-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BAXSY9IwJrUSQoThDd7pVM9iGiPG6kcFYfNDWbf+NHoKS8NaWOG5s3cNusJbuhlG g5E/GW1t0vMRSS3y6ORjXw== 0000902561-00-000021.txt : 20000202 0000902561-00-000021.hdr.sgml : 20000202 ACCESSION NUMBER: 0000902561-00-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991230 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACE LTD CENTRAL INDEX KEY: 0000896159 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-86146 FILM NUMBER: 507974 BUSINESS ADDRESS: STREET 1: ACE BLDG STREET 2: P O BOX HM 1015 CITY: HAMILTON HM 08 BERMU STATE: D0 BUSINESS PHONE: 8092955200 MAIL ADDRESS: STREET 1: P O BOX HM 1015 CITY: HAMITON BERMUDA STATE: D0 8-K 1 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) 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 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 EXHIBIT INDEX Exhibit Number Description - ------- ----------- 99.1 Press release, dated December 30, 1999 EX-99.1 2 PRESS RELEASE 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 -----END PRIVACY-ENHANCED MESSAGE-----