8-KLeadership ChangesRegulation FDOther Events+1

ARCH CAPITAL GROUP LTD. 8-K Report, Executive Changes (Feb 27, 2017)

Filed February 27, 2017For Securities:ACGLACGLNACGLO

Summary

Arch Capital Group Ltd. (ACGL) filed an 8-K on February 27, 2017, reporting a director's immediate resignation due to a potential future conflict of interest. Deanna Mulligan stepped down from the Board of Directors on February 23, 2017. This departure was publicly announced via a press release on February 24, 2017, which is attached as an exhibit to this filing. In addition to the director resignation, the company announced the declaration of dividends for its preferred shares. Dividends were declared for the Series C 6.75% Non-Cumulative Preferred Shares and the Series E 5.25% Non-Cumulative Preferred Shares. These dividends are set to be paid on March 31, 2017, to shareholders of record as of March 15, 2017, provided sufficient funds are available and no other determination is made by the Board.

Key Highlights

  • 1Director Deanna Mulligan resigned from the Board of Directors, effective immediately on February 23, 2017.
  • 2The resignation was due to a potential future conflict of interest.
  • 3A press release dated February 24, 2017, announced these matters and is included as an exhibit.
  • 4The Board declared dividends for the Series C 6.75% Non-Cumulative Preferred Shares.
  • 5The Board declared dividends for the Series E 5.25% Non-Cumulative Preferred Shares.
  • 6Preferred stock dividends are scheduled for payment on March 31, 2017, to shareholders of record on March 15, 2017.
  • 7Dividend payments are subject to the availability of lawfully available funds under Bermuda law.

Frequently Asked Questions

Deanna Mulligan resigned from the Board of Directors due to a potential future conflict of interest that arose.

The declared dividends for both the Series C and Series E Non-Cumulative Preferred Shares are scheduled to be paid on March 31, 2017.

Shareholders of record as of March 15, 2017, for the Series C and Series E Non-Cumulative Preferred Shares will receive the declared dividends, subject to availability of funds and any other Board determinations.

The information in Item 7.01, including the press release, is furnished and shall not be deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that section. It is also not automatically incorporated into other filings unless expressly referenced.