Arch Capital Group Ltd. Announces Secondary Public Offering of 6,381,410 Common Shares

By a News Reporter-Staff News Editor at Insurance Weekly News -- Arch Capital Group Ltd. [NASDAQ:ACGL] announced an 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 been granted a 30-day option to purchase up to an additional 957,210 common shares from the Selling Shareholder at the public offering price, less underwriting discounts and commissions. 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 being 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 preliminary 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.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC