acquisition of ACE Capital Re Ltd. for $15.9 million dollars.

Capital Re and ACE Ltd. had formed the joint venture company ACE Capital Re Ltd. in March 1998.

Capital Re had a 13.4 percent interest in the joint venture company, but last week announced intentions to sell their entire share to ACE Ltd.

A bid by ACE Ltd. to buy out Capital Re will go to shareholders of Capital Re in a special meeting slated for December 30.

While spokespersons for both companies said a buy out is likely, they noted that ownership of ACE Capital Re would not fall under that takeover agreement.

This latest move will see ACE Ltd. as the sole owner of the joint venture company ACE Capital Re.