AIG sells another $65.4m stake in Arch Capital Group

Bermuda-based Arch Capital Group said AIG-affiliated shareholders are selling an additional 707,210 common shares in Arch at a public offering price of $92.50 per common share, less underwriting discounts and commission.

The value of the stake being sold is therefore $65.4 million.

This is part of a larger Arch share sale by AIG worth around $604 million at market prices. Arch said June 8 that it launched an underwritten public secondary offering of 6,381,410 common shares “by certain selling shareholders affiliated with American International Group.”

When AIG sold its 100 percent interest in United Guaranty to Arch in August 2016, it received the payment partially in Arch stock.

Proceeds from the sale of common shares pursuant to the public offering of additional shares will be received by the selling shareholder. Arch will not receive any proceeds from the sale of additional common shares pursuant to the public offering.

Arch Capital Group focuses on insurance, reinsurance and mortgage insurance.

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