,199						1,828,691
Ceded unearned premiums			1,951,960						1,729,455
Deferred acquisition costs			1,001,866						901,841
Receivable for securities sold			116,633						60,179
Goodwill and intangible assets			926,427						944,983
Other assets			2,670,315						2,453,849
Total assets			$	45,677,941					$	45,100,945
Liabilities
Reserve for losses and loss adjustment expenses			$	18,109,107					$	17,757,156
Unearned premiums			6,737,779						6,011,942
Reinsurance balances payable			1,510,906						1,583,253
Contractholder payables			1,813,930						1,832,127
Collateral held for insured obligations			244,502						242,352
Senior notes			2,724,642						2,724,394
Payable for securities purchased			176,452						64,850
Other liabilities			1,431,271						1,329,742
Total liabilities			32,748,589						31,545,816
Commitments and Contingencies
Redeemable noncontrolling interests			9,763						9,233
Shareholders' Equity
Non-cumulative preferred shares			830,000						830,000
Common shares ($0.0011 par, shares issued: 586,115,502 and 583,289,850)			651						648
Additional paid-in capital			2,134,241						2,085,075
Retained earnings			14,641,484						14,455,868
Accumulated other comprehensive income (loss), net of deferred income tax			(649,445)						(64,600)
Common shares held in treasury, at cost (shares: 210,384,611 and 204,365,956)			(4,037,342)						(3,761,095)
Total shareholders' equity available to Arch			12,919,589						13,545,896
Total liabilities, noncontrolling interests and shareholders' equity			$	45,677,941					$	45,100,945

			(Unaudited)
			Three Months Ended
			March 31,
			2022						2021
Revenues
Net premiums earned			$	2,120,633					$	1,948,422
Net investment income			80,436						98,856
Net realized gains (losses)			(292,414)						142,461
Other underwriting income			5,897						6,110
Equity in net income (loss) of investment funds accounted for using the equity method			36,305						71,686
Other income (loss)			(9,025)						(1,741)
Total revenues			1,941,832						2,265,794
Expenses
Losses and loss adjustment expenses			1,000,835						1,203,100
Acquisition expenses			378,159						304,481
Other operating expenses			289,943						261,033
Corporate expenses			32,332						25,384
Amortization of intangible assets			27,167						14,402
Interest expense			32,708						38,346
Net foreign exchange (gains) losses			(3,845)						(20,063)
Total expenses			1,757,299						1,826,683
Income (loss) before income taxes and income (loss) from operating affiliates			184,533						439,111
Income tax expense			(11,619)						(38,860)
Income (loss) from operating affiliates			24,518						75,457
Net income (loss)			$	197,432					$	475,708
Net (income) loss attributable to noncontrolling interests			(1,632)						(37,552)
Net income (loss) available to Arch			195,800						438,156
Preferred dividends			(10,184)						(10,403)
Net income (loss) available to Arch common shareholders			$	185,616					$	427,753
Net income per common share and common share equivalent
Basic			$	0.50					$	1.07
Diluted			$	0.48					$	1.05
Weighted average common shares and common share equivalents outstanding
Basic			374,243,812						400,807,895
Diluted			384,194,363						409,223,253

			(Unaudited)
			Three Months Ended
			March 31,
			2022						2021
Comprehensive Income
Net income (loss)			$	197,432					$	475,708
Other comprehensive income (loss), net of deferred income tax
Unrealized appreciation (decline) in value of available-for-sale investments:
Unrealized holding gains (losses) arising during period			(684,355)						(261,750)
Reclassification of net realized (gains) losses, included in net income (loss)			102,278						2,697
Foreign currency translation adjustments			(2,768)						(28,584)
Comprehensive income (loss)			(387,413)						188,071
Net (income) loss attributable to noncontrolling interests			(1,632)						(37,552)
Other comprehensive (income) loss attributable to noncontrolling interests			—						4,570
Comprehensive income (loss) available to Arch			$	(389,045)					$	155,089

