Arch Capital Group Ltd. (NASDAQ:ACGL) Files An 8-K Other EventsITEM 8.01Other Events.
On August 17, 2017, Arch Capital Group Ltd. (the “Company”) consummated its previously disclosed public offering of 8,000,000 Depositary Shares (the “Depositary Shares”), each of which represents a 1/1,000th interest in a 5.45% Non-Cumulative Preferred Share, SeriesF, of the Company (the “Preferred Shares”). In connection with the Company’s public offering, the several underwriters party to the Purchase Agreement dated as of August 14, 2017 exercised their option to purchase an additional 1,200,000 Depositary Shares (the “Additional Shares”), which closing occurred on August 25, 2017. A legal opinion as to the Additional Shares is attached hereto as Exhibit 5.1.
The Company also announced today that it had called for redemption on September 25, 2017, 1,200,000 of its outstanding of 6.75% Series C Non-Cumulative Preferred Shares. The Series C Non-Cumulative Preferred Shares will be redeemed at a redemption price equal to $25.00 per share (an aggregate redemption price of $30 million), plus all declared and unpaid dividends to (but excluding) the redemption date.
As previously announced, the Company called for redemption 8,000,000 of its outstanding of 6.75% Series C Non-Cumulative Preferred Shares. Those shares will be redeemed on September 18, 2017, for a redemption price of $25.365625 per share, including declared and unpaid dividends to (but excluding) the redemption date.
On August 25, 2017, the Company issued a press release announcing the closing of the sale of the Additional Shares. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
ITEM 9.01Financial Statements and Exhibits.
See exhibit index.
ARCH CAPITAL GROUP LTD. ExhibitEX-5.1 2 ex51cgr825.htm EX 5.1 CGR 8.25.17 Exhibit Exhibit 5.1[Cahill Gordon & Reindel LLP Letterhead]212.701.3000August 25,…To view the full exhibit click here
About Arch Capital Group Ltd. (NASDAQ:ACGL)
Arch Capital Group Ltd. writes insurance and reinsurance on worldwide basis. The Company operates in five segments: insurance, reinsurance, mortgage, other and corporate. The Company’s insurance, reinsurance and mortgage segments are underwriting segments. The insurance segment’s product lines include construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health, and other, which includes alternative market risks and excess workers’ compensation. The reinsurance segment’s product lines include casualty; marine and aviation; other specialty; property catastrophe; property excluding property catastrophe, and other, which includes life reinsurance and casualty clash businesses. The mortgage segment includes the results of Arch Mortgage Insurance Company (Arch MI U.S.) and Arch Mortgage Insurance Designated Activity Company (Arch MI Europe).
