Arch Capital Group Ltd. (NASDAQ:ACGL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Group Ltd. (ACGL), notified the Board of Directors (the Board)
that she was resigning from the Board, effective immediately, as
a result of a potential future conflict of interest.
matters described in Item 5.02 above. A copy of the press release
is attached to this Current Report on Form 8-K as Exhibit 99.1
and is incorporated herein by reference. The information in Item
7.01 of this Current Report on Form 8-K, including Exhibit 99.1,
shall not be deemed filed for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act) or
otherwise subject to the liabilities under that section, nor
shall it be deemed to be incorporated by reference into the
filings of the registrant under the Securities Act of 1933, as
amended, or the Exchange Act, except as expressly set forth by
specific reference in such a filing.
ACGL declared dividends with respect to the outstanding
12,902,193 shares of its 6.75% Non-Cumulative Preferred Shares,
Series C, $0.01 per share (the Series C Shares), with a
liquidation preference of $25.00 per share, as outlined below.
All such dividends will be payable out of lawfully available
funds for the payment of dividends under Bermuda law on March 31,
2017 to holders of record of the Series C Shares, as of March 15,
2017, unless determined otherwise by the Board or the Executive
Committee of the Board on or prior to the applicable effective
date.
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Series
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Effective Date for Declaration
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Dividend Period
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Dividend Amount
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Rate Per Share
|
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Series C
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3/31/17
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12/31/16-3/30/17
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$5,443,113
|
$0.421875
|
dividends with respect to the outstanding 18,000,000 depositary
shares, each representing a 1/1000th interest in a share of 5.25%
Non-Cumulative Preferred Shares, Series E, $0.01 per share
(Series E Shares), with a $25,000 liquidation preference per
share (equivalent to a $25.00 liquidation preference per
depositary share), as outlined below. All such dividends will be
payable out of lawfully available funds for the payment of
dividends under Bermuda law on March 31, 2017 to holders of
record of the Series E Shares, as of March 15, 2017, unless
determined otherwise by the Board or the Executive Committee of
the Board on or prior to the applicable effective date.
|
Series
|
Effective Date for Declaration
|
Dividend Period
|
Dividend Amount
|
Rate Per Share
|
|
Series E
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3/31/17
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1/03/17-3/30/17
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$5,775,000
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$0.320833
|
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EXHIBIT NO.
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DESCRIPTION
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|
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99.1
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Press Release issued by Arch Capital Group Ltd. on
February 24, 2017 |
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). Arch Capital Group Ltd. (NASDAQ:ACGL) Recent Trading Information
Arch Capital Group Ltd. (NASDAQ:ACGL) closed its last trading session down -0.02 at 94.54 with 360,151 shares trading hands.
