ZURICH--Nov. 24, 2014--(BUSINESS WIRE)--The Board of Directors of ACE Limited (NYSE: ACE) today declared a quarterly dividend equal to $0.65 payable on January 5, 2015, to shareholders of record at the close of business on December 17, 2014, subject to a required filing with the Swiss Commercial Register. Dividend payments will be made in United States dollars (USD) by the company’s transfer agent.
The company’s par value, currently 25.40 Swiss francs (CHF) per share, will be reduced in connection with the dividend on the record date by the CHF equivalent of $0.65 based on the USD/CHF rate published on December 10, 2014. This will be the third of four par value reduction installments as approved by the company’s shareholders on May 15, 2014.
The board also announced authorization of a share repurchase of $1.5 billion for calendar year 2015 to replace the current authorization when it expires December 31, 2014.
ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding dividends and record date, and share repurchases, reflect the company’s current views with respect to future events 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, statements about the dividend payment could be affected by any delay in filing or acceptance of the Swiss Commercial Register filing; and market and company conditions might lead to a lower volume of share repurchases than targeted, and expiration of share repurchase authorization without the entire authorized amount being repurchased. 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.