ZURICH--(BUSINESS WIRE)-- ACE Limited (NYSE: ACE) announced today that its shareholders have approved all matters submitted to the ACE Limited 2014 Annual General Meeting, held at the company’s offices in Zurich, Switzerland, including a 3% increase to the company’s quarterly dividend to $2.60 annually ($0.65 per quarter) per share. This increase follows a 24% increase in the quarterly dividend that was approved by shareholders on January 10, 2014.
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 $0.65 near the time of payment, subject to an aggregate cap for the four installments of CHF 3.42 per share.
In addition, the Board of Directors declared that shareholders of record at the close of business on July 23, 2014, will be entitled to payment of the first of such installments, subject to a required filing with the Swiss Commercial Register. This dividend payment will be made in U.S. dollars on August 13, 2014, by the company’s transfer agent. The company’s par value is currently CHF 26.59 per share, and in connection with the dividend installment, the par value per share will be reduced by the CHF equivalent of $0.65 based on the USD/CHF rate published on July 16, 2014.
ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding the dividend payment and record date, reflect the company’s current views with respect to future events 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 as set forth in these statements. For example, the company’s forward-looking statements about its dividend payment could be affected by extraordinary currency fluctuations leading to reduction in the USD value of the dividend pursuant to the dividend cap approved by the company’s shareholders and described in the company’s proxy statement dated April 3, 2014; or delay in filing or acceptance of filing of the necessary amendments to the company’s Articles of Association which makes the record date official. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date 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.
Source: ACE Limited