ACE Limited (NYSE: ACL) announced today that it has sold 16.5 million ordinary shares at a price of $36.75 per share. J.P. Morgan Securities Inc. acted as the underwriter for the offering. The proceeds will be used to repay $385 million of indebtedness incurred by the Company in connection with the acquisition of CAT Limited on April 1, 1998 and the remaining net proceeds will be used for general corporate purposes, which may include acquisitions.
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 and approximatley $5.0 billion in assets.