Bermuda-based ACE Ltd. announced last night that it intends to sell approximately $1 billion of its ordinary shares to take advantage of opportunities in the global insurance and reinsurance markets after the September 11 terrorist attacks.

ACE is the latest insurer to announce expansion plans after the attacks. In a statement released last night, ACE said: "ACE expects to use the net proceeds of the offering of the ordinary shares to take advantage of opportunities in the global insurance and reinsurance markets becoming available as a result of recent events which have depleted industry capital and materially accelerated demand for insurance and reinsurance.

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