Arch Reinsurance Ltd. -- Moody's rates Arch Capital's senior notes A3; outlook is stable

New York, December 11, 2013 -- Moody's Investors Service has assigned an A3 rating to $500 million of senior notes to be issued by Arch Capital Group (U.S.) Inc. (Arch-US), a wholly-owned subsidiary of Arch Capital Group Ltd. (Arch Capital -- senior debt at A3). The notes, which mature in 2043, are redeemable at the option of the issuer and are fully and unconditionally guaranteed on a senior unsecured basis by Arch Capital. Net proceeds from the offering will be used to finance Arch Capital's acquisition of certain assets from PMI Mortgage Insurance Company (PMI -- not rated) and the purchase of CMG Mortgage Insurance Company (CMG-not rated) from CMFG Life Insurance Company (CMFG -- not rated) and PMI, and to fund anticipated growth in its mortgage insurance and other select businesses. Moody's currently rates Arch Capital's principal operating subsidiaries A1 for insurance financial strength. The outlook for the ratings is stable.

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