Skip to main content

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 Announces Definitive Merger Agreement

HAMILTON, Bermuda, June 11, 1999 - ACE Limited (NYSE: ACL, BSX: ACL.BH) announced today that it has entered into a definitive merger agreement for the acquisition of Capital Re Corporation (NYSE: KRE). As previously announced, Capital Re's stockholders will receive 0.6 ordinary shares of ACE Limited for each share of common stock of Capital Re at closing, subject to a maximum value to Capital Re stockholders of $22 per share. It is anticipated that the transaction will be completed during the second half of calendar 1999, subject to customary closing conditions, including approval of the merger by Capital Re's shareholders and receipt of necessary regulatory approval.

On January 12, 1999, ACE Limited announced it had agreed to acquire the international and domestic property and casualty insurance businesses of CIGNA Corporation for $3.45 billion in cash. The transaction, which is subject to receipt of necessary regulatory approval and other customary closing conditions, is expected to be completed on or about July 1, 1999.

The ACE Group of Companies provides insurance and reinsurance for a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd's), and the Republic of Ireland. At March 31, 1999, ACE Limited had approximately $8.9 billion in assets and $4.0 billion in shareholders' equity.