ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today that its shareholders have approved all matters submitted to the ACE Limited 2010 Annual General Meeting, held at the company’s offices in Zurich, Switzerland, including a 6.5% increase to the company’s quarterly dividend to $1.32 annually ($0.33 per quarter) from $1.24.
The dividend distribution will be in the form of a par value reduction payable in four installments. The amount of each installment in Swiss francs (CHF) will be adjusted up or down to equal $0.33 near the time of payment, subject to an aggregate cap for the four installments of CHF 2.16, similar to the par value reduction installments approved by ACE shareholders in 2009.
In addition, the Board of Directors declared that shareholders of record at the close of business on July 27, 2010, will be entitled to payment of the first of such installments, subject to a required filing with the Swiss Commercial Register. Dividend payments will be made in U.S. dollars (USD) on August 17, 2010, by the company’s transfer agent. The company’s par value is currently CHF 31.55 per share, and in connection with the dividend installment, the par value per share will be reduced by the CHF equivalent of $0.33 based on the USD/CHF rate published on July 22, 2010.
Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding dividend/par value reduction payments, reflect the company’s current views with respect to future events and performance 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 from those set forth in these statements. For example, the company’s forward-looking statements about its dividend payments could be affected by abnormal currency fluctuations or delay in filing or acceptance of filing of the necessary amendments to the company’s Articles of Association. The company’s performance is also subject to factors identified in the company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.