to certain shareholders.

The special cash dividend of 23 cents per share is payable to holder of record on July 7, 1993, the date of the amalgamation of ACE's two wholly-owned insurance subsidiaries -- ACE Insurance Company (Bermuda) and ACE Insurance Company.

The surviving company is ACE Insurance Company Ltd., an exempted local company.

The dividend will be paid on September 8, 1993.

At June 30 ,1993, ACE had approximately $1.3 billion in shareholders' equity and approximately $2.3 billion in assets. The stock is traded on the New York Stock Exchange under the symbol, ACL.

ACE, through its wholly-owned subsidiary, provides excess directors' and officers' liability insurance and also provides high level excess liability insurance.