AIG Announces Pricing of the Sale of Common Shares of Arch Capital Group Ltd.
June 09 2017 - 8:15AM
Business Wire
American International Group, Inc. (NYSE: AIG) announced today
that it has priced the sale through an underwritten public offering
of 6,381,410 common shares of Arch Capital Group Ltd. issued upon
conversion of 638,141 Convertible Preferred Shares of Arch received
by AIG in connection with the sale of United Guaranty Corporation
to Arch in 2016. Closing of the offering is scheduled for June 14,
2017, and is subject to customary closing conditions.
AIG will receive gross proceeds of approximately $590 million,
based upon a price of $92.50 per share. In connection with the
underwritten public offering, AIG has granted the underwriters a
30-day option to purchase an additional 957,210 common shares of
Arch issuable upon conversion of 95,721 additional Convertible
Preferred Shares held by AIG. Should the underwriters exercise
their option in full, AIG would receive additional proceeds of
approximately $89 million and would continue to own 542,420
Convertible Preferred Shares. AIG’s remaining stake is subject to a
lock-up that will expire on January 15, 2018.
Arch has previously filed a shelf registration statement with
the SEC for the underwritten offering to which this communication
relates. Investors should read the accompanying prospectus, the
preliminary prospectus supplement and other documents Arch has
filed with the SEC for more complete information about Arch and
this offering. These documents may be obtained for free by visiting
the SEC's website at www.sec.gov.
Alternatively, copies of the preliminary prospectus supplement,
the final prospectus supplement, when available, and accompanying
base prospectus relating to the offering may be obtained from:
Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
Barclaysprospectus@broadridge.com, (888) 603-5847 or Wells Fargo
Securities, LLC, Attention: Equity Syndicate Department, 375 Park
Avenue, New York, New York, 10152, at (800) 326-5897 or email a
request to cmclientsupport@wellsfargo.com.
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements, including the closing of
the transaction described herein, are not historical facts but
instead represent only AIG’s belief regarding future events, many
of which, by their nature, are inherently uncertain and outside
AIG’s control. Except for AIG’s ongoing obligation to disclose
material information as required by federal securities laws, AIG is
not under any obligation (and expressly disclaims any obligation)
to update or alter any forward-looking statements, whether written
or oral, that may be made from time to time, whether as a result of
new information, future events or otherwise. Factors that could
cause AIG’s actual results to differ, possibly materially, from any
forward-looking statements include the factors set forth in AIG’s
filings with the United States Securities and Exchange
Commission.
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today AIG member companies
provide a wide range of property casualty insurance, life
insurance, retirement products, and other financial services to
customers in more than 80 countries and jurisdictions. These
diverse offerings include products and services that help
businesses and individuals protect their assets, manage risks and
provide for retirement security. AIG’s core businesses include
Commercial Insurance and Consumer Insurance, as well as Other
Operations. Commercial Insurance comprises two modules – Liability
and Financial Lines, and Property and Special Risks. Consumer
Insurance comprises four modules – Individual Retirement, Group
Retirement, Life Insurance and Personal Insurance. AIG common stock
is listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com and
www.aig.com/strategyupdate | YouTube: www.youtube.com/aig |
Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn:
www.linkedin.com/company/aig. These references with additional
information about AIG have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20170609005324/en/
American International Group, Inc.Investors:Liz Werner,
212-770-7074elizabeth.werner@aig.comorMedia:Jennifer Hendricks
Sullivan, 212-770-3141jennifer.sullivan@aig.com
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