HAMILTON, Bermuda, October 21, 1999 -- ACE Limited (NYSE: ACL, BSX: ACL.BH) announced today that it has filed suit in Delaware Chancery Court against Capital Re Corporation (NYSE: KRE) alleging that Capital Re breached its existing merger agreement with ACE by, among other things, entering into negotiations with XL Capital Ltd. ACE is also seeking a temporary restraining order, preventing Capital Re from terminating its existing merger agreement until ACE's claims can be decided by the Delaware court.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The company conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.