Arch Capital Group Ltd. - ACGL STOCK NEWS

Arch Capital Group (NASDAQ: ACGL) announced it will release its 2024 second quarter results after the close of regular stock market hours on Tuesday, July 30. The company will host a conference call for investors and analysts on Wednesday, July 31, at 11 a.m. ET. A live webcast of this call will be accessible through the Investors section of the company's website. Additionally, a recording of the webcast will be available on the site approximately two hours after the event and will remain archived for one year.

Pittco Management has invested $1.045 billion to acquire a 10% equity stake in Pershing Square through a primary equity sale transaction. The investment was part of a consortium that includes Arch Capital Group (ACGL), BTG Pactual, Consulta , ICONIQ Investment Management, and Menora Mivtachim Holdings. Pershing Square, a newly formed partnership, owns 100% of Pershing Square Capital Management. This marks a significant business development, aiming to drive further value creation within Pershing Square's strategic operations. Bill Ackman, CEO of Pershing Square, welcomed the consortium's long-term investment, highlighting the firm's strong foundation and future growth potential.

Pershing Square Capital Management (PSCM) has announced the sale of a 10% common equity interest in Pershing Square Holdco, a new partnership owning 100% of PSCM, for $1.05 billion to strategic investors including Arch Capital Group (ACGL). This sale involves an internal reorganization of PSCM's ownership structure, resulting in a deemed assignment under the Investment Advisers Act of 1940. The reorganization has been approved by the Pershing Square Holdings (PSH) board, ensuring no changes to PSCM's management team or its investment management role. Furthermore, an independent Board of Directors has been established. Bill Ackman remains the largest shareholder of the controlling The transaction aims to accelerate growth in assets under management and maintain high long-term returns for investors.

Pershing Square Capital Management announced the sale of a 10% common equity interest in Pershing Square Holdco for $1.05 billion to a group of strategic investors, including Arch Capital Group (NASDAQ: ACGL). This strategic investment aims to accelerate Pershing Square's growth in assets under management.

Additionally, Pershing Square has established an independent Board of Directors and reorganized its ownership structure. This reorganization includes the creation of a liability company controlled by senior management. The transaction will not affect Pershing Square’s investment management services.

Bill Ackman, Pershing Square's founder and CEO, expressed enthusiasm about the new investors and the growth opportunities they bring. Key appointments following the transaction include Ben Hakim as President and Nick Botta as Vice Chairman.

Arch Capital Group (NASDAQ: ACGL) reported its 2024 first quarter results with net income of $1.1 billion, representing a 24.6% annualized return on equity. After-tax operating income stood at $933 million. The combined ratio was 78.8%, with a book value per share of $49.36. CEO Marc Grandisson highlighted the exceptional financial performance and commitment to client solutions. The insurance segment saw growth in premiums written, while the reinsurance segment showed increased net premiums. The mortgage segment experienced higher net premiums written and a decrease in loss ratio.

Allianz Global Corporate & Specialty SE (AGCS) has agreed to sell its Fireman’s Fund insurance businesses in the United States to Arch Insurance North America for $1.4 billion. The transaction includes a cash payment of $450 million and Arch assuming $2 billion of loss reserves. Approximately 500 employees will transfer to Arch as part of the deal. AGCS will focus on its Large Corporate and Specialty business in the U.S., leveraging its global capabilities.

Arch Insurance, a part of Arch Capital Group (ACGL), is acquiring U.S. MidCorp and Entertainment insurance businesses from Allianz Global Corporate & Specialty SE for $450 million. The deal is estimated to require $1.4 billion in capital. The acquired businesses wrote $1.7 billion in gross premium in 2023, with 500 employees expected to join Arch. This move aims to expand Arch's presence in the middle market and enhance its product suite.

Arch Capital Group (ACGL) releases its 2023 Sustainability Report, emphasizing ESG strategy and key impact areas. The reports highlight sustainable progress and collaborative successes, showcasing the company's commitment to incorporating sustainability practices into its operations and decision-making processes.

Arch Insurance North America introduces Participant Accident coverage for child education centers and camps through the Arch APEX digital platform, streamlining the insurance process and emphasizing ease of doing business.