ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE:ACE) announced today that it has completed its acquisition of Rain and Hail Insurance Service, Inc. for approximately $1.1 billion in cash. The purchase price reflects a dollar-for-dollar adjustment as required under the merger agreement to account for an increase to Rain and Hail’s book value that occurred between December 31, 2009, and the closing of the transaction.
“We are pleased to now officially welcome this fine organization to ACE,” said Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited. “We look forward to the benefits that the combination of our two organizations will bring both in the near and longer term.”
Celebrating 25 years of insuring progress, the ACE Group is a leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the S&P 500 stock index, 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.acegroup.com.
Contact:
ACE Limited
Investor Contact:
Helen M. Wilson, 441-299-9283
helen.wilson@acegroup.com
or
Media Contact:
Stephen Wasdick, 212-827-4444
stephen.wasdick@acegroup.com