			(Unaudited)
			Three Months Ended
			March 31,
			2022						2021
Non-cumulative preferred shares
Balance at beginning and end of period			$	830,000					$	780,000
Common shares
Balance at beginning of period			648						643
Common shares issued, net			3						2
Balance at end of period			651						645
Additional paid-in capital
Balance at beginning of period			2,085,075						1,977,794
Amortization of share-based compensation			45,368						40,573
Other changes			3,798						(3,626)
Balance at end of period			2,134,241						2,014,741
Retained earnings
Balance at beginning of period			14,455,868						12,362,463
Net income (loss)			197,432						475,708
Net (income) loss attributable to noncontrolling interests			(1,632)						(37,552)
Preferred share dividends			(10,184)						(10,403)
Balance at end of period			14,641,484						12,790,216
Accumulated other comprehensive income (loss), net of deferred income tax
Balance at beginning of period			(64,600)						488,895
Unrealized appreciation (decline) in value of available-for-sale investments, net of deferred income tax:
Balance at beginning of period			13,486						501,295
Unrealized holding gains (losses) during period, net of reclassification adjustment			(582,077)						(259,053)
Unrealized holding gains (losses) during period attributable to noncontrolling interests			—						4,469
Balance at end of period			(568,591)						246,711
Foreign currency translation adjustments, net of deferred income tax:
Balance at beginning of period			(78,086)						(12,400)
Foreign currency translation adjustments			(2,768)						(28,584)
Foreign currency translation adjustments attributable to noncontrolling interests			—						100
Balance at end of period			(80,854)						(40,884)
Balance at end of period			(649,445)						205,827
Common shares held in treasury, at cost
Balance at beginning of period			(3,761,095)						(2,503,909)
Shares repurchased for treasury			(276,247)						(191,048)
Balance at end of period			(4,037,342)						(2,694,957)
Total shareholders’ equity available to Arch			12,919,589						13,096,472
Non-redeemable noncontrolling interests			—						876,864
Total shareholders’ equity			$	12,919,589					$	13,973,336

			(Unaudited)
			Three Months Ended
			March 31,
			2022						2021
Operating Activities
Net income (loss)			$	197,432					$	475,708
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net realized (gains) losses			289,213						(161,007)
Equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss			(11,420)						(135,939)
Amortization of intangible assets			27,167						14,402
Share-based compensation			45,379						40,812
Changes in:
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable			275,954						560,153
Unearned premiums, net of ceded unearned premiums			513,507						560,035
Premiums receivable			(600,691)						(608,250)
Deferred acquisition costs			(96,999)						(126,701)
Reinsurance balances payable			(74,022)						240,206
Other items, net			(13,957)						(96,574)
Net cash provided by (used for) operating activities			551,563						762,845
Investing Activities
Purchases of fixed maturity investments			(6,727,665)						(11,530,968)
Purchases of equity securities			(408,615)						(309,419)
Purchases of other investments			(616,659)						(430,961)
Proceeds from sales of fixed maturity investments			6,053,352						10,917,134
Proceeds from sales of equity securities			1,100,256						284,986
Proceeds from sales, redemptions and maturities of other investments			570,341						323,591
Proceeds from redemptions and maturities of fixed maturity investments			240,753						421,042
Net settlements of derivative instruments			(2,510)						47,660
Net (purchases) sales of short-term investments			(510,752)						589,175
Purchase of operating affiliate			—						(546,349)
Purchases of fixed assets			(11,770)						(12,490)
Other			550						(246,590)
Net cash provided by (used for) investing activities			(312,719)						(493,189)
Financing Activities
Purchases of common shares under share repurchase program			(254,988)						(179,266)
Proceeds from common shares issued, net			(17,260)						(10,008)
Third party investment in non-redeemable noncontrolling interests			—						15,971
Dividends paid to redeemable noncontrolling interests			—						(948)
Other			48,859						(1,948)
Preferred dividends paid			(10,184)						(10,403)
Net cash provided by (used for) financing activities			(233,573)						(186,602)
Effects of exchange rate changes on foreign currency cash and restricted cash			(3,924)						(6,084)
Increase (decrease) in cash and restricted cash			1,347						76,970
Cash and restricted cash, beginning of year			1,314,771						1,290,544
Cash and restricted cash, end of period			$	1,316,118					$	1,367,514

			Three Months Ended
			March 31,
			2022						2021
Numerator:
Net income (loss)			$	197,432					$	475,708
Amounts attributable to noncontrolling interests			(1,632)						(37,552)
Net income (loss) available to Arch			195,800						438,156
Preferred dividends			(10,184)						(10,403)
Net income (loss) available to Arch common shareholders			$	185,616					$	427,753
Denominator:
Weighted average common shares and common share equivalents outstanding — basic			374,243,812						400,807,895
Effect of dilutive common share equivalents:
Nonvested restricted shares			2,659,922						2,230,794
Stock options (1)			7,290,629						6,184,564
Weighted average common shares and common share equivalents outstanding — diluted			384,194,363						409,223,253
Earnings per common share:
Basic			$	0.50					$	1.07
Diluted			$	0.48					$	1.05

