UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3)
ARCH CAPITAL GROUP LTD.
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(Name of Issuer)
COMMOM SHARES, PAR VALUE $0.01 PER SHARE
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(Title of Class of Securities)
011576290
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(CUSIP Number)
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SCOTT A. ARENARE, ESQ.
WARBURG PINCUS LLC
466 LEXINGTON AVENUE
NEW YORK, NY 10017
(212) 878-0600
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
WITH A COPY TO:
--------------------------------------------------------------------------------
ANDREW R. BROWNSTEIN, ESQ.
WACHTELL, LIPTON, ROSEN & KATZ
51 WEST 52ND STREET
NEW YORK, NY 10019
(212) 403-1000
May 3, 2006
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(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: [_].
Page 1 of 14 Pages
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CUSIP No. 011576290 SCHEDULE 13D Page 2 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg Pincus (Bermuda) Private Equity VIII, L.P.
I.R.S. IDENTIFICATION NO. 13-4194502
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
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3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
9,439,403
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
9,439,403
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,439,403
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 011576290 SCHEDULE 13D Page 3 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg Pincus (Bermuda) International Partners, L.P.
I.R.S. IDENTIFICATION NO. 13-4194501
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
9,065,034
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
9,065,034
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,065,034
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 011576290 SCHEDULE 13D Page 4 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg Pincus Netherlands International Partners I, C.V.
I.R.S. IDENTIFICATION NO. 13-4133834
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
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3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
THE NETHERLANDS
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
377,708
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
377,708
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
377,708
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%.
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 011576290 SCHEDULE 13D Page 5 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg Pincus Netherlands International Partners II, C.V.
I.R.S. IDENTIFICATION NO. 13-41333841
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
THE NETHERLANDS
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
-0-
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
-0-
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 011576290 SCHEDULE 13D Page 6 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg Pincus (Bermuda) Private Equity Ltd.
I.R.S. IDENTIFICATION NO. 01-0569187
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
9,439,403
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
9,439,403
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,439,403
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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CUSIP No. 011576290 SCHEDULE 13D Page 7 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg Pincus (Bermuda) International Ltd.
I.R.S. IDENTIFICATION NO. 01-0569166
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
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3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
9,065,034
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
9,065,034
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,065,034
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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CUSIP No. 011576290 SCHEDULE 13D Page 8 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg, Pincus & CO.
I.R.S. IDENTIFICATION NO. 13-6358475
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
377,708
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
377,708
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
377,708
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%.
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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CUSIP No. 011576290 SCHEDULE 13D Page 9 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg Pincus Partners, LLC
I.R.S. IDENTIFICATION NO. 13-4069737
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
377,708
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
377,708
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
377,708
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%.
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
----------------------- ----------------------
CUSIP No. 011576290 SCHEDULE 13D Page 10 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Warburg Pincus LLC
I.R.S. IDENTIFICATION NO. 13-3536050
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY |_|
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
--------------------------------------------------------------------------------
7
SOLE VOTING POWER
18,882,145
NUMBER OF
------------------------------------------------------------------
8
SHARES SHARED VOTING POWER
-0-
BENEFICIALLY
------------------------------------------------------------------
9
OWNED BY SOLE DISPOSITIVE POWER
18,882,145
EACH
------------------------------------------------------------------
10
REPORTING SHARED DISPOSITIVE POWER
-0-
PERSON WITH
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,882,145
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
25.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
----------------------- ----------------------
CUSIP No. 011576290 SCHEDULE 13D Page 11 of 14 Pages
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Reference is made to the Statement on Schedule 13D filed on November
20, 2001, as amended by Amendment No. 1 thereto filed September 20, 2002 and
Amendment No. 2 thereto filed December 18, 2002 (as so amended, the "Schedule
13D"), on behalf of Warburg Pincus (Bermuda) Private Equity VIII, L.P., a
limited partnership organized under the laws of Bermuda ("WP VIII Bermuda"),
Warburg Pincus (Bermuda) International Partners, L.P., a limited partnership
organized under the laws of Bermuda ("WPIP Bermuda"), Warburg Pincus Netherlands
International Partners I, C.V., a limited partnership organized under the laws
of The Netherlands ("WPIP Netherlands I"), Warburg Pincus Netherlands
International Partners II, C.V., a limited partnership organized under the laws
of The Netherlands ("WPIP Netherlands II", and together with WP VIII Bermuda,
WPIP Bermuda and WPIP Netherlands I, the "Investors"), Warburg Pincus (Bermuda)
Private Equity Ltd., a company organized under the laws of Bermuda ("WP VIII
Bermuda Ltd."), Warburg Pincus (Bermuda) International Ltd., a company organized
under the laws of Bermuda ("WPIP Bermuda Ltd."), Warburg, Pincus & Co., a New
York general partnership ("WP"), Warburg Pincus LLC, a New York limited
liability company ("WP LLC"), and Warburg Pincus Partners, LLC, a New York
limited liability company ("WPP LLC"). Charles R. Kaye and Joseph P. Landy are
Managing Partners of WP and Managing Members and Co-Presidents of WP LLC and may
be deemed to control the Warburg Pincus entities. The Investors, together with
WP VIII Bermuda Ltd., WPIP Bermuda Ltd., WP, WP LLC and WPP LLC, are referred to
herein as the "Reporting Persons". All capitalized terms used without definition
in this Amendment No. 3 to Schedule 13D shall have the meanings set forth in the
Schedule 13D.
