SECURITIES 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 30, 1999
ACE LIMITED
(Exact name of registrant as specified in its charter)
Cayman Islands 1-11778 98-0091805
(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
The ACE Building
30 Woodbourne Avenue
Hamilton, Bermuda HM 08
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (441) 295-5200
Not Applicable
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
On December 30, 1999, ACE Limited completed the acquisition of
Capital Re Corporation. ACE issued approximately 20.8 million ordinary
shares, and paid approximately $110.3 million in cash in the transaction.
Included as Exhibit 99.1 to this Current Report on Form 8-K is a
copy of the press release dated December 30, 1999 announcing such
completion.
Item 7. Financial Statements and Exhibits.
(a) Audited Financial Statements
Not required
(b) Pro Forma Financial Information
The required pro forma financial information is
incorporated by reference to pro forma financial
information contained under the heading "Unaudited Pro
Forma Condensed Consolidated Financial Information of
ACE" in the proxy statement/prospectus which is a part of
ACE Limited's Registration Statement on Form S-4 (No.
333-90927)
(c) Exhibits.
99.1 Press release, dated December 30, 1999
<PAGE>
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: January 14, 2000 ACE LIMITED
By: Christopher Z. Marshall
-----------------------
Christopher Z. Marshall
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
- ------- -----------
99.1 Press release, dated December 30, 1999
Exhibit 99.1
ACE Limited and Capital Re Announce Closing of Acquisition
HAMILTON, Bermuda -- Dec. 30, 1999 -- ACE Limited (NYSE:ACL) and Capital Re
Corporation (NYSE:KRE) 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 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 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 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 in nearly 50 countries. Additional
information can be found at: www.acelimited.com.
CONTACT: ACE Limited, Hamilton Capital Re Corporation, New York
Investor: David A. Buzen, 212/974-0100
Helen M. Wilson, 441/299-9283 or
or Cathy Bailey, 212/974-0100
Media:
Wendy Davis Johnson, 441/299-9347
