8-KLeadership ChangesRegulation FDOther Events+1

ARCH CAPITAL GROUP LTD. 8-K Report, Executive Changes (Nov 3, 2017)

Filed November 3, 2017For Securities:ACGLACGLNACGLO

Summary

Arch Capital Group Ltd. (ACGL) filed an 8-K on November 3, 2017, primarily disclosing the immediate resignation of director Kewsong Lee, effective November 2, 2017. Mr. Lee's departure is attributed to an expansion of his duties at Carlyle Group LP, where he was recently promoted to co-CEO. This event is detailed in a press release issued by ACGL on November 3, 2017, and incorporated by reference into the filing. Additionally, the filing provides updates on preferred share dividends. The Board of Directors declared dividends for the Series C, Series E, and Series F preferred shares. These dividends, with specified rates and dividend periods, are scheduled to be paid on December 31, 2017 (for Series C and E) and January 2, 2018 (for Series F), to shareholders of record as of December 15, 2017. Investors should note the payment dates and record dates for these dividend distributions.

Key Highlights

  • 1Director Kewsong Lee resigned from the ACGL Board of Directors, effective immediately on November 2, 2017.
  • 2Mr. Lee's resignation is due to his expanded responsibilities and promotion to co-CEO at Carlyle Group LP.
  • 3ACGL issued a press release on November 3, 2017, announcing Mr. Lee's departure.
  • 4The Board declared dividends for the 6.75% Non-Cumulative Preferred Shares, Series C, payable on December 31, 2017.
  • 5Dividends were also declared for the 5.25% Non-Cumulative Preferred Shares, Series E, payable on December 31, 2017.
  • 6The Board declared dividends for the 5.45% Non-Cumulative Preferred Shares, Series F, with a portion payable on January 2, 2018, and another declared for the period ending December 30, 2017.
  • 7Record dates for all declared preferred share dividends are December 15, 2017.

Frequently Asked Questions

Kewsong Lee resigned from the Arch Capital Group board of directors due to an expansion of his duties at Carlyle Group LP, following his promotion to co-CEO, effective January 1, 2018.

Dividends for the Series C and Series E preferred shares are payable on December 31, 2017. Dividends for the Series F preferred shares are payable on January 2, 2018 (for one portion) and a second declaration was made for the period ending December 30, 2017.

Shareholders of record for the Series C, Series E, and Series F preferred shares as of December 15, 2017, are eligible to receive the declared dividends, unless otherwise determined by the Board.

No, the information in Item 7.01 of the 8-K, including the press release, is furnished and not deemed 'filed' for the purposes of Section 18 of the Exchange Act, nor is it incorporated by reference into other SEC filings, unless specifically stated.