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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As filed with the Securities and Exchange Commission on April 28, 2005</font></p>

<p align="right" style="margin:0in 0in 6.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM S-8<br>
</font>REGISTRATION STATEMENT<br>
UNDER<br>
THE SECURITIES ACT OF 1933</b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">ARCH
CAPITAL GROUP LTD.<br>
</font></b><font size="2" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bermuda</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not Applicable</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State
  or other jurisdiction of</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S.
  Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incorporation
  or organization)</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wessex House, 4th floor<br>
45 Reid Street<br>
Hamilton HM 12 Bermuda<br>
(441) 278-9250<br>
</font></b><font size="2" style="font-size:10.0pt;">(Address of Principal Executive Offices)</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARCH CAPITAL GROUP LTD. 2005 LONG TERM INCENTIVE AND SHARE AWARD PLAN<br>
</font></b><font size="2" style="font-size:10.0pt;">(Full title of the plan)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">National
Registered Agents, Inc.<br>
440 9th Avenue, 5th Floor<br>
New York, New York&#160; 10001<br>
</font></b><font size="2" style="font-size:10.0pt;">(Name and address of agent for service)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 6.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(800) 767-1553<br>
</font></b><font size="2" style="font-size:10.0pt;">(Telephone number, including area code, of agent for service)</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copy to:<br>
<b><font style="font-weight:bold;">Immanuel Kohn, Esq.<br>
Cahill Gordon &amp; Reindel LLP<br>
80 Pine Street<br>
New York, New York 10005<br>
(212) 701-3000</font></b></font></p>

<p align="center" style="margin:0in 0in 6.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CALCULATION OF REGISTRATION FEE</font></b></p>

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<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in .7pt 0in .7pt;width:23.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:18.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:21.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed
  Maximum</font></p>
  </td>
  <td width="19%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:19.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed
  Maximum</font></p>
  </td>
  <td width="16%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:23.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title
  of</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:18.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount
  to be</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:21.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offering
  Price</font></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:19.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate
  Offering</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount
  of</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:23.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities
  to be Registered</font></p>
  </td>
  <td width="18%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:18.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered(1)</font></p>
  </td>
  <td width="21%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:21.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per
  Share</font></p>
  </td>
  <td width="19%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:19.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Price</font></p>
  </td>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:16.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration
  Fee</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:23.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:18.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:21.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:19.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:23.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
  shares,</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:18.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:21.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:19.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:23.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$.01
  par value</font></p>
  </td>
  <td width="18%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:18.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,000,000
  shares</font></p>
  </td>
  <td width="21%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:21.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$40.72(2)</font></p>
  </td>
  <td width="19%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:19.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$81,440,000(2)</font></p>
  </td>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:16.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$9,585.49</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plus
such additional number of common shares as may be issued under the Company&#146;s
2005 Long Term Incentive and Share Award Plan in the event of a share dividend,
recapitalization, share split, reverse split, reorganization, merger, amalgamation,
consolidation or other similar dilutive event.</font></p>

<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2) </font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated
pursuant to Rules 457(c) and (h) under the Securities Act of 1933, as amended,
solely for purposes of determining the registration fee and is based on the
average of the reported high and low sales prices of the common shares on the
Nasdaq National Market on April 26, 2005.</font></p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:6.0pt 84.95pt 12.0pt 0in;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REOFFER PROSPECTUS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARCH
CAPITAL GROUP LTD.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Common
shares, par value US $0.01 per share</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,000,000 shares issued or issuable under the<br>
Arch Capital Group Ltd. 2005 Long Term Incentive and Share Award Plan</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus relates to the offer and sale of our
common shares, par value US $0.01 per share, which may be offered hereby from
time to time by any or all of the selling shareholders named herein for their
own benefit.</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All or a portion of the common shares offered hereby
may be offered for sale, from time to time, through the Nasdaq National Market
or otherwise, at prices and terms then obtainable. All brokers&#146; commissions,
concessions or discounts will be paid by the selling shareholders.&#160; We will not receive any of the proceeds from
sales by selling shareholders.</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling shareholders and brokers through whom
sales of the common shares are made may be deemed to be &#147;underwriters&#148; within
the meaning of Section&nbsp;2(11) of the Securities Act of 1933.&#160; In addition, any profits realized by the
selling shareholders or such brokers on the sale of the common shares may be
deemed to be underwriting commissions under the Securities Act.</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our common shares are traded on the Nasdaq National
Market under the symbol &#147;ACGL&#148;.&#160; The last
reported sale price of the common shares on the Nasdaq National Market on April
27, 2005 was $40.22 per share.</font></p>

