NEW YORK--(BUSINESS WIRE)--Jun. 9, 2017--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170609005324/en/
Source: American International Group, Inc.
American International Group, Inc.
Investors:
Liz Werner,
212-770-7074
elizabeth.werner@aig.com
or
Media:
Jennifer
Hendricks Sullivan, 212-770-3141
jennifer.sullivan@aig.com