Arch Capital Group Ltd. Announces Closing of Partial Exercise of Option for an Additional 707,210 Common Shares for Secondary Public Offering

By a News Reporter-Staff News Editor at Insurance Business Weekly -- Arch Capital Group Ltd. (NASDAQ:ACGL) announced that, in connection with its underwritten public secondary offering of 6,381,410 common shares by certain selling shareholders affiliated with American International Group, Inc. (collectively, the "Selling Shareholder"), the underwriters have exercised their option to purchase an additional 707,210 common shares from the Selling Shareholder at a public offering price of $92.50 per common share, less underwriting discounts and commission. The purchase of the additional shares pursuant to the option closed on June 19, 2017. Proceeds from the sale of common shares pursuant to the public offering of additional shares will be received by the Selling Shareholder. The Company will not receive any proceeds from the sale of additional common shares pursuant to the public offering.

The offering was led by Barclays Capital Inc. and Wells Fargo Securities, LLC as joint book-running managers.

Arch Capital Group Ltd., a Bermuda-based company with approximately $10.84 billion in capital at March 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 prospectus supplement, forming a part of the effective registration statement.

Keywords for this news article include: Financial Companies, Arch Capital Group Ltd., Property and Casualty Insurance Companies.

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