ACE Limited (NYSE: ACL) today announced that it has filed a shelf registration statement with the U.S. Securities and Exchange Commission for the offering of up to 18,975,000 of its Ordinary Shares.
The net proceeds of the offering are to be used to repay approximately $390 million of indebtedness incurred to finance, in part, the acquisition of CAT Limited which closed on April 1, 1998. The remaining net proceeds will be used for general corporate purposes, which may include acquisitions.
A registration statement relating to these securities has been filled with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
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, 1997, ACE had $2.6 billion in shareholders' equity and approximately $5.0 billion in assets.