SECURITITES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities exchange Act of 1934
Date of Report (Date of earliest event reported) December 22, 1998
ACE LIMITED
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(Exact Name of Registrant as Specified in Charter)
Cayman Islands 1-11778 Not Applicable
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(State or Other Jurisdiction (Commission I.R.S. Employer
(of Incorporation File Number) Identification No.)
The ACE Building
30 Woodbourne Avenue
Hamilton, Bermuda HM08
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (441) 295-5200
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On December 22, 1998, ACE Limited ("ACE") and CIGNA Corporation
("CIGNA") announced that they are discussing a global strategic alliance,
including the possible acquisition of CIGNA's domestic and international
property and casualty business by ACE.
Included as Exhibit 99.1 to this Current Report on Form 8-K is a
copy of the press release.
Item 7. Exhibits.
99.1 Press Release, dated December 22, 1998
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Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Dated: December 23, 1998 ACE LIMITED
By: /s/ Christopher Z. Marshall
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Christopher Z. Marshall
Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release, dated December 22, 1998
3
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contacts: Edwin J. Detrick, CIGNA Financial Relations -- 215-761-6130
Michael J. Monroe, CIGNA Media Relations -- 215-761-6133
Christopher Marshall, ACE Investor Relations -- 441-299-9231
Wendy Davis Johnson, ACE Media Relations -- 441-299-9347
CIGNA AND ACE CONFIRM DISCUSSIONS
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PHILADELPHIA, PA and HAMILTON, Bermuda, December 22, 1998 -- Although
premature to speculate on the outcome, CIGNA Corporation (NYSE: CI) and ACE
Limited (NYSE: ACL) confirm that they are discussing a global strategic
alliance. The discussions include the possible acquisition of CIGNA's
domestic and international property and casualty businesses by ACE. These
discussions are focused on strengthening the global capabilities of both
companies. The terms of the possible alliance have not yet been finalized
although the parties expect the final purchase price to be materially in
excess of $3 billion.
Brian Duperreault, Chairman, President and Chief Executive Officer of ACE
stated, "This would be a unique opportunity for ACE to acquire one of the
premier global property and casualty franchises."
Until a final agreement is reached, neither ACE nor CIGNA will have further
comments. There can be no assurance that a definitive agreement will be
reached.
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