Summary
Arch Capital Group Ltd. (ACGL) filed an 8-K on June 19, 2017, to report the closing of a secondary public offering of common shares. Specifically, the underwriters exercised their option to purchase an additional 707,210 common shares. These shares were made available through the conversion of preferred shares held by National Union Fire Insurance Company of Pittsburgh, Pa., the selling shareholder. It is important for investors to note that ACGL itself will not receive any proceeds from the sale of these additional shares, as the transaction involves a selling shareholder.
Key Highlights
- 1Underwriters exercised their option to purchase an additional 707,210 ACGL common shares.
- 2The additional shares were sourced from the conversion of Series D Convertible Participating Non-Voting Perpetual Preferred Shares.
- 3National Union Fire Insurance Company of Pittsburgh, Pa., was the selling shareholder.
- 4Arch Capital Group Ltd. (ACGL) will not receive any proceeds from this secondary offering.
- 5The 8-K filing includes a press release dated June 19, 2017, announcing the closing of the sale of these additional shares.
Frequently Asked Questions
The main event is the closing of the secondary public offering of an additional 707,210 Arch Capital Group Ltd. (ACGL) common shares, due to the underwriters exercising their option.
No, Arch Capital Group Ltd. (ACGL) will not receive any proceeds from the sale of these additional shares. The shares were sold by a selling shareholder, National Union Fire Insurance Company of Pittsburgh, Pa.
The additional shares were made available through the conversion of 70,721 shares of ACGL's Series D Convertible Participating Non-Voting Perpetual Preferred Shares held by National Union Fire Insurance Company of Pittsburgh, Pa.