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ACE Ltd Recommends 24% Increase in Quarterly Dividend; Announces Authorization Of Share Repurchase Program

Thursday, 21 Nov 2013 11:44am EST 

ACE Ltd announced that it will recommend to shareholders a 24% increase in the Company`s quarterly dollar-denominated dividend, from $0.51 per share to $0.63 per share, commencing with the quarterly dividend payments in January and March 2014. The proposal requires shareholder approval and the Company will file a proxy statement with the Securities and Exchange Commission that will be mailed to shareholders of record as of December 5, 2013. The Board also announced authorization of a share repurchase program up to $2 billion of the Company`s common stock through December 31, 2014, to replace the current authorization, which has $228 million remaining through December 31, 2013. The Company is targeting up to $1.5 billion of share repurchases between now and the end of 2014, to be made from time to time depending on market conditions as well as the Company`s view of risks and opportunities. The proposal to increase the dividend will be in addition to the existing dividend resolution as approved by the Company`s shareholders on May 16, 2013, and will apply to the next two quarterly dividend installments. An extraordinary general shareholder meeting to vote on the resolution will take place on January 10, 2014, at the Company's offices in Zurich. The Board also declared that the first of such installments shall be payable on January 31, 2014, to shareholders of record at the close of trading on the New York Stock Exchange on January 13, 2014.