ACE Limited Board Will Recommend 4% Dividend Increase to Shareholders at 2013 Annual General Meeting
ACE Limited Board Will Recommend 4% Dividend Increase to Shareholders at 2013 Annual General Meeting; Declares First Quarter Dividend
ZURICH--(BUSINESS WIRE)-- The Board of Directors of ACE Limited (NYS: ACE) announced today that it will recommend to shareholders at the company's 2013 Annual General Meeting a 4% increase in its quarterly dividend. The proposal calls for a $2.04 annual dividend, payable in four installments of $0.51 per quarter, compared to the current quarterly dividend amount of $0.49. The formula for determining the Swiss francs amount for quarterly installments will be described in the company's Proxy Statement that will be distributed in advance of the Annual General Meeting, scheduled for May 16, 2013.
The Board of Directors also declared a quarterly dividend equal to $0.49 payable on April 12, 2013, to shareholders of record at the close of business on March 28, 2013, subject to a required filing with the Swiss Commercial Register. Dividend payments will be made in United States dollars (USD) by the company's transfer agent. The company's par value is currently 28.89 Swiss francs (CHF) per share, and in connection with this dividend installment, the par value per share will be reduced on the record date by the CHF equivalent of $0.49 based on the USD/CHF rate published on March 22, 2013. This will be the fourth of four par value reduction installments as approved by the company's shareholders on May 16, 2012.
The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 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 the ACE Group, is listed on the New York Stock Exchange (NYS: 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 ACE's Annual General Meeting and dividends, 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 dividend increase is subject to shareholder approval, and dividend payments 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.Further, the record date could be affected by 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.
KEYWORDS: United States Europe North America New York Switzerland
The article ACE Limited Board Will Recommend 4% Dividend Increase to Shareholders at 2013 Annual General Meeting; Declares First Quarter Dividend originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.