ACE Dividend & Stock Repurchase Program
The Board of Directors of ACE Limited declared a quarterly dividend equal to $0.35 payable on October 21, 2011, to shareholders of record at the close of business on September 30, 2011.
ACE also refreshed its previously-announced stock repurchase program, setting the authorized amount at an aggregate $500 million of ACE’s common shares through December 31, 2012.
The company has repurchased approximately $400 million of shares to-date under its $600 million stock repurchase program announced in November 2010, and this action is intended to add $300 million to the authorization. The purpose of the repurchase program is to offset, in whole or in part, potential dilution from the exercise of stock options and granting of restricted stock under ACE’s equity-based incentive plans.
Subject to market conditions and a variety of timing considerations, the company believes it is appropriate to repurchase shares from time to time to offset shareholder dilution attributable to equity grants. This repurchase authorization may be implemented in the open market, in privately negotiated transactions, block trades, accelerated repurchases and/or through option or other forward transactions.
