UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
May 6, 2011
Date of Report (Date of earliest event reported)
Arch Capital Group Ltd.
(Exact name of registrant as specified in its charter)
Bermuda |
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0-26456 |
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N/A |
(State or other |
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(Commission File Number) |
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(I.R.S. Employer |
Wessex House, 45 Reid Street, Hamilton HM 12, Bermuda
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code:
(441) 278-9250
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.07 Submission of Matters to a Vote of Security Holders.
Arch Capital Group Ltd.s (ACGL) annual meeting of shareholders was held on May 6, 2011. At the meeting, the holders of 40,020,888 common shares, which represents approximately 91 percent of the outstanding shares entitled to vote as of the record date of March 11, 2011, were represented in person or by proxy. Matters submitted to shareholders at the meeting and the voting results thereof were as follows:
Item 1. The vote on the election of the four Class I directors to hold office until the 2014 annual meeting of shareholders or until their successors are elected and qualified. The voting results were as follows:
NOMINEE |
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FOR |
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WITHHELD |
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BROKER |
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|
|
|
|
|
|
|
|
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Kewsong Lee |
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36,295,900 |
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317,122 |
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3,407,866 |
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|
|
|
|
|
|
|
|
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Brian S. Posner |
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36,563,377 |
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49,645 |
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3,407,866 |
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|
|
|
|
|
|
|
|
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John D. Vollaro |
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36,567,111 |
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45,911 |
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3,407,866 |
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|
|
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|
|
|
|
|
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Robert F. Works |
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36,228,381 |
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384,641 |
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3,407,866 |
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Item 2. The vote on the election of certain individuals as Designated Company Directors of certain of ACGLs non-U.S. subsidiaries. The voting results were as follows:
DIRECTOR |
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FOR |
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WITHHOLD |
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BROKER |
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|
|
|
|
|
|
|
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William E. Beveridge |
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36,571,039 |
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41,983 |
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3,407,866 |
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Dennis R. Brand |
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36,563,481 |
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49,541 |
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3,407,866 |
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Knud Christensen |
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36,571,562 |
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41,460 |
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3,407,866 |
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Graham B.R. Collis |
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35,033,040 |
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1,579,982 |
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3,407,866 |
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William J. Cooney |
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36,572,562 |
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40,460 |
|
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3,407,866 |
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Stephen Fogarty |
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36,571,562 |
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41,460 |
|
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3,407,866 |
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Elizabeth Fullerton-Rome |
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36,571,317 |
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41,705 |
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3,407,866 |
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Rutger H.W. Funnekotter |
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36,571,562 |
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41,460 |
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3,407,866 |
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Marc Grandisson |
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36,570,698 |
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42,324 |
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3,407,866 |
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Michael A. Greene |
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36,572,562 |
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40,460 |
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3,407,866 |
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John C.R. Hele |
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35,480,579 |
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1,132,443 |
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3,407,866 |
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David W. Hipkin |
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36,571,462 |
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41,560 |
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3,407,866 |
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W. Preston Hutchings |
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36,573,174 |
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39,848 |
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3,407,866 |
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Constantine Iordanou |
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36,570,073 |
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42,949 |
|
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3,407,866 |
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Wolbert H. Kamphuijs |
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36,572,312 |
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40,710 |
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3,407,866 |
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Michael H. Kier |
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36,571,562 |
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41,460 |
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3,407,866 |
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Mark D. Lyons |
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36,570,698 |
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42,324 |
|
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3,407,866 |
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Adam Matteson |
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36,572,562 |
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40,460 |
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3,407,866 |
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DIRECTOR |
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FOR |
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WITHHOLD |
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BROKER |
| |
|
|
|
|
|
|
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David McElroy |
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36,565,926 |
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47,096 |
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3,407,866 |
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Martin J. Nilsen |
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36,570,698 |
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42,324 |
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3,407,866 |
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Nicolas Papadopoulo |
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36,571,012 |
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42,010 |
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3,407,866 |
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Michael Quinn |
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36,570,962 |
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42,060 |
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3,407,866 |
