ACE Global Markets Limited, a subsidiary of ACE Limited (NYSE:ACL), today announced Lloyd's approval of the proposal to merge Syndicates 219, 488 and 960 into Syndicate 2488 for the 2000 Year of Account.
The proposal was announced on 31st March 1999 in accordance with Lloyd's rules. A series of votes were held, and only members of Syndicates 219, 960 and 2488 voted in favour of the merger. ACE Global Markets subsequently undertook a postal ballot of Syndicate 488 members which resulted in over 87% of those voting supporting the merger proposal.
The merger was approved by the Council of Lloyd's on 23rd July 1999, and will become effective on 19th August 1999. This is to allow ACE to fulfill its obligation to offer to purchase any Syndicate 488 capacity which it does not already own. The offer closes on 18th August 1999.
ACE Global Markets are also pleased to announce that Moody's Investors Service has awarded the merged Syndicate 2488 a syndicate performance rating of A- (Good).
The ACE Group of Companies provides insurance and reinsurance for a diverse group of international clients. At March 31st 1999, ACE Limited had approximately $8.9 billion in assets and approximately $4.0 billion in shareholders' equity. Following the acquisition of CIGNA's P&C businesses on July 2nd 1999, operating subsidiaries are now based in nearly fifty countries and the total assets of the combined companies are approximately $30 billion.