The Board of Directors of ACE Limited (NYSE: ACL) today declared a quarterly dividend of 9 cents per ordinary share, payable on April 16, 1999 to shareholders of record at the close of business on March 31, 1999.
On January 12, 1999, ACE Limited 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 approvals and other customary closing conditions, is expected to be completed by the end of ACE’s fiscal 1999 third quarter.
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 December 31, 1998, ACE Limited had approximately $8.8 billion in assets and $3.9 billion in shareholders’ equity.