This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
ACE Declares Quarterly Dividend; Announces Stock Repurchase for Incentive Plan Dilution
ZURICH, Switzerland – 18 November, 2010 – The Board of ACE Limited (NYSE: ACE) today declared a quarterly dividend equal to $0.33 payable on 11 January, 2011, to shareholders of record at the close of business on 16 December, 2010, subject to a required filing with the Swiss Commercial Register. Dividend payments will be made in United States dollars (USD) by the company’s transfer agent. In connection with the dividend payment, the company’s par value, currently 30.89 Swiss francs (CHF) per share, will be reduced on the record date by the CHF equivalent of $0.33 per share based on the USD/CHF rate published on 13 December, 2010. This will be the third of four par value reduction installments as approved by the company’s shareholders on 19 May, 2010.
The company also announced its Board of Directors authorized the repurchase of up to $600 million of ACE’s common shares through 31 December, 2012, to offset, in whole or in part, potential dilution from the exercise of stock options and granting of restricted stock under ACE’s equity-based incentive plans. Subject to market conditions and a variety of timing considerations, the company believes it is appropriate to repurchase shares from time to time to offset shareholder dilution attributable to equity grants. This repurchase authorization, which may be implemented in any given quarter, year or multi-year period, in the open market, in privately negotiated transactions, block trades, accelerated repurchases and/or through option or other forward transactions, replaces the November 2001 authorization for the repurchase of up to $250 million of any ACE issued debt or capital securities, including common shares. To date, no shares have been repurchased under the November 2001 authorization.
Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at www.acegroup.com.
ACE Limited
Investor Contact:
Helen M. Wilson, 441-299-9283
helen.wilson@acegroup.com
or
Media Contact:
Stephen M. Wasdick, 212-827-4444
stephen.wasdick@acegroup.com