Summary
Arch Capital Group Ltd. (ACGL) announced a change in its Board of Directors and a preferred share dividend declaration in this February 27, 2015 8-K filing. Long-standing director James J. Meenaghan will retire at the expiration of his current term and will not seek re-election at the upcoming 2015 Annual Meeting of Shareholders. This departure marks the end of Mr. Meenaghan's tenure since 2001. Concurrently, the Board appointed Brian S. Posner as the new Chairman of the Audit Committee, effective immediately, indicating a shift in board leadership for a key committee. In addition to the board changes, ACGL declared dividends on its outstanding Series C Non-Cumulative Preferred Shares. Holders of record as of March 15, 2015, will receive a dividend of $0.421875 per share, payable on March 31, 2015. This dividend payment demonstrates the company's commitment to its preferred shareholders and ensures timely distribution of expected returns.
Key Highlights
- 1Director James J. Meenaghan to retire and not stand for re-election at the 2015 Annual Meeting.
- 2James J. Meenaghan has served as a director since 2001.
- 3Brian S. Posner appointed as Chairman of the Audit Committee, effective immediately.
- 4Declaration of dividends for the 6.75% Non-Cumulative Preferred Shares, Series C.
- 5Total dividend amount declared for Series C shares is $5,484,375.
- 6Dividend payment date is March 31, 2015.
- 7Record date for Series C dividend is March 15, 2015.