(1)    Certain stock options were not included in the computation of diluted earnings per share where the exercise price of the stock options exceeded the average market price and would have been anti-dilutive or where, when applying the treasury stock method to in-the-money options, the sum of the proceeds, including unrecognized compensation, exceeded the average market price and would have been anti-dilutive. For the 2022 first quarter and 2021 first quarter, the number of stock options excluded were 769,026 and 2,400,082, respectively.

Through June 30, 2021, the ‘other’ segment included the results of Somers. In July 2021, the Company announced the completion of the previously disclosed acquisition of Somers by Greysbridge. Based on the governing documents of Greysbridge, the Company has concluded that, while it retains significant influence over Somers, Somers no longer constitutes a variable interest entity. Accordingly, effective July 1, 2021, Arch no longer consolidates the results of Somers in its consolidated financial statements. See note 11.

			Three Months Ended
			March 31, 2022
			Insurance						Reinsurance						Mortgage						Sub-Total						Other						Total
Gross premiums written (1)			$	1,719,605					$	1,718,942					$	364,839					$	3,800,775					$	—					$	3,800,775
Premiums ceded			(512,709)						(579,818)						(76,719)						(1,166,635)						—						(1,166,635)
Net premiums written			1,206,896						1,139,124						288,120						2,634,140						—						2,634,140
Change in unearned premiums			(180,200)						(334,724)						1,417						(513,507)						—						(513,507)
Net premiums earned			1,026,696						804,400						289,537						2,120,633						—						2,120,633
Other underwriting income (loss)			—						836						5,061						5,897						—						5,897
Losses and loss adjustment expenses			(600,739)						(454,700)						54,604						(1,000,835)						—						(1,000,835)
Acquisition expenses			(195,650)						(171,996)						(10,513)						(378,159)						—						(378,159)
Other operating expenses			(166,825)						(69,776)						(53,342)						(289,943)						—						(289,943)
Underwriting income (loss)			$	63,482					$	108,764					$	285,347					457,593						—						457,593
Net investment income																					80,436						—						80,436
Net realized gains (losses)																					(292,414)						—						(292,414)
Equity in net income (loss) of investment funds accounted for using the equity method																					36,305						—						36,305
Other income (loss)																					(9,025)						—						(9,025)
Corporate expenses (2)																					(31,935)						—						(31,935)
Transaction costs and other (2)																					(397)						—						(397)
Amortization of intangible assets																					(27,167)						—						(27,167)
Interest expense																					(32,708)						—						(32,708)
Net foreign exchange gains (losses)																					3,845						—						3,845
Income (loss) before income taxes and income (loss) from operating affiliates																					184,533						—						184,533
Income tax (expense) benefit																					(11,619)						—						(11,619)
Income (loss) from operating affiliates																					24,518						—						24,518
Net income (loss)																					197,432						—						197,432
Amounts attributable to redeemable noncontrolling interests																					(1,632)						—						(1,632)
Net income (loss) available to Arch																					195,800						—						195,800
Preferred dividends																					(10,184)						—						(10,184)
Net income (loss) available to Arch common shareholders																					$	185,616					$	—					$	185,616
Underwriting Ratios
Loss ratio			58.5		%				56.5		%				(18.9)		%				47.2		%				—		%				47.2		%
Acquisition expense ratio			19.1		%				21.4		%				3.6		%				17.8		%				—		%				17.8		%
Other operating expense ratio			16.2		%				8.7		%				18.4		%				13.7		%				—		%				13.7		%
Combined ratio			93.8		%				86.6		%				3.1		%				78.7		%				—		%				78.7		%
Goodwill and intangible assets			$	249,423					$	183,675					$	493,329					$	926,427					$	—					$	926,427

(1)    Certain amounts included in the gross premiums written of each segment are related to intersegment transactions. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total.

(2)    Certain expenses have been excluded from ‘corporate expenses’ and reflected in ‘transaction costs and other.’

