Arch Capital Group Ltd. Announces Pricing of Secondary Public Offering of 5,674,200 Common Shares
10 March 2018 - 1:05AM
Business Wire
Arch Capital Group Ltd. [NASDAQ: ACGL] announced today an
underwritten public secondary offering of 5,674,200 common shares
by certain selling shareholders affiliated with American
International Group, Inc. (collectively, the “Selling Shareholder”)
has priced. The public offering price is $88.55 per common share
for an aggregate public offering price of $502,450,410. Proceeds
from the sale of common shares pursuant to the public offering will
be received by the Selling Shareholder. The Company will not
receive any proceeds from the sale of common shares pursuant to the
public offering. The offering is expected to close on March 13,
2018, subject to customary closing conditions.
The offering is being led by Barclays and Deutsche Bank
Securities Inc. as joint book-running managers.
Arch Capital Group Ltd., a Bermuda-based company with
approximately $11.30 billion in capital at December 31, 2017,
writes insurance, reinsurance and mortgage insurance on a worldwide
basis through its wholly owned subsidiaries.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which the offer,
solicitation or sale is not permitted. The offering is being made
pursuant to the Company’s effective shelf registration statement
previously filed with the Securities and Exchange Commission. This
offering may be made only by means of a prospectus, including a
preliminary prospectus supplement, forming a part of the effective
registration statement.
You may obtain a copy of the preliminary prospectus supplement,
the final prospectus supplement, when available, and accompanying
prospectus from the Securities and Exchange Commission at
www.sec.gov. Alternatively, the underwriters may arrange to send
you these documents if you request them by contacting Barclays
Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Barclaysprospectus@broadridge.com,
(888) 603-5847 or Deutsche Bank Securities Inc., Attention:
Prospectus Group, 60 Wall Street, New York, NY 10005, Phone: (800)
503-4611, Email: prospectus.cpdg@db.com.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward-looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the
use of forward-looking terminology such as “may,” “will,” “expect,”
“intend,” “estimate,” “anticipate,” “believe” or “continue” or
their negative or variations or similar terminology.
Forward-looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic
and market conditions; increased competition; pricing and
policy term trends; fluctuations in the actions of rating
agencies and our ability to maintain and improve our ratings;
investment performance; the loss of key personnel; the
adequacy of our loss reserves, severity and/or frequency of
losses, greater than expected loss ratios and adverse development
on claim and/or claim expense liabilities; greater frequency
or severity of unpredictable natural and man-made catastrophic
events; the impact of acts of terrorism and acts of war;
changes in regulations and/or tax laws in the United States or
elsewhere; our ability to successfully integrate, establish
and maintain operating procedures as well as integrate the
businesses we have acquired or may acquire into the existing
operations; changes in accounting principles or
policies; material differences between actual and expected
assessments for guaranty funds and mandatory pooling
arrangements; availability and cost to us of reinsurance to
manage our gross and net exposures; the failure of others to
meet their obligations to us; and other factors identified in
our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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Arch Capital Group Ltd.Mark D. Lyons, 441-278-9250
Arch Capital (NASDAQ:ACGL)
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