ACE Limited (NYSE: ACE) announced today that, on July 12, 2004, its subsidiary, Capital Re LLC, will redeem all $75 million of its 7.65% Cumulative Monthly Income Preferred Shares, Series A (CUSIP NO. P20578 10 3, NYSE: ACEPrB) at $25 per share plus accumulated and unpaid dividends to the redemption date. Capital Re LLC will pay its normal dividend of $0.159375 per share on June 30, 2004 to holders of record as of June 29, 2004. The redemption is being funded by a portion of the net proceeds of certain senior notes recently sold by ACE INA Holdings Inc. Payment of the redemption amount will be made through the facilities of The Depository Trust Company.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. A component of the Standard & Poor’s 500 stock index, The ACE Group conducts its business on a worldwide basis with operating subsidiaries in approximately 50 countries. Additional information can be found at: www.acelimited.com.