Prospectus excerpt:  Arch Capital Group Ltd. is offering 13,000,000 shares of its 6.75% Non-Cumulative Preferred Shares, Series C, $25 liquidation preference per share (the "Series C Non-Cumulative Preferred Shares"). Holders of Series C Non-Cumulative Preferred Shares will be entitled to receive dividend payments only when, as and if declared by our board of directors or a duly authorized committee of the board. Any such dividends will be payable from, and including, the date of original issue on a non-cumulative basis, quarterly in arrears on the last day of March, June, September and December of each year (each, a "dividend payment date"), commencing on June 30, 2012, at an annual rate of 6.75%. Dividends on the Series C Non-Cumulative Preferred Shares are not cumulative. Accordingly, in the event dividends are not declared on the Series C Non-Cumulative Preferred Shares for payment on any dividend payment date, then those dividends will not accrue and will not be payable. If we have not declared a dividend before the dividend payment date for any dividend period, we will have no obligation to pay dividends for that dividend period, whether or not dividends on the Series C Non-Cumulative Preferred Shares are declared for any future dividend period. So long as any Series C Non-Cumulative Preferred Shares remain outstanding, no dividend shall be paid or declared on our common shares or any of our other securities ranking junior to the Series C Non-Cumulative Preferred Shares (other than a dividend payable solely in common shares or in such other junior securities), unless the full dividends for the latest completed dividend period on all outstanding Series C Non-Cumulative Preferred Shares and any parity shares have been declared and paid or provided for. In the past, we have not paid dividends on our common shares. Except in specified circumstances relating to certain tax or corporate events, the Series C Non-Cumulative Preferred Shares are not redeemable prior to April 2, 2017. On and after that date, the Series C Non-Cumulative Preferred Shares will be redeemable at our option, in whole or in part, at a redemption price of $25 per Series C Non-Cumulative Preferred Share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends to, but excluding, the redemption date. See "Description of the Series C Non-Cumulative Preferred Shares?Redemption" and "Description of the Series C Non-Cumulative Preferred Shares?Tax Redemption" in this prospectus supplement. Our ability to redeem the Series C Non-Cumulative Preferred Shares is subject to certain restrictions described under "Description of the Series C Non-Cumulative Preferred Shares?Redemption" in this prospectus supplement.