(NYSE:ACE, BSX:ACL.BH) announced today that it has agreed to sell in a public offering 28.6 million ordinary shares at a price per share of $35.00. ACE also granted the underwriters of the offering an option to purchase an additional 4.29 million ordinary shares at the same price to cover over-allotments. Salomon Smith Barney Inc. (sole book-running manager), JPMorgan Securities Inc. and Banc of America Securities LLC are acting as managers for the offering.
ACE expects to use the net proceeds of the offering of the ordinary shares to take advantage of opportunities in the global insurance and reinsurance markets becoming available as a result of recent events which have depleted industry capital and materially accelerated demand for insurance and reinsurance as well as for general corporate purposes. ACE intends to deploy the new capital by, among other things, expanding its net underwriting capacity, either
through internal growth and/or through acquisitions of lines of business or companies.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a
global basis with operating subsidiaries in nearly 50 countries.
Additional information can be found at www.acelimited.com