<div align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neither the Securities and Exchange Commission nor
any state securities commission has approved or disapproved of these securities
or passed upon the adequacy or accuracy of this prospectus.&#160; Any representation to the contrary is a
criminal offense.</font></b></p>

<div align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
date of this Prospectus is April 28, 2005</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 24.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 14.85pt .0001pt 0in;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 14.85pt .0001pt 0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 14.85pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AvailableInformation_040016" title="Click to goto AVAILABLE INFORMATION">AVAILABLE INFORMATION</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TheCompany_040021" title="Click to goto THE COMPANY">THE COMPANY</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_040025" title="Click to goto USE OF PROCEEDS">USE OF
  PROCEEDS</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SellingShareholders_040030" title="Click to goto SELLING SHAREHOLDERS">SELLING
  SHAREHOLDERS</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PlanOfDistribution_040037" title="Click to goto PLAN OF DISTRIBUTION">PLAN
  OF DISTRIBUTION</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IncorporationOfCertainDocumentsBy_040047" title="Click to goto INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE">INCORPORATION
  OF CERTAIN DOCUMENTS BY REFERENCE</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_040052" title="Click to goto LEGAL MATTERS">LEGAL MATTERS</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Experts_040056" title="Click to goto EXPERTS">EXPERTS</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.72%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SecPositionOnIndemnification_040059" title="Click to goto SEC POSITION ON INDEMNIFICATION">SEC POSITION ON
  INDEMNIFICATION</a></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;">
  <p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="AvailableInformation_040016"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AVAILABLE
INFORMATION</font></b></a></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We file annual, quarterly and current reports, proxy
statements and other information with the Securities and Exchange
Commission.&#160; We have also filed with the
SEC registration statements on Form S-8 to register the common shares offered
by this prospectus.&#160; This prospectus,
which forms a part of the registration statements, does not contain all of the
information included in the registration statements.&#160; For further information about us and the
securities offered in this prospectus, you should refer to the registration
statements and their exhibits.</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may read and copy any document we file with the
SEC at the SEC&#146;s Public Reference Room at Judiciary Plaza, 450 Fifth Street,
N.W., Washington, D.C.&#160; 20549 and may
obtain copies of these documents at the SEC&#146;s offices in New York, New York and
Chicago, Illinois, at prescribed rates.&#160;
Please call the SEC at 1-800-SEC-0330 for further information on the
Public Reference Room.&#160; We file our SEC
materials electronically with the SEC, so you can also review our filings by
accessing the website maintained by the SEC at http://www.sec.gov.&#160; This site contains reports, proxy information
statements and other information regarding issuers that file electronically
with the SEC.</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No
dealer, salesperson or other person is authorized to give any information or to
represent anything not contained in this prospectus.&#160; You must not rely on any unauthorized
information or representations.&#160; This
prospectus is an offer to sell or to buy only the shares offered by this
prospectus, but only under circumstances and in jurisdictions where it is
lawful to do so.&#160; The information
contained in this prospectus is current only to the date of this prospectus.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="TheCompany_040021"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE COMPANY</font></b></a></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arch Capital Group Ltd. was formed in Bermuda on
September&nbsp;22, 2000.&#160; Our executive
offices are located at Wessex House, 4th Floor, 45 Reid Street, Hamilton HM 12,
Bermuda; telephone number: (441) 278-9250.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="UseOfProceeds_040025"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">USE OF PROCEEDS</font></b></a></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not receive any proceeds from the sale of the
common shares offered by this prospectus.&#160;
All proceeds will be received by the selling shareholders.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="SellingShareholders_040030"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SELLING
SHAREHOLDERS</font></b></a></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under our 2005 Long Term Incentive and Share Award
Plan (the &#147;Plan&#148;), there are available a total of 2,000,000 common shares for
issuance to our and our subsidiaries&#146; employees and directors.&#160; The common shares to which this prospectus
relates are being registered for reoffers and resales by selling shareholders
who may acquire, or have acquired, such shares pursuant to the Plan.&#160; We do not know whether any of the selling
shareholders will use this prospectus in connection with the offer or sale of
any common shares, or, if this prospectus is so used, how many common shares
will be offered or sold.&#160; The selling
shareholders may resell all, a portion, or none of the shares that they have
acquired or may acquire pursuant to the Plan.&#160;
Pursuant to Rule&nbsp;424(b) under the Securities Act, we will
supplement this prospectus with the number of common shares, if any, to be
offered or sold by the selling shareholders as that information becomes known.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="PlanOfDistribution_040037"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLAN OF
DISTRIBUTION</font></b></a></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling shareholders may sell common shares
through dealers, through agents or directly to one or more purchasers.&#160; The distribution of the common shares may be
effected from time to time in one or more transactions (which may involve
crosses or block transactions):</font></p>