This Amendment No. 3 to Schedule 13D amends the Schedule 13D as
follows.
ITEM 5. Interest in Securities of the Issuer.
------------------------------------------------
Item 5 of the Schedule 13D is hereby amended and supplemented by adding the
following:
Effective as of December 31, 2004, WPIP Netherlands II assigned all its
assets and liabilites to WPIP Netherlands I and WPIP Netherlands I became the
beneficial owner of the Common Shares of the Company theretofore beneficially
owned by WPIP Netherlands II.
On December 30, 2005, the Reporting Persons converted an aggregate of
20,906,560 Series A Convertible Preference Shares of the Company into an equal
number of Common Shares of the Company.
On May 3, 2006, the Reporting Persons distributed an aggregate of
4,028,333 Common Shares of the Company to their limited and general partners.
As of May 5, 2006, the Investors collectively beneficially owned an
aggregate of 18,882,145 Common Shares which represent approximately 25.6% of the
outstanding Common Shares based on 73,822,670 Common Shares outstanding as of
March 14, 2006. By reason of its relationship with the Investors, under Rule
13d-3 under the Exchange Act, WP may be deemed to beneficially own all of the
Common Shares that are beneficially owned by WPIP Netherlands I and WP LLC may
be deemed to own beneficially all of the Common Shares that are beneficially
owned by the Investors.
----------------------- ----------------------
CUSIP No. 011576290 SCHEDULE 13D Page 12 of 14 Pages
----------------------- ----------------------
Each Investor exercises voting power and dispositive power over its holdings of
such shares through its respective general partner, which, in turn, acts through
its respective general partner.
----------------------- ----------------------
CUSIP No. 011576290 SCHEDULE 13D Page 13 of 14 Pages
----------------------- ----------------------
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: May 5, 2006
WARBURG PINCUS (BERMUDA)
PRIVATE EQUITY VIII, L.P.
By: Warburg Pincus (Bermuda) Private Equity
Ltd., Its General Partner
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Authorized Signatory
WARBURG PINCUS (BERMUDA)
INTERNATIONAL PARTNERS, L.P.
By: Warburg Pincus (Bermuda) International Ltd.,
Its General Partner
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Authorized Signatory
WARBURG PINCUS NETHERLANDS
INTERNATIONAL PARTNERS I, C.V.
By: Warburg, Pincus & Co.,
General Partner
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Partner
----------------------- ----------------------
CUSIP No. 011576290 SCHEDULE 13D Page 14 of 14 Pages
----------------------- ----------------------
WARBURG PINCUS NETHERLANDS
INTERNATIONAL PARTNERS II, C.V.
By: Warburg, Pincus & Co.,
General Partner
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Partner
WARBURG PINCUS (BERMUDA)
PRIVATE EQUITY LTD.
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Authorized Signatory
WARBURG PINCUS (BERMUDA)
INTERNATIONAL LTD.
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Authorized Signatory
WARBURG, PINCUS & CO.
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Partner
WARBURG, PINCUS PARTNERS LLC
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Managing Director
WARBURG PINCUS LLC
By: /s/ Scott A. Arenare
--------------------------------------------
Name: Scott A. Arenare
Title: Managing Director