Arch Raises $169 M From Shares Offering
NU Online News Service, March 26, 3:37 p.m. EST?Arch Capital Group announced today it has completed its offering of $4.425 million common shares, at $40.00 per share.[@@]
The Hamilton, Bermuda-based underwriter of primary insurance and reinsurance said the offering resulted in net proceeds of some $169 million. The company, whose stock is traded on NASDAQ, said it expects to use the net gain for general corporate purposes, including contributions to its wholly owned insurance and reinsurance subsidiaries to support their underwriting activities.
The offering was led by Merrill Lynch & Co. and Credit Suisse First Boston. Goldman, Sachs & Co.; Banc of America Securities; JPMorgan; and Fox-Pitt, Kelton served as co-managers for the offering.
Arch offers a full range of property-casualty insurance and reinsurance products with a focus on specialty lines of business. The company's net income for 2003 was $281 million, with net premiums written at $2.7 billion.
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