ACE Limited Completes Acquisition of CAT Limited.HAMILTON, Bermuda--(BUSINESS WIRE)--April 1, 1998--ACE Limited (NYSE NYSE See: New York Stock Exchange :ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. ) announced today that it has completed the acquisition of CAT Limited. The total consideration paid in the transaction was approximately $711 million in cash, subject to certain post-closing adjustments. As previously disclosed, CAT Limited will be integrated with ACE's existing property catastrophe subsidiary, Tempest Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Company Limited. The combined property catastrophe reinsurers will operate under the Tempest Re name. Brian Duperreault, chairman, president and chief executive officer of ACE Limited stated, "We are very pleased to have been able to close this transaction quickly and look forward to the new opportunities this acquisition brings to ACE." 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the United Kingdom (Lloyd's), and the Republic of Ireland. At December 31, 1997, ACE had $2.6 billion in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. and approximately $5.0 billion in assets. CONTACT: ACE Limited Investor Contact: Helen M. Wilson, 441/299-9283 or Media Contact: Wendy Davis Johnson, 441/299-9347 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion