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AIG selling Arch shares

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American International Group Inc. on Friday said it is selling 6,381,410 common shares of Arch Capital Group Ltd. at $92.50 per share, expecting to net roughly $590 million.

AIG acquired the shares through the conversion of 638,141 convertible preferred shares of Arch acquired by AIG in connection with the sale of United Guaranty Corp. to Arch in 2016.

Close of the offering is scheduled for June 14 and is subject to customary closing conditions, AIG said in a statement.

The company added that it has granted underwriters a 30-day option to purchase an additional 957, 210 common shares of Arch, which would be issuable upon conversion of 95,721 additional convertible preferred shares, worth about $89 million, after which AIG would still own 542,420 convertible preferred shares, which are subject to a lockup expiring on Jan. 15, 2018.