ACE intends to buy Capital Re

HAMILTON - ACE Limited yesterday revealed it has executed a letter of intent to acquire Capital Re Corporation. The deal which would see Capital Re stockholders receive 0.6 ordinary shares of ACE Limited for each share of common stock in Capital Re, valuing Capital Re at around $605.9 based on Wednesday's closing prices. ACE anticipates the deal, which is still subject to approval from the relevant boards and execution of definite documentation, will be completed in the second half of 1999.