Bermuda-based Arch Capital Group Ltd. announced that the underwriters of the Company’s recent stock offering have exercised their option to purchase an additional 263,750 common shares at the offer price of $40.00 per share.
“As a result of the exercise of the option, the Company received additional net proceeds of approximately $10.1 million,” said the announcement. “After giving effect to the exercise of the over-allotment option, a total of 4,688,750 shares were sold by the Company in the offering.”
Arch indicated that it “expects to use the net proceeds for general corporate purposes, including contributions to the capital of its wholly owned insurance and reinsurance subsidiaries to support their underwriting activities.”
The common shares were offered under the Company’s shelf registration statement filed with, and declared effective by, the Securities and Exchange Commission.
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