Specialty insurance combined ratio excluding catastrophe and prior-year development is an issuer-defined non-GAAP underwriting ratio that removes current catastrophe activity and changes tied to prior accident years.
Arch Capital's insurance segment reported 91.6% in Q2 2026, versus 90.6% in Q2 2025.
The adjusted ratio answers a narrower question
The reported combined ratio includes catastrophe losses and prior-year reserve development. Removing both can help isolate current-period underwriting, but it does not make the excluded costs economically irrelevant or guaranteed to disappear.
A lower ratio generally indicates stronger underwriting economics because expenses and losses consume less earned premium. Compare it with catastrophe loss impact and reserve development before deciding why the reported ratio changed.
Primary source: Arch Capital Q2 2026 Form 10-Q filed with the SEC.
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Compare underlying underwriting
Compare current underwriting after separating catastrophe activity and prior-year reserve development.
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