Arch Capital Group Ltd. (NASDAQ:ACGL) is a specialty insurance company based in Bermuda. Shares appreciated after the company reported solid quarterly results that exceeded Street expectations. The stock also benefited from improving sentiment for mortgage insurers as investors became more confident that industry returns would remain attractive despite a recent price cut. We continue to own the stock due to Arch’s strong management team and underwriting discipline.
From Ron Baron (Trades, Portfolio)'s third-quarter Baron Partners Fund shareholder letter.
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