Arch Capital Group Ltd. is offering a new series of depositary shares, each representing 0.001 of an interest in a series F preferred share.
Arch intends to have the depositary shares listed on Nasdaq and to use the proceeds to partially redeem the company's outstanding series C noncumulative preferred shares.
The offering's joint book-running managers are Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and J.P. Morgan Securities LLC.