Proposed Increase Follows 24% Increase Paid in
January
Board Also Declares First Quarter Dividend
ZURICH--(BUSINESS WIRE)--
The Board of Directors of ACE Limited (NYSE:ACE) announced today that it
will recommend to shareholders at the company’s 2014 Annual General
Meeting a 3% increase in its quarterly dividend. The proposal calls for
a $2.60 annual dividend, payable in four installments of $0.65 per
quarter, compared to the current quarterly dividend amount of $0.63. The
formula for determining the Swiss francs amount for quarterly
installments will be described in the company’s Proxy Statement that
will be distributed in advance of the Annual General Meeting, scheduled
for May 15, 2014.
The proposed 3% increase follows a 24% increase in the quarterly
dividend that was approved by shareholders on January 10, 2014, and paid
on January 31, 2014.
The Board of Directors also declared a quarterly dividend equal to $0.63
payable on April 17, 2014, to shareholders of record at the close of
business on March 28, 2014, subject to a required filing with the Swiss
Commercial Register. This amount reflects a $0.51 dividend by way of par
value reduction approved by ACE shareholders on May 16, 2013, and a
$0.12 dividend from capital contribution reserves approved by
shareholders on January 10, 2014. Dividend payments will be made in
United States dollars (USD) by the company’s transfer agent. The
company’s par value is currently 27.04 Swiss francs (CHF) per share, and
in connection with this dividend installment, the par value per share
will be reduced on the record date by the CHF equivalent of $0.51 based
on the USD/CHF rate published on March 21, 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 ACE’s Annual General Meeting and dividends, 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 as
set forth in these statements. For example, the record date could be
affected by delay in filing or acceptance of filing of the necessary
amendments to the company’s Articles of Association which makes the
record date official. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date on which they are made.
Source: ACE Limited