Arch Capital Group Ltd. Announces Underwriters' Exercise Of Over-Allotment Option Related To Recent Stock Offering.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--March 31, 2004 Arch Capital Group Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACGL ACGL Arch Capital Group Ltd. ACGL Automobile Corporation of Goa Limited ACGL Alternative County Government Law ) today 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 Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $10.1 million. 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. The Company expects to use the net proceeds for general corporate purposes, including contributions to the capital of its wholly owned insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. subsidiaries to support their underwriting activities. The offering was led by Merrill Lynch & Co. and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. as joint book-running managers. Goldman, Sachs & Co., Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , JPMorgan and Fox-Pitt, Kelton are co-managers for the offering. The common shares were offered under the Company's shelf registration statement which was filed with, and declared effective by, the Securities and Exchange Commission. Arch Capital Group Ltd., a Bermuda-based company with approximately $2.1 billion in capital, provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries. Cautionary Note Regarding Forward-Looking Statements The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 (collectively, the "Company") may include forward-looking statements which reflect the Company's current views with respect to future events and financial performance. Forward-looking statements involve the Company's current assessment of risks and uncertainties, which may cause actual events and results and prospects to differ materially from those expressed or implied in these statements. Certain information regarding such risks and uncertainties is set forth in the Company's filings with the Securities and Exchange Commission. 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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