<p style="font-size:10.0pt;margin:0in .3in 12.0pt .8in;punctuation-wrap:simple;text-autospace:none;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>on any national stock exchanges
on which the common shares may be traded from time to time in transactions which
may include special offerings, exchange distributions and/or secondary distributions
pursuant to and in accordance with the rules of such exchanges,</p>

<p style="font-size:10.0pt;margin:0in .3in 12.0pt .8in;punctuation-wrap:simple;text-autospace:none;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the over-the-counter market,
or</p>

<p style="font-size:10.0pt;margin:0in .3in 12.0pt .8in;punctuation-wrap:simple;text-autospace:none;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in transactions other than on
such exchanges or in the over-the-counter market, or a combination of such
transactions.</p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any such transaction may be effected at market prices
prevailing at the time of sale, at prices related to such prevailing market
prices, at negotiated prices or at fixed prices.&#160; The selling shareholders may effect such
transactions by selling common shares to or through broker-dealers, and such
broker-dealers may receive compensation in the form of discounts, concessions
or commissions from the selling shareholders and/or commissions from purchasers
of common shares for whom they may act as agent.&#160; The selling shareholders and any
broker-dealers or agents that participate in the distribution of common shares
by them might be deemed to be underwriters, and any discounts, commissions or
concessions received by any such broker-dealers or agents might be deemed to be
underwriting discounts and commissions, under the Securities Act.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="IncorporationOfCertainDocumentsBy_040047"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</font></b></a></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The SEC allows us
to &#147;incorporate by reference&#148; the information we file with them, which means we
can disclose important information to you by referring you to those
documents.&#160; The information included in
the following documents is incorporated by reference and is considered to be a
part of this prospectus.&#160; The most recent
information that we file with the SEC automatically updates and supersedes more
dated information.&#160; We have previously
filed the following documents with the SEC and are incorporating them by
reference into this prospectus:</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in .3in 12.0pt .8in;punctuation-wrap:simple;text-autospace:none;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our annual report on Form 10-K
for the fiscal year ended December 31, 2004;</p>

<p style="font-size:10.0pt;margin:0in .3in 12.0pt .8in;punctuation-wrap:simple;text-autospace:none;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our current report on Form 8-K
filed on March 2, 2005;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt .8in;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent incorporated by
reference into our annual report on Form 10-K, our proxy statement for our 2005
Annual Meeting of Shareholders filed on March 31, 2005; and</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt .8in;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the description of our common
stock contained in our registration statement on Form S-3 filed on July 2,
2004.</p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are also incorporating into this prospectus all
documents subsequently filed by us pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act prior to the filing of a post-effective amendment
that indicates all common shares offered have been sold, or that deregisters
all common shares then remaining unsold.</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will provide without charge to each person,
including any person having a control relationship with that person, to whom a
prospectus is delivered, a copy of any or all of the information that has been
incorporated by reference in this prospectus but not delivered with this
prospectus.&#160; If you would like to obtain
this information from us, please direct your request, either in writing or by
telephone, to:</font></p>

<p style="margin:0in 0in 12.0pt 135.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arch Capital Group Ltd.<br>
Wessex House, 4th Floor, <br>
45 Reid Street, <br>
Hamilton HM 12, <br>
Bermuda&#160; <br>
Telephone Number:&#160; (441) 278-9250</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="LegalMatters_040052"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL MATTERS</font></b></a></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The validity of the common shares offered hereby will
be passed upon for us by Conyers Dill &amp; Pearman, Hamilton, Bermuda.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="Experts_040056"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXPERTS</font></b></a></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial statements incorporated in this
Prospectus by reference to the Annual Report on Form 10-K for the year
ended December 31, 2004 have been so incorporated in reliance on the report of
PricewaterhouseCoopers, an independent registered public accounting firm, given
on the authority of said firm as experts in auditing and accounting.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="SecPositionOnIndemnification_040059"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC POSITION ON
INDEMNIFICATION</font></b></a></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Bermuda law,
a company is permitted to indemnify any officer or director, out of the funds
of the company, against (a) any liability incurred by him or her in defending
any proceedings, whether civil or criminal, in which judgment is given in his
or her favor, or in which he or she is acquitted, or in connection with any
application under relevant Bermuda legislation in which relief from liability
is granted to him or her by the court and (b) any loss or liability resulting
from negligence, default, breach of duty or breach of trust, save for his or
her fraud and dishonesty.&#160; Our bye-laws
provide for our indemnity of our officers, directors and employees to the
fullest extent permitted by law.&#160; Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers or persons controlling us pursuant to the
foregoing provisions, we have been informed that in the opinion of the SEC such
indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable.&#160; We believe
that the limitation of liability provisions in our by-laws will facilitate our
ability to continue to attract and retain qualified individuals to serve as our
officers and directors.</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART II.&#160; <br>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></b></p>

