As filed with the Securities and Exchange Commission on July 1, 1999
Registration No. 333-____
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ACE LIMITED
(Exact name of registrant as specified in its charter)
CAYMAN ISLANDS 98-0091805
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
The ACE Building
30 Woodbourne Avenue
Hamilton HM 08, Bermuda
(Address of principal executive offices) (zip code)
ACE Limited 1999 Replacement Long-Term Incentive Plan
(Full title of the plans)
Brian Duperreault
ACE Limited
c/o CT Corporation System
1633 Broadway
New York, New York 10019
(Name and address of agent for service)
Telephone number, including area code, of agent for service: (441) 295-5200
copy to
Laura D. Richman
Mayer, Brown & Platt
190 S. LaSalle Street
Chicago, Illinois 60603
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CALCULATION OF REGISTRATION FEE
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Proposed Proposed
Title of Maximum Maximum
Securities Offering Aggregate Amount of
to be Amount to be Price Per Offering Registration
Registered Registered Share(1) Price(1) Fee
- ---------- ------------- ---------- --------- -------------
Ordinary 1,939,100 $27.46875 $53,264,653.25 $14,810
Shares,
$.041666667
par value (2)
- --------------------------------------------------------------------------------
(1) Estimated solely for the purpose of computing the registration fee
pursuant to Rule 457(c) under the Securities Act of 1933 on the basis
of the average of the high and low prices of the Ordinary Shares
reported on the New York Stock Exchange Composite Tape on June 28,
1999.
(2) Also includes preferred share purchase rights. Prior to the
occurrence of certain events, the Rights will not be exercisable or
evidenced separately from the Ordinary Shares.
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Part II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item 3. Incorporation of documents by reference.
The following documents, which have heretofore been filed by the
registrant with the Securities and Exchange Commission (the "Commission")
pursuant to the Securities Exchange Act of 1934 (the "Exchange Act"), are
incorporated by reference herein and shall be deemed to be a part hereof:
(a) Annual Report on Form 10-K for the year ended September 30, 1998.
(b) Annual Report on Form 10-K/A for the year ended September 30, 1998.
(c) Current Report on Form 8-K filed December 23, 1998.
(d) Current Report on Form 8-K filed January 14, 1999.
(e) Current Report on Form 8-K/A filed January 14, 1999.
(f) Quarterly Report on Form 10-Q for the quarter ended
December 31, 1998.
(g) Current Report on Form 8-K filed May 10, 1999.
(h) Quarterly Report on Form 10-Q for the quarter ended March 31, 1999.
(i) Current Report on Form 8-K filed May 19, 1999.
(j) Description of Ordinary Shares included in the Registration
Statement on Form 8-A dated March 2, 1993 as amended by Amendment
No. 1 thereto dated March 11, 1993 filed under Section 12 of the
Exchange Act.
(k) Description of Series A Junior Participating Preference Shares
included in Registration Statement on Form 8-A dated May 7, 1999
filed under Section 12 of the Exchange Act.
All documents subsequently filed by the registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing
of a post-effective amendment which indicates that all securities offered
have been sold or which deregisters all securities then remaining unsold
shall be deemed to be incorporated herein by reference and shall be deemed
a part hereof from the date of filing of such documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 100 of the Company's Articles of Association contains
provisions with respect to indemnification of the Company's officers and
directors. Such provision provides that the Company shall indemnify, in
accordance with and to the full extent now or hereafter permitted by law,
any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or
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investigative (including, without limitation, an action by or in the right
of the Company), by reason of his acting as a director, officer, employee
or agent of, or his acting in any other capacity for or on behalf of, the
Company, against any liability or expense actually and reasonably incurred
by such person in respect thereof. The Company may also advance the
expenses of defending any such act, suit or proceeding in accordance with
and to the full extent now or hereafter permitted by law. Such
indemnification and advancement of expenses are not exclusive of any other
right to indemnification or advancement of expenses provided by law or
otherwise.
The Companies Law (1995 Revision) of the Cayman Islands does not
set out any specific restrictions on the ability of a company to indemnify
officers or directors. However, the application of basic principles and
certain Commonwealth case law which is likely to be persuasive in the
Cayman Islands would indicate that indemnification is generally permissible
except in the event that there had been fraud or wilful default on the part
of the officer of director or reckless disregard of his duties and
obligations to the Company.
The Company in the past has entered into underwriting agreements
which provide for indemnification, under certain circumstances, of the
Company, its officers and its directors by the underwriters.