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Maamoun Rajeh |
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36,571,017 |
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42,005 |
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3,407,866 |
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Paul S. Robotham |
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35,481,354 |
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1,131,668 |
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3,407,866 |
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Soren Scheuer |
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36,571,562 |
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41,460 |
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3,407,866 |
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Budhi Singh |
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36,572,567 |
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40,455 |
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3,407,866 |
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Helmut Sohler |
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36,572,312 |
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40,710 |
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3,407,866 |
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Julian Stroud |
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36,571,562 |
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41,460 |
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3,407,866 |
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Angus Watson |
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36,572,562 |
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40,460 |
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3,407,866 |
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James R. Weatherstone |
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36,573,174 |
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39,848 |
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3,407,866 |
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Item 3. The vote on the adoption of an amendment to the Memorandum of Association to effect a three-for-one share split. The voting results were as follows:
FOR |
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AGAINST |
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ABSTAIN |
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BROKER |
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|
|
|
|
|
|
|
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39,504,662 |
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174,404 |
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341,822 |
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0 |
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Item 4. The vote on the ratification of the selection of PricewaterhouseCoopers LLP as ACGLs independent registered public accounting firm for the year ending December 31, 2011. The voting results were as follows:
FOR |
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AGAINST |
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ABSTAIN |
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BROKER |
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|
|
|
|
|
|
|
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39,867,511 |
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152,253 |
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1,124 |
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0 |
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Item 5. The vote on a proposal on advisory vote on executive compensation (say-on-pay). The voting results were as follows:
FOR |
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AGAINST |
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ABSTAIN |
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BROKER |
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|
|
|
|
|
|
|
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34,936,748 |
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772,839 |
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903,435 |
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3,407,866 |
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Item 6. The vote on a proposal on the frequency of holding future advisory votes on executive compensation (say-on-pay). The voting results were as follows:
1 YEAR |
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2 YEARS |
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3 YEARS |
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ABSTAIN |
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BROKER |
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|
|
|
|
|
|
|
|
|
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32,050,574 |
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733,543 |
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2,928,058 |
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900,847 |
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3,407,866 |
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After taking into account the results of the shareholder advisory vote on the frequency of say-on-pay conducted at the 2011 annual general meeting, the Board of Directors decided that it will be the Companys policy to submit the compensation of its named executive officers to shareholders for a non-binding advisory vote annually, at least until the Companys next annual general meeting at which an advisory vote on the frequency of say-on-pay votes is conducted.
ITEM 7.01 Regulation FD Disclosure.
On May 9, 2011, ACGL issued a press release announcing that its shareholders approved an amendment to its Memorandum of Association to effect a three-for-one split of ACGLs common shares. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 8.01 Other Events.
Preferred Share Dividends. On May 6, 2011, the Board of Directors (the Board) of ACGL declared dividends with respect to the outstanding (1) 8,000,000 shares of its 8.00% Non-Cumulative Preferred Shares, Series A, $0.01 per share (the Series A Shares), with a liquidation preference of $25.00 per share, and (2) 5,000,000 shares of its 7.875% Non-Cumulative Preferred Shares, Series B, $0.01 per share (the Series B Shares), with a liquidation preference of $25.00 per share, as outlined below. All such dividends will be payable out of lawfully available funds for the payment of dividends under Bermuda law on August 15, 2011 to holders of record of the Series A Shares and the Series B Shares, as applicable, as of August 1, 2011, unless determined otherwise by the Board or the Executive Committee of the Board on or prior to the applicable effective date.
Series |
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Effective Date |
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Dividend Period |
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Dividend Amount |
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Rate Per Share |
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Series A |
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6/30/11 |
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5/15/11-6/30/11 |
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$ |
2,044,444 |
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$ |
0.2556 |
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8/14/11 |
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7/1/11-8/14/11 |
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1,955,556 |
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0.2444 |
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|
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$ |
4,000,000 |
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$ |
0.50 |
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Series B |
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6/30/11 |
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5/15/11-6/30/11 |
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$ |
1,257,813 |
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$ |
0.2516 |
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8/14/11 |
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7/1/11-8/14/11 |
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1,203,125 |
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0.2406 |
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|
|
|
|
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$ |
2,460,938 |
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$ |
0.4922 |
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ITEM 9.01 Financial Statements and Exhibits.
EXHIBIT NO. |
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DESCRIPTION |
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99.1 |
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Press Release dated May 9, 2011 announcing that ACGLs shareholders approved an amendment to ACGLs Memorandum of Association to effect a three-for-one split of the companys common shares. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned.
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ARCH CAPITAL GROUP LTD. | |
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Date: May 10, 2011 |
By: |
/s/ John C.R. Hele |
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Name: John C.R. Hele |
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Title: Executive Vice President and Chief Financial Officer |