Bermuda-based Arch Capital’s shelf registration statement, filed with the SEC last February, became effective on Monday, and the company plans to offer 6,500,000 of its common shares to the public.
The offering doesn’t include 975,000 common shares subject to the underwriters’ over-allotment option. Its shares, traded on the Nasdaq Exchange, closed down slightly yesterday at $26.90.
Arch had previously indicated that it plans to increase its $1 billion capitalization by up to $500 million from a combination of debt and equity financing. At the current share price the offer would raise around $175 million.
Was this article valuable?
Here are more articles you may enjoy.
Florida Insurance Costs 14.5% Lower Than Would Be Without Reforms, Report Finds 
US Appeals Court Rejects Challenge to Trump’s Efforts to Ban DEI 
Allstate CEO Wilson Takes on Affordability Issue During Earnings Call 
Uber Jury Awards $8.5 Million Damages in Sexual Assault Case 
