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ACE Declares Quarterly Dividend; Stock Repurchase Program for Incentive Plan Dilution Refreshed
ZURICH, Switzerland – 12 August, 2011 – The Board of Directors of ACE Limited (NYSE: ACE; BSX: ACE.BH) declared a quarterly dividend equal to $0.35 payable on October 21, 2011, to shareholders of record at the close of business on September 30, 2011. Dividend payments will be made in United States dollars (USD) by the company’s transfer agent. This will be the second installment as approved by the company’s shareholders on May 18, 2011.
The company also announced its Board of Directors refreshed its previously-announced stock repurchase program, setting the authorized amount at an aggregate $500 million of ACE’s common shares through December 31, 2012. The company has repurchased approximately $400 million of shares to-date under its $600 million stock repurchase program announced in November 2010, and this action is intended to add $300 million to the authorization. The purpose of the repurchase program is 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 may be implemented in the open market, in privately negotiated transactions, block trades, accelerated repurchases and/or through option or other forward transactions.
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.
Contacts
ACE Limited
Investor Contact:
Helen M. Wilson, Tel: 441-299-9283
E-mail: helen.wilson@acegroup.com
Media Contact:
Stephen M. Wasdick, Tel: 212-827-4444
E-mail: stephen.wasdick@acegroup.com