ACE Announces the Results of Its Tender Offer for Siam Commercial Samaggi Insurance in Thailand
ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today that the company and its local partner have acquired, through a mandatory tender offer, an additional 32.17% in The Siam Commercial Samaggi Insurance PCL ("SCSMG"), a major general insurance company in Thailand. ACE and its local partner now own 93.03% in SCSMG including a 60.86% stake acquired from The Siam Commercial Bank PCL on April 28, 2014.
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 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 ACE Group, is listed on the New York Stock Exchange (NYSE: 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:
All forward-looking statements made in this press release related to ACE's share purchase of Siam Commercial Samaggi Insurance PCL and tender offer, or otherwise, reflect ACE’s current views with respect to future events, business transactions and business performance 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 from those set forth in these statements. For example, ACE’s forward-looking statements related to Siam Commercial Samaggi Insurance PCL and the anticipated purchase transaction and tender offer could prove incorrect if the transaction were to not close, if Siam Commercial Samaggi Insurance PCL were to perform differently than currently expected by ACE or if expense-related efficiencies are not realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.