ACE to Acquire Aon's Combined Insurance Company of America for $2.4 Billion
17 Dicembre 2007 - 8:04AM
Business Wire
ACE Limited (NYSE: ACE) announced today that it has signed a
definitive agreement to acquire 100% of the outstanding stock of
Combined Insurance Company of America and certain of its
subsidiaries from Aon Corporation (NYSE: AOC) for $2.4 billion in
cash. Combined Insurance Company of America, founded in 1919 and
headquartered in Glenview, IL, is a leading underwriter and
distributor of specialty individual accident and supplemental
health insurance products that are targeted to middle income
consumers in the U.S., Europe, Canada and Asia Pacific. The company
serves more than four million policyholders worldwide. �The
acquisition of Combined is a significant milestone for ACE and
represents both an opportunity for considerable growth and
expense-related efficiencies,� said Evan G. Greenberg, Chairman and
Chief Executive Officer, ACE Limited. �The acquisition essentially
doubles our already significant personal accident and supplemental
health insurance franchise, which has been and remains an area of
focus for our company. �Combined�s sales force of nearly 7,000
agents will diversify our distribution for this class of business.
ACE has relied predominantly on direct response and brokerage,
while Combined is a leader in captive agency distribution. We will
export Combined�s franchise to the developing markets of Latin
America, Asia Pacific and other promising regions of the world
where we already have an established presence and where a growing
middle class presents favorable conditions. �The addition of
Combined to the ACE Group of Companies is financially attractive to
our shareholders and will produce results that are accretive to our
earnings, return on equity and book value per share,� said Mr.
Greenberg. �Moreover, we project a very attractive return on equity
deployed.� The transaction, which is subject to regulatory
approvals and customary closing conditions, is expected to be
completed by the end of the second quarter of 2008. The purchase
price is subject to adjustment to reflect certain changes to
Combined�s net worth through the closing of the transaction. ACE
expects that the purchase price for the transaction will be
financed by a combination of available cash and a modest amount of
new debt. ACE will host a special conference call and webcast later
today, Monday, December 17, 2007, beginning at 11 a.m. Eastern
Time, to discuss the transaction and the expected future of the
companies� businesses following closing. The conference call will
be available via live and archived webcast at www.acelimited.com or
by dialing 888-259-8724 (within the United States) or 913-312-0709
(international); passcode 9045180. Please refer to the ACE Limited
website in the Investor Information section under Calendar of
Events for details. A replay of the call will be available for
approximately one month. To listen to the replay, dial:
888-203-1112 (in the United States) or 719-457-0820
(international); passcode 9045180. A presentation to accompany the
conference call is posted on the Company's website in the Investor
Information section. The URL reference is
http://media.corporate-ir.net/media_files/irol/10/100907/
slides121707.pdf (Due to the length of this URL, it may be
necessary to copy and paste this hyperlink into your Internet
browser's URL address field.) The ACE Group of Companies is a
global leader in insurance and reinsurance serving a diverse group
of clients. Headed by ACE Limited, a component of the Standard
& Poor�s 500 stock index, the ACE Group of Companies conducts
its business on a worldwide basis with operating subsidiaries in
more than 50 countries. Additional information can be found at:
www.acelimited.com. Cautionary Statement Regarding Forward-Looking
Statements: All forward-looking statements made in this press
release, related to the anticipated acquisition of Combined
Insurance Company of America or otherwise, reflect ACE�s current
views with respect to future events, business transactions and
business performance 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 from those set forth in these
statements. For example, ACE�s forward-looking statements related
to Combined Insurance Company of America and the anticipated
acquisition could prove incorrect if the transaction were to not
close, if Combined Insurance Company of America and its
subsidiaries were to perform differently than currently expected by
ACE or if anticipated expense-related efficiencies are not
realized. More generally, the businesses of ACE and Combined
Insurance Company of America could be affected by competition,
pricing and policy term trends, the levels of new and renewal
business achieved, market acceptance, changes in demand, the
frequency and severity of catastrophic events, actual loss
experience, uncertainties in the loss reserving and claims
settlement process, new theories of liability, judicial,
legislative, regulatory and other governmental developments,
litigation tactics and developments, investigation developments,
the amount and timing of reinsurance recoverables, credit
developments among reinsurers, changes in the cost or availability
of reinsurance, market developments, rating agency action, possible
terrorism or the outbreak and effects of war and economic,
political, regulatory, insurance and reinsurance business
conditions, relations with and performance of employee agents, as
well as management�s response to these factors, and other factors
identified in ACE�s filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the dates
on which they are made. ACE undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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