<p style="font-weight:bold;margin:0in 84.6pt 12.0pt 0in;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 3.&#160; <u>Incorporation of Documents by Reference</u>.</font></b></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See section of prospectus entitled &#147;Incorporation of
Certain Documents by Reference.&#148;</font></p>

<p style="font-weight:bold;margin:0in 84.6pt 12.0pt 0in;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 4.&#160; <u>Description of Securities</u>.</font></b></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-weight:bold;margin:0in 84.6pt 12.0pt 0in;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 5.&#160; <u>Interests of Named Experts and Counsel</u>.</font></b></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p style="font-weight:bold;margin:0in 84.6pt 12.0pt 0in;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 6.&#160; <u>Indemnification of Directors and Officers</u>.</font></b></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Bermuda law, a company is permitted to indemnify
any officer or director, out of the funds of the company, against (a) any
liability incurred by him or her in defending any proceedings, whether civil or
criminal, in which judgment is given in his or her favor, or in which he or she
is acquitted, or in connection with any application under relevant Bermuda legislation
in which relief from liability is granted to him or her by the court and (b)
any loss or liability resulting from negligence, default, breach of duty or
breach of trust, save for his or her fraud and dishonesty.</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our bye-laws provide for our indemnity of our
officers, directors and employees to the fullest extent permitted by law.</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our bye-laws also provide that expenses (including
attorneys&#146; fees) incurred by one of our officers or directors in defending any
civil, criminal, administrative or investigative action, suit or proceeding
will be paid by us in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such director or
officer to repay such amount if it shall ultimately be determined that he or
she is not entitled to be indemnified by us pursuant to Bermuda law.</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our bye-laws also provide that our officers and
directors will not be personally liable to us or our shareholders for monetary
damages for any breach of fiduciary duty as a director or officer, except to
the extent that such limitation is prohibited by Bermuda Law.</font></p>

<p style="font-weight:bold;margin:0in 84.6pt 12.0pt 0in;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 7.&#160; <u>Exemption From Registration Claimed</u>.</font></b></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-weight:bold;margin:0in 84.6pt 12.0pt 0in;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 8.&#160; <u>Exhibits</u>.</font></b></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Exhibit Index immediately preceding the Exhibits.</font></p>

<p style="font-weight:bold;margin:0in 84.6pt 12.0pt 0in;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 8.&#160; <u>Undertakings</u>.</font></b></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby undertake:</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt .9in;punctuation-wrap:simple;text-autospace:none;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 94.3pt;punctuation-wrap:simple;text-autospace:none;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-1</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt 94.5pt;punctuation-wrap:simple;text-autospace:none;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To reflect
in the prospectus any facts or events arising after the effective date of this
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in this registration statement.&#160; Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation
of Registration Fee&#148; table in the effective registration statement;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt 94.5pt;punctuation-wrap:simple;text-autospace:none;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To include
any material information with respect to the plan of distribution not
previously disclosed in this registration statement or any material change to
such information in this registration statement;</p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided, however, that paragraphs&nbsp;(1)(i) and
(1)(ii) shall not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports
filed by us pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange
Act that are incorporated by reference in this registration statement.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt 63.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That, for
the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt 63.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To remove
from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt 63.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That, for
purposes of determining any liability under the Securities Act, each filing of
our annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 63.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Insofar as
indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and persons controlling us pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.&#160; In the event that a claim for indemnification
against such liabilities (other than the payment by us of expenses incurred or
paid by a director, officer or person controlling us in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, we will,
unless in the opinion of our counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by us is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.</p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-2</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused
this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Hamilton, Bermuda on April 28, 2005.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARCH CAPITAL GROUP LTD.</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.02%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:42.04%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Constantine
  Iordanou</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.02%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.04%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Constantine Iordanou</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.02%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.04%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of
1933, this registration statement has been duly signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates indicated.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Signature</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="56%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Title</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paul B. Ingrey</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Constantine Iordanou</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Constantine Iordanou</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Executive
  Officer) and Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President
  and</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John D. Vollaro</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer
  (Principal Financial and Accounting Officer)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter A. Appel</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wolfe &#147;Bill&#148; H. Bragin</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John L. Bunce, Jr.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sean D. Carney</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kewsong Lee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James J. Meenaghan</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John M. Pasquesi</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David R. Tunnell</font></p>
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  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
  </td>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 28, 2005</font></p>
  </td>
 </tr>
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  <td width="23%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert F. Works</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* By:&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Constantine Iordanou</font></p>
  </td>
  <td width="69%" valign="top" style="padding:0in .7pt 0in .7pt;width:69.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:93.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attorney-in-Fact</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit
  Number</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="85%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:85.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
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  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders Agreement,
  dated as of November 20, 2001, by and among Arch Capital Group Ltd. (&quot;ACGL&quot;)
  and the shareholders party thereto, conformed to reflect amendments dated as
  of January 3, 2002, March 15, 2002 and September 16, 2002 (a)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specimen Common Share
  Certificate (b)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate of
  Designations of Series A Convertible Preference Shares (c)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Conyers Dill
  &amp; Pearman regarding the legality of the securities</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Conyers Dill
  &amp; Pearman (included in Exhibit 5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  PricewaterhouseCoopers LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of Attorney</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arch Capital Group Ltd.
  2005 Long Term Incentive and Share Award Plan adopted on April 28, 2005 (d)</font></p>
  </td>
 </tr>
</table>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="margin:0in 0in 6.0pt 27.35pt;punctuation-wrap:simple;text-autospace:none;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Incorporated by reference to an exhibit
to the Annual Report on Form 10-K of ACGL for the year ended December 31, 2002,
as filed with the SEC on March 31, 2003.</font></p>

