ACE, Capital Re Announce Acquisition Closing

ACE Limited and Capital Re Corporation announced that ACE has completed the acquisition of Capital Re. Brian Duperreault, chairman and chief executive officer of ACE, said: ``This transaction adds significant depth and expertise to ACE's financial reinsurance capabilities and represents a strategic complement to our diversified book of business.

Jerry Jurschak, president and CEO of Capital Re, said, ``Capital Re is pleased to complete its merger with ACE Limited. Our positive business environment for reinsuring financial products is significantly furthered by ACE's broad product offering, substantial balance sheet, and worldwide presence.''

ACE issued approximately 21 million shares and paid about US$110 million cash in the transaction.

Dominic Frederico has been named chairman of Capital Re. He said, ``Capital Re will facilitate ACE's product development to meet the diverse needs of today's marketplace and further enhance our capabilities to address the convergence of financial products and insurance products.''