ACE Limited and Capital Re Announce Closing of Acquisition.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Dec. 30, 1999 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. ) and Capital Re Corporation (NYSE:KRE KRE Kauffman Racing Equipment KRE Kuwait Real Estate (bank) KRE Keffalas Real Estate, Inc KRE Key Results Expected KRE Karl Real Estate KRE Kernel Rules Enforcement KRE Korea Research Environment ) announced today that ACE has completed the acquisition of Capital Re. ACE issued approximately 20.8 million ordinary shares, and paid approximately $110.3 million in cash in the transaction. Brian Duperreault, chairman and chief executive officer of ACE, said: "This transaction adds significant depth and expertise to ACE's financial reinsurance Financial Reinsurance, also known as 'fin re', is a form of reinsurance which is focused more on capital management than on risk transfer. In the non-life segment of the insurance industry this class of transactions is often referred to as finite reinsurance. capabilities and represents a strategic complement to our diversified book of business. The acquisition of Capital Re establishes ACE as one of the premier financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. reinsurers." Jerry Jurschak, president and chief executive officer of Capital Re, commented: "Capital Re is pleased to complete its merger with ACE Limited. Our positive business environment for reinsuring financial products is significantly furthered by ACE's broad product offering, substantial balance sheet, and worldwide presence." Dominic Frederico has been appointed chairman of Capital Re Corporation, effective today. In commenting on the transaction, Mr. Frederico said, "Capital Re will facilitate ACE's product development to meet the diverse needs of today's marketplace and further enhance our capabilities to address the convergence of financial products and insurance products." Capital Re is a specialty 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. group providing innovative solutions to problems of financial risk and risk management. Capital Re's two principal divisions, financial guaranty and financial risks, are engaged in the business of municipal and non-municipal financial guaranty reinsurance, mortgage guaranty reinsurance, title reinsurance, trade credit reinsurance, life, accident & health, annuity reinsurance and structured financial products. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in nearly 50 countries. Additional information can be found at: www.acelimited.com. |
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