Business Context and Reporting Period
This Form 8-K is a current report filed by Arch Capital Group Ltd. on November 9, 2018. The filing discloses a corporate action regarding the declaration of dividends on specific series of preferred shares.
Key Financial Metrics
The filing details the declaration of quarterly dividends for two series of non-cumulative preferred shares. The total declared dividend amount is $10,402,500.
| Series | Shares Outstanding | Dividend Rate | Total Dividend Amount | Payment Date |
|---|---|---|---|---|
| Series E (5.25%) | 18,000,000 | $0.328125 per share | $5,906,250 | December 31, 2018 |
| Series F (5.45%) | 13,200,000 | $0.340625 per share | $4,496,250 | December 31, 2018 |
The filing text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
This report does not disclose material changes in financial performance compared to prior periods. It solely reports the Board of Directors' decision to declare dividends for the period ending December 30, 2018.
Guidance, Outlook, and Risks
Management Commentary: The Board declared dividends payable out of lawfully available funds under Bermuda law. The dividends are non-cumulative.
Contingencies: Payment is contingent upon the availability of lawfully distributable funds. The Board or Executive Committee retains the right to determine otherwise on or prior to the effective date.
Risks: The filing does not explicitly list new risks, though the non-cumulative nature of the shares implies that if dividends are not declared in future periods, they are not accrued.
Investor Verification Checklist
- Verify the record date of December 15, 2018 to confirm eligibility for the dividend.
- Confirm the payment date of December 31, 2018.
- Review the company's most recent 10-Q or 10-K to assess the "lawfully available funds" required to pay the $10.4 million in dividends.
- Note that these are non-cumulative preferred shares; missed dividends in future quarters will not be owed.