ACE Limited Sells 11 Million Ordinary Shares In Public Offering.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 6, 2000 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. ) today announced that it has agreed to sell in a public offering 11 million ordinary shares for total proceeds of $359.5 million. Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control acted as the sole underwriter in the offering. The proceeds from the offering initially will be invested in investment-grade marketable securities which will be used to support ACE's guaranty of a subsidiary's trust preferred securities. Upon repayment of these preferred securities, the proceeds will be used for general corporate purposes. The ACE Group of Companies provides insurance and 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. for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com. |
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