Arch Announces Closing Of Secondary Offering
Bermuda-based Arch Capital Group Ltd. [ACGL] announced that an underwritten public secondary offering of 6,381,410 common shares by certain selling shareholders affiliated with American International Group, Inc. has closed.
The public offering price is $92.50 per common share for an aggregate public offering price of $590,280,425. 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 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.