<p style="margin:0in 0in 6.0pt 27.35pt;punctuation-wrap:simple;text-autospace:none;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Incorporated by reference to the Annual Report
on Form 10-K of ACGL for the year ended December&nbsp;31, 2000, as filed with
the SEC on April&nbsp;2, 2001.</font></p>

<p style="margin:0in 0in 6.0pt 27.35pt;punctuation-wrap:simple;text-autospace:none;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Incorporated by reference to the Report
on Form 8-K of ACGL as filed with the SEC on January 4, 2002.</font></p>

<p style="margin:0in 0in 6.0pt 27.35pt;punctuation-wrap:simple;text-autospace:none;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Incorporated by reference to Appendix B
to the Definitive Proxy Statement on Schedule 14A of the Registrant filed with
the SEC on March 30, 2005.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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{"company-data": {"conformed-name": "ARCH CAPITAL GROUP LTD.", "cik": "0000947484", "assigned-sic": "6331", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-124422", "film-number": "05781193"}, "business-address": {"street1": "WESSEX HOUSE", "street2": "45 REID STREET", "city": "HAMILTON", "state": "D0", "zip": "HM 12", "phone": "441-278-9250"}, "mail-address": {"street1": "WESSEX HOUSE", "street2": "45 REID STREET", "city": "HAMILTON", "state": "D0", "zip": "HM 12"}, "former-company": [{"former-conformed-name": "ARCH CAPITAL GROUP LTD", "date-changed": "20000508"}, {"former-conformed-name": "RISK CAPITAL HOLDINGS INC", "date-changed": "19950816"}, {"former-conformed-name": "RISK CAPITAL RE INC", "date-changed": "19950703"}]}
As filed with the Securities and Exchange Commission on April 28, 2005
Registration No.
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ARCH
CAPITAL GROUP LTD.
(Exact name of registrant as specified in its charter)
Bermuda
Not Applicable
(State
  or other jurisdiction of
(I.R.S.
  Employer
incorporation
  or organization)
Identification
  No.)
Wessex House, 4th floor
45 Reid Street
Hamilton HM 12 Bermuda
(441) 278-9250
(Address of Principal Executive Offices)
ARCH CAPITAL GROUP LTD. 2005 LONG TERM INCENTIVE AND SHARE AWARD PLAN
(Full title of the plan)
National
Registered Agents, Inc.
440 9th Avenue, 5th Floor
New York, New York  10001
(Name and address of agent for service)
(800) 767-1553
(Telephone number, including area code, of agent for service)
Copy to:
Immanuel Kohn, Esq.
Cahill Gordon & Reindel LLP
80 Pine Street
New York, New York 10005
(212) 701-3000
CALCULATION OF REGISTRATION FEE
Proposed
  Maximum
Proposed
  Maximum
Title
  of
Amount
  to be
Offering
  Price
Aggregate
  Offering
Amount
  of
Securities
  to be Registered
Registered(1)
Per
  Share
Price
Registration
  Fee
Common
  shares,
$.01
  par value
2,000,000
  shares
$40.72(2)
$81,440,000(2)
$9,585.49
(1)
Plus
such additional number of common shares as may be issued under the Company's
2005 Long Term Incentive and Share Award Plan in the event of a share dividend,
recapitalization, share split, reverse split, reorganization, merger, amalgamation,
consolidation or other similar dilutive event.
(2)
Estimated
pursuant to Rules 457(c) and (h) under the Securities Act of 1933, as amended,
solely for purposes of determining the registration fee and is based on the
average of the reported high and low sales prices of the common shares on the
Nasdaq National Market on April 26, 2005.
REOFFER PROSPECTUS
ARCH
CAPITAL GROUP LTD.
Common
shares, par value US $0.01 per share
2,000,000 shares issued or issuable under the
Arch Capital Group Ltd. 2005 Long Term Incentive and Share Award Plan
This prospectus relates to the offer and sale of our
common shares, par value US $0.01 per share, which may be offered hereby from
time to time by any or all of the selling shareholders named herein for their
own benefit.
All or a portion of the common shares offered hereby
may be offered for sale, from time to time, through the Nasdaq National Market
or otherwise, at prices and terms then obtainable. All brokers' commissions,
concessions or discounts will be paid by the selling shareholders.  We will not receive any of the proceeds from
sales by selling shareholders.
The selling shareholders and brokers through whom
sales of the common shares are made may be deemed to be "underwriters" within
the meaning of Section 2(11) of the Securities Act of 1933.  In addition, any profits realized by the
selling shareholders or such brokers on the sale of the common shares may be
deemed to be underwriting commissions under the Securities Act.
Our common shares are traded on the Nasdaq National
Market under the symbol "ACGL".  The last
reported sale price of the common shares on the Nasdaq National Market on April
27, 2005 was $40.22 per share.
Neither the Securities and Exchange Commission nor
any state securities commission has approved or disapproved of these securities
or passed upon the adequacy or accuracy of this prospectus.  Any representation to the contrary is a
criminal offense.
The
date of this Prospectus is April 28, 2005
TABLE OF CONTENTS
Page
AVAILABLE INFORMATION
i
THE COMPANY
1
USE OF
  PROCEEDS
1
SELLING
  SHAREHOLDERS
1
PLAN
  OF DISTRIBUTION
1
INCORPORATION
  OF CERTAIN DOCUMENTS BY REFERENCE
1
LEGAL MATTERS
2
EXPERTS
2
SEC POSITION ON
  INDEMNIFICATION
2
AVAILABLE
INFORMATION
We file annual, quarterly and current reports, proxy
statements and other information with the Securities and Exchange
Commission.  We have also filed with the
SEC registration statements on Form S-8 to register the common shares offered
by this prospectus.  This prospectus,
which forms a part of the registration statements, does not contain all of the
information included in the registration statements.  For further information about us and the
securities offered in this prospectus, you should refer to the registration
statements and their exhibits.
You may read and copy any document we file with the
SEC at the SEC's Public Reference Room at Judiciary Plaza, 450 Fifth Street,
N.W., Washington, D.C.  20549 and may
obtain copies of these documents at the SEC's offices in New York, New York and
Chicago, Illinois, at prescribed rates. 
Please call the SEC at 1-800-SEC-0330 for further information on the
Public Reference Room.  We file our SEC
materials electronically with the SEC, so you can also review our filings by
accessing the website maintained by the SEC at http://www.sec.gov.  This site contains reports, proxy information
statements and other information regarding issuers that file electronically
with the SEC.
No
dealer, salesperson or other person is authorized to give any information or to
represent anything not contained in this prospectus.  You must not rely on any unauthorized
information or representations.  This
prospectus is an offer to sell or to buy only the shares offered by this
prospectus, but only under circumstances and in jurisdictions where it is
lawful to do so.  The information
contained in this prospectus is current only to the date of this prospectus.
i
THE COMPANY
Arch Capital Group Ltd. was formed in Bermuda on
September 22, 2000.  Our executive
offices are located at Wessex House, 4th Floor, 45 Reid Street, Hamilton HM 12,
Bermuda; telephone number: (441) 278-9250.
USE OF PROCEEDS
We will not receive any proceeds from the sale of the
common shares offered by this prospectus. 
All proceeds will be received by the selling shareholders.
SELLING
SHAREHOLDERS
Under our 2005 Long Term Incentive and Share Award
Plan (the "Plan"), there are available a total of 2,000,000 common shares for
issuance to our and our subsidiaries' employees and directors.  The common shares to which this prospectus
relates are being registered for reoffers and resales by selling shareholders
who may acquire, or have acquired, such shares pursuant to the Plan.  We do not know whether any of the selling
shareholders will use this prospectus in connection with the offer or sale of
any common shares, or, if this prospectus is so used, how many common shares
will be offered or sold.  The selling
shareholders may resell all, a portion, or none of the shares that they have
acquired or may acquire pursuant to the Plan. 
Pursuant to Rule 424(b) under the Securities Act, we will
supplement this prospectus with the number of common shares, if any, to be
offered or sold by the selling shareholders as that information becomes known.
PLAN OF
DISTRIBUTION
The selling shareholders may sell common shares
through dealers, through agents or directly to one or more purchasers.  The distribution of the common shares may be
effected from time to time in one or more transactions (which may involve
crosses or block transactions):
•
on any national stock exchanges
on which the common shares may be traded from time to time in transactions which
may include special offerings, exchange distributions and/or secondary distributions
pursuant to and in accordance with the rules of such exchanges,
•
in the over-the-counter market,
or
•
in transactions other than on
such exchanges or in the over-the-counter market, or a combination of such
transactions.
Any such transaction may be effected at market prices
prevailing at the time of sale, at prices related to such prevailing market
prices, at negotiated prices or at fixed prices.  The selling shareholders may effect such
transactions by selling common shares to or through broker-dealers, and such
broker-dealers may receive compensation in the form of discounts, concessions
or commissions from the selling shareholders and/or commissions from purchasers
of common shares for whom they may act as agent.  The selling shareholders and any
broker-dealers or agents that participate in the distribution of common shares
by them might be deemed to be underwriters, and any discounts, commissions or
