AGC Holdings Limited, a wholly owned subsidiary of ACE Limited (NYSE: ACE), today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering.
As previously announced, ACE expects to offer approximately 65% to 75% of its interest in AGC Holdings Limited, which is comprised of its financial guaranty business. The IPO is expected to be completed in the first half of 2004, subject to market conditions and receipt of various regulatory approvals. The number of shares to be offered and the price range for the offering have not yet been determined.
Dominic J. Frederico, Vice Chairman of ACE Limited, will become full-time President and Chief Executive Officer of AGC Holdings Limited and will remain a member of ACE’s Board of Directors.
The joint book-running managers on the offering are Banc of America Securities LLC and Goldman, Sachs & Co. Citigroup will act as co-lead manager.
A registration statement relating to these securities has been filed 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.
A copy of the registration statement is available on the ACE Limited website at www.acelimited.com in the Investor Information Section under SEC/Section 16 Filings and the U.S. Securities and Exchange Commission website at www.sec.gov under Filings & Forms (EDGAR).
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. A component of the Standard & Poor’s 500 stock index, The ACE Group conducts its business on a worldwide basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com .
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: Any forward-looking statements made in this press release reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the Company’s forward-looking statements could be affected by market conditions, regulatory actions, competition, rating agency actions and economic, political, and business conditions and other factors identified in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.