ZURICH, Switzerland--(BUSINESS WIRE)--The Board of Directors of ACE Limited (NYSE:ACE) today declared a quarterly dividend of 0.30 Swiss Francs (CHF) per share, payable on October 14, 2008, to shareholders of record at the close of business on September 30, 2008, subject to a required filing with the Swiss Commercial Register. Dividend payments will be made by the company’s transfer agent in U.S. Dollars (USD) converted at the USD/CHF exchange rate shortly before the payment date. The 0.30 CHF dividend would be USD equivalent of $0.27 per share based on the exchange rate as of August 14, 2008. Because of potential currency translation movements, the USD amount shareholders will actually receive may be more or less than the amount stated above.
On July 14, 2008, the shareholders of the company approved a reduction to par value equal to an aggregate 0.90 CHF (equivalent at the time to $0.87) to be paid in three equal quarterly installments (equivalent at the time to $0.29). The quarterly dividend described above will be the first of these installments. It is the company’s intention to recommend to the shareholders each year the payment of dividends based on USD amounts that the company and the Board of Directors believe to be appropriate. Once such dividends are approved by shareholders on an annual basis, quarterly payments may vary in USD based on relative currency movements.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group of Companies conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com.