8-KLeadership ChangesMaterial AgreementsExhibits & Filings

ARCH CAPITAL GROUP LTD. 8-K Report, Material Agreement (Dec 7, 2005)

Filed December 7, 2005For Securities:ACGLACGLNACGLO

Summary

This 8-K filing from Arch Capital Group Ltd. (ACGL) reports on the departure of Dwight Evans, the former Chairman and Chief Executive Officer, and the terms of his separation. The company entered into a definitive agreement with Mr. Evans on December 5, 2005, detailing his exit compensation and benefits. Key financial aspects include a separation payment of $4,914,000, which encompasses all earned but unpaid incentive compensation. Additionally, Mr. Evans will receive continued medical benefits for himself and his dependents for one year and reimbursement for certain relocation and other expenses. This filing also confirms the termination of his prior employment agreement in conjunction with this new separation agreement.

Key Highlights

  • 1Dwight Evans has departed as Chairman and Chief Executive Officer of Arch Worldwide Reinsurance Group.
  • 2Arch Capital Group Ltd. entered into a separation agreement with Dwight Evans on December 5, 2005.
  • 3The separation agreement includes a payment of $4,914,000 to Mr. Evans.
  • 4This payment is inclusive of all earned but unpaid incentive compensation.
  • 5Mr. Evans will continue to receive medical benefits for himself and dependents for one year post-departure.
  • 6The company will reimburse Mr. Evans for certain relocation and other expenses as outlined in the agreement.
  • 7Mr. Evans' existing employment agreement has been terminated as part of this separation.

Frequently Asked Questions

This 8-K filing is primarily to report the departure of Dwight Evans from his roles as Chairman and CEO and to disclose the terms of the separation agreement reached between him and Arch Capital Group Ltd.

Dwight Evans is receiving a total payment of $4,914,000. This amount includes all earned but unpaid incentive compensation.

Yes, in addition to the monetary payment, Mr. Evans will have his medical benefits continued for himself and his covered dependents for a period of one year. He will also be reimbursed for certain relocation and other expenses as specified in the agreement.

Yes, in connection with the new separation agreement, Mr. Evans' existing employment agreement with the company has been terminated.