Arch Capital Group Ltd. to Acquire Hales & Company.Business Editors GREENWICH, Conn.--(BUSINESS WIRE)--Oct. 31, 2000 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 it has entered into a definitive agreement to acquire Hales & Company, a privately held merchant banking firm specializing in the insurance industry. Founded in 1973, Hales is a leading merger and acquisition advisor to middle-market insurance organizations and the manager of the general partner of Distribution Partners Investment Capital, L.P., a private equity fund with investments in insurance distribution, outsourcing and technology companies. Hales operates from offices in Chicago, Hartford, New York Hartford is a town in Washington County, New York, United States. It is part of the Glens Falls, New York Metropolitan Statistical Area. The population was 2,279 at the 2000 census. The Town of Hartford is centrally located in the county. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Seattle and is led by Jeffery Cappel, its Chief Executive Officer, and Marty Becker, its Chairman. The transaction, which is subject to customary closing conditions, is expected to be completed in November. Robert Clements, Chairman of the Board of the Company, said, "We are very pleased to be acquiring Hales & Company. Hales is a valuable franchise which we believe is not only well positioned for growth, but will also assist us in our pursuit of business combinations and ventures with attractive operating companies operating company A business that engages in transactions with outsiders. ." Jeffery Cappel, Chief Executive Officer of Hales & Company, commented, "As part of Arch Capital, we will have the financial resources to continue the rapid growth in our financial advisory, principal investing and research activities. This is an excellent transaction for our clients and employees." The Company has previously announced that it is seeking stockholder approval of a proposed reorganization in which the Company would be redomesticated in Bermuda. Cautionary Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements which reflect the Company's current views with respect to future events and financial performance. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements involve the Company's current assessment of risks and uncertainties, including statements regarding the completion of the proposed acquisition, expected benefits and anticipated future financial results. Actual events and results may differ materially from those expressed or implied in these statements. In addition to risks and uncertainties related to the Company's business described in filings by the Company with the Securities Exchange Commission, the transactions described in this release are subject to various risks and uncertainties including, but not limited to, the risks that the conditions to closing will not be satisfied as well as risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the successful integration of Hales' business. 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. 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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