concessions received by any such broker-dealers or agents might be deemed to be
underwriting discounts and commissions, under the Securities Act.
INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows us
to "incorporate by reference" the information we file with them, which means we
can disclose important information to you by referring you to those
documents.  The information included in
the following documents is incorporated by reference and is considered to be a
part of this prospectus.  The most recent
information that we file with the SEC automatically updates and supersedes more
dated information.  We have previously
filed the following documents with the SEC and are incorporating them by
reference into this prospectus:
1
•
our annual report on Form 10-K
for the fiscal year ended December 31, 2004;
•
our current report on Form 8-K
filed on March 2, 2005;
•
to the extent incorporated by
reference into our annual report on Form 10-K, our proxy statement for our 2005
Annual Meeting of Shareholders filed on March 31, 2005; and
•
the description of our common
stock contained in our registration statement on Form S-3 filed on July 2,
2004.
We are also incorporating into this prospectus all
documents subsequently filed by us pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act prior to the filing of a post-effective amendment
that indicates all common shares offered have been sold, or that deregisters
all common shares then remaining unsold.
We will provide without charge to each person,
including any person having a control relationship with that person, to whom a
prospectus is delivered, a copy of any or all of the information that has been
incorporated by reference in this prospectus but not delivered with this
prospectus.  If you would like to obtain
this information from us, please direct your request, either in writing or by
telephone, to:
Arch Capital Group Ltd.
Wessex House, 4th Floor,
45 Reid Street,
Hamilton HM 12,
Bermuda
Telephone Number:  (441) 278-9250
LEGAL MATTERS
The validity of the common shares offered hereby will
be passed upon for us by Conyers Dill & Pearman, Hamilton, Bermuda.
EXPERTS
The financial statements incorporated in this
Prospectus by reference to the Annual Report on Form 10-K for the year
ended December 31, 2004 have been so incorporated in reliance on the report of
PricewaterhouseCoopers, an independent registered public accounting firm, given
on the authority of said firm as experts in auditing and accounting.
SEC POSITION ON
INDEMNIFICATION
Under Bermuda law,
a company is permitted to indemnify any officer or director, out of the funds
of the company, against (a) any liability incurred by him or her in defending
any proceedings, whether civil or criminal, in which judgment is given in his
or her favor, or in which he or she is acquitted, or in connection with any
application under relevant Bermuda legislation in which relief from liability
is granted to him or her by the court and (b) any loss or liability resulting
from negligence, default, breach of duty or breach of trust, save for his or
her fraud and dishonesty.  Our bye-laws
provide for our indemnity of our officers, directors and employees to the
fullest extent permitted by law.  Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers or persons controlling us pursuant to the
foregoing provisions, we have been informed that in the opinion of the SEC such
indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable.  We believe
that the limitation of liability provisions in our by-laws will facilitate our
ability to continue to attract and retain qualified individuals to serve as our
officers and directors.
2
PART II.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3.
Incorporation of Documents by Reference
.
See section of prospectus entitled "Incorporation of
Certain Documents by Reference."
ITEM 4.
Description of Securities
.
Not applicable.
ITEM 5.
Interests of Named Experts and Counsel
.
None.
ITEM 6.
Indemnification of Directors and Officers
.
Under Bermuda law, a company is permitted to indemnify
any officer or director, out of the funds of the company, against (a) any
liability incurred by him or her in defending any proceedings, whether civil or
criminal, in which judgment is given in his or her favor, or in which he or she
is acquitted, or in connection with any application under relevant Bermuda legislation
in which relief from liability is granted to him or her by the court and (b)
any loss or liability resulting from negligence, default, breach of duty or
breach of trust, save for his or her fraud and dishonesty.
Our bye-laws provide for our indemnity of our
officers, directors and employees to the fullest extent permitted by law.
Our bye-laws also provide that expenses (including
attorneys' fees) incurred by one of our officers or directors in defending any
civil, criminal, administrative or investigative action, suit or proceeding
