Arch Capital Group Ltd. Announces Redemption of 5.25% Series E Preferred Shares
August 30 2021 - 4:40PM
Business Wire
Arch Capital Group Ltd. [NASDAQ:ACGL] announced today that it
has called for redemption on Sept. 30, 2021 (the “Redemption Date”)
all 18,000 of its outstanding 5.25% Series E Non-Cumulative
Preferred Shares (the “Series E Preferred Shares”) represented by
18,000,000 depositary shares each of which represents a 1/1,000th
interest in a Series E Preferred Share (the “Depositary Shares” and
together with the Series E Preferred Shares, the “Shares”). The
Series E Preferred Shares will be redeemed at a redemption price
equal to $25,000 per Series E Preferred Share (or $25.00 per
Depositary Share) (the “Redemption Price”). The Redemption Price
will be paid on the Redemption Date to holders of record of the
Shares on the Redemption Date. In addition, the record holders of
the Shares as of Sept. 15, 2021, will receive the previously
announced dividend for the third quarter of 2021 of $328.125 per
Series E Preferred Share (or $0.328125 per Depositary Share), which
will be paid on the Redemption Date.
On the Redemption Date, the Shares will be deemed to cease to be
outstanding, dividends will cease to accrue and all rights, other
than the right to receive the Redemption Price, and the Redemption
Price will become due and payable on each Share.
The notice of redemption has been provided to registered holders
of the Series E Preferred Shares today. Requests for additional
copies of the notice of redemption and the related materials should
be directed to the redemption agent, American Stock Transfer &
Trust Company, LLC at toll-free (877) 248-6417 or (718)
921-8317.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a publicly listed Bermuda exempted
company with approximately $16.7 billion in capital at June 30,
2021, provides insurance, reinsurance and mortgage insurance on a
worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward-looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the
use of forward-looking terminology such as “may,” “will,” “expect,”
“intend,” “estimate,” “anticipate,” “believe” or “continue” or
their negative or variations or similar terminology.
Forward-looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and the
Company’s ability to maintain and improve its ratings; investment
performance; the loss of key personnel; the adequacy of the
Company’s loss reserves, severity and/or frequency of losses,
greater than expected loss ratios and adverse development on claim
and/or claim expense liabilities; greater frequency or severity of
unpredictable natural and man-made catastrophic events,
including pandemics such as COVID-19; the impact of acts of
terrorism and acts of war; changes in regulations and/or tax laws
in the United States or elsewhere; the Company’s ability to
successfully integrate, establish and maintain operating procedures
as well as integrate the businesses the Company has acquired or may
acquire into the existing operations; changes in accounting
principles or policies; material differences between actual and
expected assessments for guaranty funds and mandatory pooling
arrangements; availability and cost to the Company of reinsurance
to manage the Company’s gross and net exposures; the failure of
others to meet their obligations to the Company; changes in the
method for determining the London Inter-bank Offered Rate (“LIBOR”)
and the potential replacement of LIBOR and other factors identified
in the Company’s filings with the U.S. Securities and Exchange
Commission (“SEC”).
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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Arch Capital Group Ltd. François Morin (441) 278-9250
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