Specialty insurance underwriting expense ratio measures acquisition and underwriting expenses relative to earned premium, with issuer-specific treatment of other underwriting income.
Arch Capital's insurance segment reported a 35.5% underwriting expense ratio in Q2 2026, compared with 33.6% in Q2 2025.
Expense ratios depend on both costs and the premium base
Arch said the Q2 2026 increase reflected transitional MCE Acquisition expenses and lower net premiums earned. A rising ratio therefore does not automatically mean every operating cost category grew at the same rate.
Combine it with the loss ratio to reach the reported combined ratio. Arch's definition includes other underwriting income, so peer comparisons should confirm denominator and expense-treatment conventions.
Primary source: Arch Capital Q2 2026 Form 10-Q filed with the SEC.
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