will be paid by us in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such director or
officer to repay such amount if it shall ultimately be determined that he or
she is not entitled to be indemnified by us pursuant to Bermuda law.
Our bye-laws also provide that our officers and
directors will not be personally liable to us or our shareholders for monetary
damages for any breach of fiduciary duty as a director or officer, except to
the extent that such limitation is prohibited by Bermuda Law.
ITEM 7.
Exemption From Registration Claimed
.
Not applicable.
ITEM 8.
Exhibits
.
See Exhibit Index immediately preceding the Exhibits.
ITEM 8.
Undertakings
.
We hereby undertake:
(1)
To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
To
include any prospectus required by Section 10(a)(3) of the Securities Act;
II-1
(ii)
To reflect
in the prospectus any facts or events arising after the effective date of this
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in this registration statement.  Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement;
(iii)
To include
any material information with respect to the plan of distribution not
previously disclosed in this registration statement or any material change to
such information in this registration statement;
provided, however, that paragraphs (1)(i) and
(1)(ii) shall not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports
filed by us pursuant to Section 13 or Section 15(d) of the Exchange
Act that are incorporated by reference in this registration statement.
(2)
That, for
the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove
from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(4)
That, for
purposes of determining any liability under the Securities Act, each filing of
our annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(5)
Insofar as
indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and persons controlling us pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by us of expenses incurred or
paid by a director, officer or person controlling us in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, we will,
unless in the opinion of our counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by us is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
II-2
SIGNATURES
Pursuant to the requirements of the Securities Act,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused
this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Hamilton, Bermuda on April 28, 2005.
ARCH CAPITAL GROUP LTD.
By:
/s/ Constantine
  Iordanou
Constantine Iordanou
President and Chief
  Executive Officer
Pursuant to the requirements of the Securities Act of
1933, this registration statement has been duly signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates indicated.
Signature
Title
Date
*
Chairman and Director
April 28, 2005
Paul B. Ingrey
/s/ Constantine Iordanou
President and Chief
  Executive Officer
April 28, 2005
Constantine Iordanou
(Principal Executive
  Officer) and Director
*
Executive Vice President
  and
April 28, 2005
John D. Vollaro
Chief Financial Officer
  (Principal Financial and Accounting Officer)
*
Director
April 28, 2005
Peter A. Appel
*
Director
April 28, 2005
Wolfe "Bill" H. Bragin
*
Director
April 28, 2005
John L. Bunce, Jr.
*
Director
April 28, 2005
Sean D. Carney
*
Director
April 28, 2005
Kewsong Lee
II-3
*
Director
April 28, 2005
James J. Meenaghan
*
Director
April 28, 2005
John M. Pasquesi
*
Director
April 28, 2005
David R. Tunnell
*
Director
April 28, 2005
Robert F. Works
* By:
/s/ Constantine Iordanou
Attorney-in-Fact
II-4
EXHIBIT INDEX
Exhibit
  Number
Description
4.1
Shareholders Agreement,
  dated as of November 20, 2001, by and among Arch Capital Group Ltd. ("ACGL")
  and the shareholders party thereto, conformed to reflect amendments dated as
  of January 3, 2002, March 15, 2002 and September 16, 2002 (a)
4.2
Specimen Common Share
  Certificate (b)
4.3
Certificate of
  Designations of Series A Convertible Preference Shares (c)
5
Opinion of Conyers Dill
  & Pearman regarding the legality of the securities
23.1
Consent of Conyers Dill
  & Pearman (included in Exhibit 5)
23.2
Consent of
  PricewaterhouseCoopers LLP
24
Powers of Attorney
99.1
Arch Capital Group Ltd.
  2005 Long Term Incentive and Share Award Plan adopted on April 28, 2005 (d)
(a)
Incorporated by reference to an exhibit
to the Annual Report on Form 10-K of ACGL for the year ended December 31, 2002,
as filed with the SEC on March 31, 2003.
(b)
Incorporated by reference to the Annual Report
on Form 10-K of ACGL for the year ended December 31, 2000, as filed with
the SEC on April 2, 2001.
(c)
Incorporated by reference to the Report
on Form 8-K of ACGL as filed with the SEC on January 4, 2002.
(d)
Incorporated by reference to Appendix B
to the Definitive Proxy Statement on Schedule 14A of the Registrant filed with
the SEC on March 30, 2005.