Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Arch Capital Group Ltd. (ACGL) Halal?

FAIL

Arch Capital Group Ltd. · NASDAQ: ACGL · Financials

The short answer

No - Arch Capital Group (ACGL) fails this Shariah stock screen at the business-activity gate and the non-compliant income gate. Per its own FY2025 Form 10-K, Arch's core business is underwriting conventional insurance, reinsurance and mortgage insurance worldwide - conventional insurance is a non-compliant business activity under the AAOIFI-style business screen (the same basis as the Progressive, Chubb and Allstate fails). Its disclosed net investment income of $1,625M for FY2025 is about 8.15% of its $19,929M in total revenue, above the 5% non-compliant income ceiling. Its debt screen passes: $2,729M of senior notes is about 8.40% of its ~$32.47B market cap ($94.26, October 2, 2026), below the ~33% ceiling. Zoya flags ACGL as not Shariah-compliant and Musaffa rates it not halal (October 2026).

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. Arch Capital Group Ltd. (NASDAQ: ACGL) is a Bermuda-based insurer headquartered in Pembroke, Bermuda. Per its FY2025 Form 10-K (Item 1, Business), "Arch provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries," organized into three underwriting segments: insurance (specialty commercial lines - commercial automobile, casualty, property, workers compensation - in North America, the UK, Europe and Australia), reinsurance (casualty, marine and aviation, property catastrophe and specialty lines worldwide), and mortgage (U.S. primary mortgage insurance via Arch MI and international mortgage insurance/reinsurance).

Business screen (factual, from the filing): Arch Capital's core business is underwriting conventional insurance, reinsurance and mortgage insurance — per the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity, the same basis on which Progressive (NYSE: PGR), Chubb (NYSE: CB) and Allstate (NYSE: ALL) failed Gate 1. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (8.40%, ceiling ~33%). Per Arch Capital's FY2025 Form 10-K (consolidated balance sheet at December 31, 2025), interest-bearing debt was $2,729 million — the Senior notes line, comprising five series ($300M 7.35% due 2034, $500M 5.144% due 2043, $500M 4.011% due 2026, $450M 5.031% due 2046 and $1,000M 3.635% due 2050, less $21M of deferred debt costs). The revolving credit agreement had no borrowings outstanding. The reserve for losses and loss adjustment expenses ($33,547M), unearned premiums ($10,100M), reinsurance balances payable ($2,320M) and contractholder payables ($2,277M) are insurance operating liabilities and are not counted as debt.

$2,729 million of interest-bearing debt against a market capitalization of about $32.47 billion (Finnhub, October 2, 2026; $94.26 per share) is 8.40%, comfortably below the ~33% ceiling. Cash of $993 million is about 3.06% of market cap, or about 11.14% including $2,625 million of short-term investments. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Gate 3 — non-compliant income: FAIL (8.15%, ceiling 5%). Arch Capital's FY2025 Form 10-K income statement reports net investment income of $1,625 million for the year ended December 31, 2025, against total revenues of $19,929 million — about 8.15% of revenue, above the 5% non-compliant income ceiling. For an insurer, net investment income (interest and dividends on the investment portfolio backing its policies) is the separately disclosed interest-type income line; net realized gains ($464M) and equity in net income of investments accounted for using the equity method ($504M) are reported separately and are not included in the ratio. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Arch Capital do?

Arch Capital Group Ltd. (NASDAQ: ACGL) is a Bermuda-based insurer headquartered in Pembroke, Bermuda. Per its FY2025 Form 10-K (Item 1, Business), it provides insurance, reinsurance and mortgage insurance worldwide through wholly owned subsidiaries, organized into three underwriting segments: insurance (specialty commercial lines such as commercial auto, casualty, property and workers compensation in North America, the UK, Europe and Australia), reinsurance (casualty, marine and aviation, property catastrophe and specialty lines worldwide), and mortgage (U.S. primary mortgage insurance and international mortgage insurance/reinsurance). In 2025 it wrote $16.5 billion of net premiums and reported net income of $4.4 billion available to common shareholders.

Why does Arch Capital fail this Shariah stock screen?

Arch Capital fails this screen at the first gate - the business-activity gate - and again at the non-compliant income gate. Its core business is underwriting conventional insurance, reinsurance and mortgage insurance; under the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity - the same basis on which Progressive (NYSE: PGR), Chubb (NYSE: CB) and Allstate (NYSE: ALL) failed Gate 1. Its financial picture also trips Gate 3: net investment income of $1,625M against total revenues of $19,929M for FY2025 is about 8.15% of revenue, above the 5% non-compliant income ceiling. Its debt screen passes: $2,729M of senior notes is about 8.40% of its ~$32.47B market cap, below the ~33% ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

How much interest-bearing debt does Arch Capital have?

Per Arch Capital's FY2025 Form 10-K (consolidated balance sheet at December 31, 2025), interest-bearing debt was $2,729 million - the Senior notes line, comprising five series of senior notes ($300M 7.35% due 2034, $500M 5.144% due 2043, $500M 4.011% due 2026, $450M 5.031% due 2046 and $1,000M 3.635% due 2050, less $21M deferred debt costs). The revolving credit agreement had no borrowings outstanding. The reserve for losses and loss adjustment expenses ($33,547M), unearned premiums ($10,100M), reinsurance balances payable ($2,320M) and contractholder payables ($2,277M) are insurance operating liabilities and are not counted as debt. Against a market cap of about $32.47 billion (Finnhub, October 2, 2026; $94.26 per share), debt divided by market cap is about 8.40% - comfortably below the ~33% ceiling. Cash of $993 million is about 3.06% of market cap, or about 11.14% including $2,625 million of short-term investments. Gate 2 passes.

What is Arch Capital's non-compliant income ratio?

Arch Capital's FY2025 Form 10-K income statement reports net investment income of $1,625 million for the year ended December 31, 2025, against total revenues of $19,929 million - about 8.15% of revenue, above the 5% non-compliant income ceiling. For an insurer, net investment income (interest and dividends earned on the investment portfolio that backs its policies) is the disclosed interest-type income line, and it is separately stated in the filing; net realized gains ($464M) and equity in net income of investments accounted for using the equity method ($504M) are reported separately and are not included. Gate 3 fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Arch Capital?

Zoya covers ACGL and flags it as not Shariah-compliant (zoya.finance/stocks/acgl; the page's displayed assessment date was blank) - it does not rate Arch Capital halal. Musaffa covers ACGL and classifies it as not halal as of October 2026 under its AAOIFI methodology (musaffa.com/stock/ACGL/). I could not verify a ShariaPortfolio screener page for ACGL from public sources. All coverage statements that could be verified are consistent with this page's own FAIL outcome. This page applies the screen directly from Arch Capital's own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).