8-KMaterial AgreementsOther EventsExhibits & Filings

ARCH CAPITAL GROUP LTD. 8-K Report, Material Agreement (Mar 13, 2018)

Filed March 13, 2018For Securities:ACGLACGLNACGLO

Summary

Arch Capital Group Ltd. (ACGL) announced the closing of a significant underwritten public offering of its common shares on March 13, 2018. This transaction involved the sale of 5,674,200 common shares, which were issued upon conversion of Series D Convertible Participating Non-Voting Perpetual Preferred Shares held by selling shareholders affiliated with American International Group, Inc. The offering was priced at $88.55 per share, generating an aggregate public offering price of approximately $502.5 million. It is important for investors to note that Arch Capital Group Ltd. itself did not receive any proceeds from this offering, as the shares were sold directly by the selling shareholders. The transaction was executed under an effective shelf registration statement and closed promptly after the purchase agreement was signed on March 8, 2018, with multiple press releases issued to announce its launch, pricing, and completion.

Key Highlights

  • 1Arch Capital Group Ltd. completed an underwritten public offering of 5,674,200 common shares on March 13, 2018.
  • 2The offering involved shares issuable from the conversion of Series D Convertible Participating Non-Voting Perpetual Preferred Shares.
  • 3Selling shareholders affiliated with American International Group, Inc. were the sellers of the common shares.
  • 4The public offering price was set at $88.55 per common share.
  • 5The aggregate public offering price for the transaction was approximately $502.5 million.
  • 6Arch Capital Group Ltd. did not receive any proceeds from this share offering.
  • 7The offering was made under an effective shelf registration statement.

Frequently Asked Questions

The main event reported is the closing of an underwritten public offering of Arch Capital Group Ltd. common shares on March 13, 2018. This involved the sale of shares by certain selling shareholders affiliated with American International Group, Inc.

No, Arch Capital Group Ltd. did not receive any proceeds from this offering. The shares were sold directly by the selling shareholders to the underwriters.

A total of 5,674,200 common shares were offered at a public offering price of $88.55 per share, resulting in an aggregate public offering price of approximately $502.5 million.

The shares sold were common shares of Arch Capital Group Ltd., which were issuable upon conversion of the Company's Series D Convertible Participating Non-Voting Perpetual Preferred Shares. The sellers were certain shareholders affiliated with American International Group, Inc.