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

 

0-26456

 

N/A

(State or other
jurisdiction of
incorporation or
organization)

 

(Commission File Number)

 

(I.R.S. Employer
Identification No.)

 

Wessex House, 45 Reid Street, Hamilton HM 12, Bermuda

(Address of principal executive offices) (Zip Code)

 

Registrant’s 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

 

FOR

 

WITHHELD

 

BROKER
NON-VOTES

 

 

 

 

 

 

 

 

 

 

Kewsong Lee

 

36,295,900

 

317,122

 

 

3,407,866

 

 

 

 

 

 

 

 

 

 

Brian S. Posner

 

36,563,377

 

49,645

 

 

3,407,866

 

 

 

 

 

 

 

 

 

 

John D. Vollaro

 

36,567,111

 

45,911

 

 

3,407,866

 

 

 

 

 

 

 

 

 

 

Robert F. Works

 

36,228,381

 

384,641

 

 

3,407,866

 

 

Item 2.  The vote on the election of certain individuals as Designated Company Directors of certain of ACGL’s non-U.S. subsidiaries.  The voting results were as follows:

 

DIRECTOR

 

FOR

 

WITHHOLD

 

BROKER
NON-VOTES

 

 

 

 

 

 

 

 

 

William E. Beveridge

 

36,571,039

 

41,983

 

 

3,407,866

 

Dennis R. Brand

 

36,563,481

 

49,541

 

 

3,407,866

 

Knud Christensen

 

36,571,562

 

41,460

 

 

3,407,866

 

Graham B.R. Collis

 

35,033,040

 

1,579,982

 

 

3,407,866

 

William J. Cooney

 

36,572,562

 

40,460

 

 

3,407,866

 

Stephen Fogarty

 

36,571,562

 

41,460

 

 

3,407,866

 

Elizabeth Fullerton-Rome

 

36,571,317

 

41,705

 

 

3,407,866

 

Rutger H.W. Funnekotter

 

36,571,562

 

41,460

 

 

3,407,866

 

Marc Grandisson

 

36,570,698

 

42,324

 

 

3,407,866

 

Michael A. Greene

 

36,572,562

 

40,460

 

 

3,407,866

 

John C.R. Hele

 

35,480,579

 

1,132,443

 

 

3,407,866

 

David W. Hipkin

 

36,571,462

 

41,560

 

 

3,407,866

 

W. Preston Hutchings

 

36,573,174

 

39,848

 

 

3,407,866

 

Constantine Iordanou

 

36,570,073

 

42,949

 

 

3,407,866

 

Wolbert H. Kamphuijs

 

36,572,312

 

40,710

 

 

3,407,866

 

Michael H. Kier

 

36,571,562

 

41,460

 

 

3,407,866

 

Mark D. Lyons

 

36,570,698

 

42,324

 

 

3,407,866

 

Adam Matteson

 

36,572,562

 

40,460

 

 

3,407,866

 

 

2



 

DIRECTOR

 

FOR

 

WITHHOLD

 

BROKER
NON-VOTES

 

 

 

 

 

 

 

 

 

David McElroy

 

36,565,926

 

47,096

 

 

3,407,866

 

Martin J. Nilsen

 

36,570,698

 

42,324

 

 

3,407,866

 

Nicolas Papadopoulo

 

36,571,012

 

42,010

 

 

3,407,866

 

Michael Quinn

 

36,570,962

 

42,060

 

 

3,407,866

 

Maamoun Rajeh

 

36,571,017

 

42,005

 

 

3,407,866

 

Paul S. Robotham

 

35,481,354

 

1,131,668

 

 

3,407,866

 

Soren Scheuer

 

36,571,562

 

41,460

 

 

3,407,866

 

Budhi Singh

 

36,572,567

 

40,455

 

 

3,407,866

 

Helmut Sohler

 

36,572,312

 

40,710

 

 

3,407,866

 

Julian Stroud

 

36,571,562

 

41,460

 

 

3,407,866

 

Angus Watson

 

36,572,562

 

40,460

 

 

3,407,866

 

James R. Weatherstone

 

36,573,174

 

39,848

 

 

3,407,866

 

 

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

 

AGAINST

 

ABSTAIN

 

BROKER
NON-VOTES

 

 

 

 

 

 

 

 

 

39,504,662

 

174,404

 

341,822

 

0

 

 

Item 4. The vote on the ratification of the selection of PricewaterhouseCoopers LLP as ACGL’s independent registered public accounting firm for the year ending December 31, 2011. The voting results were as follows:

 

FOR

 

AGAINST

 

ABSTAIN

 

BROKER
NON-VOTES

 

 

 

 

 

 

 

 

 

39,867,511

 

152,253

 

1,124

 

0

 

 

Item 5. The vote on a proposal on advisory vote on executive compensation (say-on-pay). The voting results were as follows:

 

FOR

 

AGAINST

 

ABSTAIN

 

BROKER
NON-VOTES

 

 

 

 

 

 

 

 

 

34,936,748

 

772,839

 

903,435

 

3,407,866

 

 

3



 

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

 

2 YEARS

 

3 YEARS

 

ABSTAIN

 

BROKER
NON-VOTES

 

 

 

 

 

 

 

 

 

 

 

32,050,574

 

733,543

 

2,928,058

 

900,847

 

3,407,866

 

 

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 Company’s policy to submit the compensation of its named executive officers to shareholders for a non-binding advisory vote annually, at least until the Company’s 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 ACGL’s 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

 

Effective Date
for Declaration

 

Dividend Period

 

Dividend Amount

 

Rate Per Share

 

Series A

 

6/30/11

 

5/15/11-6/30/11

 

$

2,044,444

 

$

0.2556

 

 

 

8/14/11

 

7/1/11-8/14/11

 

1,955,556

 

0.2444

 

 

 

 

 

 

 

$

4,000,000

 

$

0.50

 

Series B

 

6/30/11

 

5/15/11-6/30/11

 

$

1,257,813 

 

$

0.2516

 

 

 

8/14/11

 

7/1/11-8/14/11

 

1,203,125

 

0.2406

 

 

 

 

 

 

 

$

2,460,938

 

$

0.4922

 

 

4



 

ITEM 9.01                                       Financial Statements and Exhibits.

 

EXHIBIT NO.

 

DESCRIPTION

 

 

 

99.1

 

Press Release dated May 9, 2011 announcing that ACGL’s shareholders approved an amendment to ACGL’s Memorandum of Association to effect a three-for-one split of the company’s common shares.

 

5



 

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.

 

 

ARCH CAPITAL GROUP LTD.

 

 

 

 

Date: May 10, 2011

By:

/s/ John C.R. Hele

 

 

Name: John C.R. Hele

 

 

Title: Executive Vice President and Chief Financial Officer

 

6



 

EXHIBIT INDEX

 

EXHIBIT NO.

 

DESCRIPTION

 

 

 

99.1

 

Press Release dated May 9, 2011 announcing that ACGL’s shareholders approved an amendment to ACGL’s Memorandum of Association to effect a three-for-one split of the company’s common shares.

 

7