			Three Months Ended
			March 31, 2021
			Insurance						Reinsurance						Mortgage						Sub-Total						Other						Total
Gross premiums written (1)			$	1,415,886					$	1,471,060					$	391,246					$	3,277,293					$	216,523					$	3,397,206
Premiums ceded			(421,047)						(471,948)						(56,051)						(948,147)						(37,212)						(888,749)
Net premiums written			994,839						999,112						335,195						2,329,146						179,311						2,508,457
Change in unearned premiums			(175,365)						(354,212)						1,122						(528,455)						(31,580)						(560,035)
Net premiums earned			819,474						644,900						336,317						1,800,691						147,731						1,948,422
Other underwriting income (loss)			—						(1,198)						6,897						5,699						411						6,110
Losses and loss adjustment expenses			(535,747)						(484,870)						(63,689)						(1,084,306)						(118,794)						(1,203,100)
Acquisition expenses			(128,222)						(118,025)						(30,082)						(276,329)						(28,152)						(304,481)
Other operating expenses			(137,113)						(60,514)						(49,131)						(246,758)						(14,275)						(261,033)
Underwriting income (loss)			$	18,392					$	(19,707)					$	200,312					198,997						(13,079)						185,918
Net investment income																					78,729						20,127						98,856
Net realized gains (losses)																					101,336						41,125						142,461
Equity in net income (loss) of investment funds accounted for using the equity method																					71,686						—						71,686
Other income (loss)																					(1,741)						—						(1,741)
Corporate expenses (2)																					(23,468)						—						(23,468)
Transaction costs and other (2)																					(1,201)						(715)						(1,916)
Amortization of intangible assets																					(14,402)						—						(14,402)
Interest expense																					(34,197)						(4,149)						(38,346)
Net foreign exchange gains (losses)																					21,505						(1,442)						20,063
Income (loss) before income taxes and income (loss) from operating affiliates																					397,244						41,867						439,111
Income tax (expense) benefit																					(38,852)						(8)						(38,860)
Income (loss) from operating affiliates																					75,457						—						75,457
Net income (loss)																					433,849						41,859						475,708
Amounts attributable to redeemable noncontrolling interests																					117						(972)						(855)
Amounts attributable to nonredeemable noncontrolling interests																					—						(36,697)						(36,697)
Net income (loss) available to Arch																					433,966						4,190						438,156
Preferred dividends																					(10,403)						—						(10,403)
Net income (loss) available to Arch common shareholders																					$	423,563					$	4,190					$	427,753
Underwriting Ratios
Loss ratio			65.4		%				75.2		%				18.9		%				60.2		%				80.4		%				61.7		%
Acquisition expense ratio			15.6		%				18.3		%				8.9		%				15.3		%				19.1		%				15.6		%
Other operating expense ratio			16.7		%				9.4		%				14.6		%				13.7		%				9.7		%				13.4		%
Combined ratio			97.7		%				102.9		%				42.4		%				89.2		%				109.2		%				90.7		%
Goodwill and intangible assets			$	276,211					$	17,807					$	377,841					$	671,859					$	7,650					$	679,509

(1)    Certain amounts included in the gross premiums written of each segment are related to intersegment transactions. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total.

(2)    Certain expenses have been excluded from ‘corporate expenses’ and reflected in ‘transaction costs and other.’

			Three Months Ended
			March 31,
			2022						2021
Reserve for losses and loss adjustment expenses at beginning of period			$	17,757,156					$	16,513,929
Unpaid losses and loss adjustment expenses recoverable			5,599,231						4,314,855
Net reserve for losses and loss adjustment expenses at beginning of period			12,157,925						12,199,074
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year			1,142,647						1,244,772
Prior years			(141,812)						(41,672)
Total net incurred losses and loss adjustment expenses			1,000,835						1,203,100
Retroactive reinsurance transactions (1)			—						(183,893)
Net foreign exchange (gains) losses and other			(32,640)						(46,877)
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year			(70,806)						(58,984)
Prior years			(656,205)						(585,118)
Total net paid losses and loss adjustment expenses			(727,011)						(644,102)
Net reserve for losses and loss adjustment expenses at end of period			12,399,109						12,527,302
Unpaid losses and loss adjustment expenses recoverable			5,709,998						3,916,650
Reserve for losses and loss adjustment expenses at end of period			$	18,109,107					$	16,443,952

(1)     During the 2021 first quarter, the Company entered into a reinsurance to close and other related agreements with Premia Managing Agency Limited (“Premia”), in connection with the 2018 and prior years of account related to the acquisition of Barbican Group Holdings Limited (“Barbican”).