ACE Limited (NYSE: ACL) today announced that it has agreed to sell in a public offering 11 million ordinary shares for total proceeds of $359.5 million. Banc of America Securities LLC acted as the sole underwriter in the offering. The proceeds from the offering initially will be invested in investment-grade marketable securities which will be used to support ACE's guaranty of a subsidiary's trust preferred securities. Upon repayment of these preferred securities, the proceeds will be used for general corporate purposes.
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 .