HAMILTON, Bermuda--(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.
# # #
View source version on businesswire.com: http://www.businesswire.com/news/home/20180309005373/en/
Arch Capital Group Ltd.
Mark D. Lyons, 441-278-9250
Source: Arch Capital Group Ltd.