8-K/AOther Events

ARCH CAPITAL GROUP LTD. 8-K/A Report (Aug 7, 2001)

Filed August 7, 2001For Securities:ACGLACGLNACGLO

Summary

This 8-K/A filing by Arch Capital Group Ltd. (ACGL) on August 7, 2001, provides an amendment to a previous filing and details the completion of a significant acquisition. On June 22, 2001, ACGL acquired the remaining capital stock of Altus Holdings, Ltd. (now Arch Risk Transfer Services Ltd.) for approximately $38.8 million, comprising $38.4 million in cash and 24,200 ACGL common shares issued to continuing management. This acquisition consolidates ACGL's control over Altus, which offers insurance and alternative risk transfer services through its subsidiaries, including First American Insurance Company, licensed in 49 states. This transaction is important for investors as it signifies an expansion of ACGL's operational footprint and service offerings in the insurance and risk management sector. The filing also includes extensive financial information, such as the audited and unaudited financial statements of the acquired entity, Altus, and unaudited pro forma condensed combined financial statements of ACGL and Altus. These financial disclosures will allow investors to assess the financial impact of the acquisition on ACGL's overall financial position and performance.

Key Highlights

  • 1Arch Capital Group Ltd. (ACGL) completed the acquisition of the remaining capital stock of Altus Holdings, Ltd. (now Arch Risk Transfer Services Ltd.) on June 22, 2001.
  • 2The total purchase price for the acquisition was approximately $38.8 million.
  • 3The acquisition was financed through $38.4 million in cash and the issuance of 24,200 ACGL Common Shares to employee shareholders.
  • 4Altus Holdings, Ltd. provides insurance and alternative risk transfer services through its subsidiaries, including First American Insurance Company.
  • 5First American Insurance Company holds licenses to operate as an admitted insurer in 49 U.S. states.
  • 6The filing includes audited and unaudited financial statements of the acquired entity (Altus) for various periods up to March 31, 2001.
  • 7Pro forma condensed combined financial statements for ACGL and Altus are provided, offering insight into the combined entity's financial position and performance.

Frequently Asked Questions

This filing serves as an amendment to a previous report and details the completion of Arch Capital Group Ltd.'s (ACGL) acquisition of the remaining shares of Altus Holdings, Ltd. (now Arch Risk Transfer Services Ltd.). It provides key information about the transaction and includes relevant financial statements.

ACGL acquired the remaining shares of Altus for approximately $38.8 million. This amount consisted of $38.4 million in cash and 24,200 shares of ACGL Common Stock issued to employee shareholders who will continue in management roles.

Altus, now renamed Arch Risk Transfer Services Ltd., operates in the insurance and alternative risk transfer services sector. It does so through its wholly-owned subsidiaries, including First American Insurance Company, which is an admitted insurer licensed in 49 U.S. states.

The filing includes the audited consolidated financial statements of Altus for the years ended December 31, 2000 and 1999, as well as unaudited statements for the three months ended March 31, 2001 and 2000. Additionally, it provides unaudited pro forma condensed combined financial statements for ACGL and Altus, reflecting the impact of the acquisition.