ACE Completes Acquisition of Combined Insurance Company of America
01 Aprile 2008 - 10:15PM
Business Wire
ACE Limited�(NYSE:ACE) announced today that it has completed its
acquisition of 100% of the outstanding shares of Combined Insurance
Company of America and certain of its subsidiaries from Aon
Corporation (NYSE:AOC) for $2.56 billion in cash. In accordance
with the purchase agreement, the purchase price reflects on a
dollar-for-dollar basis an increase to Combined�s net worth that
occurred between the signing and the closing of the transaction.
Evan G. Greenberg, Chairman and Chief Executive Officer of ACE
Limited, commented: �We are delighted to close this important
transaction ahead of schedule. ACE and Combined teams have been
working closely together, making plans to achieve both our
efficiency and growth objectives. We have been building
considerable momentum over the last three months so we can hit the
ground running beginning today.� In connection with ACE�s first
quarter earnings call on April 30, the Company will update 2008
earnings guidance. 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.
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