ACE Announces Planned Redemption of Subsidiary Trust Preferred Securities

ACE Limited announced that, on July 12, 2004, its subsidiary, Capital Re LLC, will redeem all $75 million of its 7.65 percent Cumulative Monthly Income Preferred Shares, Series A at $25 per share plus accumulated and unpaid dividends to the redemption date.

“Capital Re LLC will pay its normal dividend of $0.159375 per share on June 30, 2004 to holders of record as of June 29, 2004,” said the announcement. “The redemption is being funded by a portion of the net proceeds of certain senior notes recently sold by ACE INA Holdings Inc,” (See IJ Website June 3-4 “National”).