01—Abstract
Summary
Summary of the 8-K filed May 13, 2024. Cited figures are marked; the original filing is the authoritative source.
Arch Capital Group Ltd. (ACGL) held its annual shareholder meeting on May 9, 2024, with a strong turnout, representing approximately 88%a of outstanding shares entitled to vote.
The meeting's primary purpose was to vote on key corporate matters. Shareholders overwhelmingly approved the election of Class II directors, the advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2024. Additionally, votes regarding the election of designated directors for non-U.S. subsidiaries also received substantial support.
In a separate announcement on May 10, 2024, ACGL's Board of Directors declared preferred share dividends. Dividends were declared for the Series F 5.45%b Non-Cumulative Preferred Shares and Series G 4.55% Non-Cumulative Preferred Shares, with payments scheduled for June 30, 2024, and September 30, 2024. These declarations confirm the company's commitment to its preferred shareholders and provide clarity on upcoming dividend distributions.
02—Key points
Key Highlights
- Annual shareholder meeting held on May 9, 2024, with 88% of voting shares represented.
- Overwhelming shareholder support for the election of two Class II directors.
- Advisory vote on named executive officer compensation received strong approval.
- PricewaterhouseCoopers LLP ratified as the independent registered public accounting firm for 2024.
- Majority of votes supported the election of Designated Company Directors for ACGL's non-U.S. subsidiaries.
- Board declared dividends for Series F (5.45% Non-Cumulative Preferred Shares) and Series G (4.55% Non-Cumulative Preferred Shares).
- Preferred share dividends will be paid on June 30, 2024, and September 30, 2024.
03—Questions
Frequently Asked Questions
What were the main outcomes of the ACGL annual shareholder meeting?
The ACGL annual shareholder meeting saw overwhelming approval for the election of Class II directors, the advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2024. Votes on the election of directors for non-U.S. subsidiaries also passed with significant support.
When will the declared preferred share dividends be paid?
Dividends for both the Series F and Series G preferred shares are scheduled to be paid on June 30, 2024, and September 30, 2024. The record dates for these payments are June 15, 2024, and September 15, 2024, respectively.
What is the dividend rate for the Series F and Series G preferred shares?
The Series F shares have a dividend rate of 5.45% and will receive a dividend of $0.340625 per share for each of the declared periods. The Series G shares have a dividend rate of 4.55% and will receive a dividend of $0.284375 per share for each of the declared periods.
What percentage of shares were represented at the annual meeting?
Approximately 88 percent of the outstanding shares entitled to vote as of the record date of March 13, 2024, were represented in person or by proxy at the annual meeting.
04—Continue