Directors and officers of the Company are also provided with
indemnification against certain liabilities pursuant to a directors and
officers liability insurance policy. Coverage is afforded for any loss that
the insureds become legally obligated to pay by reason of any claim or
claims first made against the insureds or any of them during the policy
period from any wrongful acts that are actually or allegedly caused,
committed or attempted by the insureds prior to the end of the policy
period. Wrongful acts are defined as any actual or alleged error,
misstatement, misleading statement or act, omission, neglect or breach of
duty by the insureds while acting in their individual or collective
capacities as directors or officers of the Company, or any other matter
claimed against them by reason of their being directors or officers of the
Company. Certain of the Company's directors are provided, by their
employer, with indemnification against certain liabilities incurred as
directors of the Company.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
4.1 Memorandum of Association of the Company
(Incorporated by reference to Exhibit 3.1 to the
Company's Annual Report on Form 10-K for the year
ended September 30, 1998)
4.2 Articles of Association of the Company
(Incorporated by reference to Exhibit 3.2 to the
Company's Annual Report on Form 10-K for the year
ended September 30, 1998)
4.3 Specimen certificate representing Ordinary Shares
(Incorporated by reference to Exhibit 4.3 to the
Registration Statement on From S-1 of the Company
No. 33-57206)
5.1 Opinion of Maples and Calder as to the legality of the
Ordinary Shares
23.1 Consent of PricewaterhouseCoopers LLP
23.2 Consent of Maples and Calder (included in Exhibit 5.1)
24.1 Powers of Attorney (included in signature pages)
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99.1 Appointment of CT Corporation as U.S. agent for service of
process (incorporated by reference to Exhibit 99.1 to
Registration Statement on Form S-1 of the Company
(No. 33-72118)).
99.2 Confirmation of appointment of CT Corporation System as
U.S. agent for service of process (incorporated by
reference to Exhibit 99.2 to Registration Statement on
Form S-3 of the Company (No. 333-49257)).
Item 9. Undertakings.
A. Rule 415 Offering.
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The undersigned registrant hereby undertakes:
1. To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or
the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities, offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement;
(ii) To include any material information with respect to the
plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;
Provided, however, that paragraphs (a)(1)(i) and
(a)(1)(ii) do not apply if the registration statement
is on Form S-3 or Form S-8, and the information
required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports
filed by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the registration
statement.
2. That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide offering thereof.
3. To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.
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B. Filings Incorporating Subsequent Exchange Act Documents
by Reference.
-------------------------------------------------------
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of
the registrant's annual report pursuant to section 13(a) or section 15(d)
of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to section 15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in
the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona fide
offering thereof.
C. Indemnification of Directors and Officers.
------------------------------------------
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing provisions
or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in
the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of
its counsel the matter has been settled by controlling precedent, submit to
a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the
Securities Act of 1933 and will be governed by the final adjudication of
such issue.
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SIGNATURES
Each person whose signature appears below constitutes and appoints,
Brian Duperreault, Christopher Z. Marshall, Peter N. Mear and Keith White
and each of them, the true and lawful attorneys-in-fact and agents of the
undersigned, with full power of substitution and resubstitution, for and in
the name, place and stead of the undersigned, in any and all capacities, to
sign any and all amendments (including post-effective amendments) to this
Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and
Exchange Commission, and hereby grants to such attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each
and every act and thing requisite and necessary to be done, full to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any
of them, or their or his substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Hamilton, Bermuda, on June 30,
1999.
ACE Limited
By: /s/ Brian Duperreault
---------------------------------
Its: Chairman, President and
Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in
the capacities and on the dates indicated.
Signature Title Date
- --------- ----- ----
/s/ Brian Duperreault
- --------------------------- Chairman, President and June 30, 1999
Brian Duperreault Chief Executive Officer;
Director
/s/ Christopher Z. Marshall Chief Financial Officer; June 30, 1999
- ---------------------------- (Principal Financial
Christopher Z. Marshall Officer)
/s/ Robert A. Blee Chief Accounting Officer; June 30, 1999
- ----------------------------- (Principal Accounting
Robert A. Blee Officer)
/s/ Donald Kramer Vice Chairman; Director June 30, 1999
- -----------------------------
Donald Kramer
/s/ Michael G. Atieh Director June 30, 1999
- -----------------------------
Michael G. Atieh
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Signature Title Date
- --------- ----- ----
/s/ Bruce L. Crockett Director June 30, 1999
- ----------------------------
Bruce L. Crockett
/s/ Jeffrey W. Greenberg Director June 30, 1999
- ----------------------------
Jeffrey W. Greenberg
/s/ Meryl D. Hartzband Director June 30, 1999
- -----------------------------
Meryl D. Hartzband
/s/ Robert M. Hernandez Director June 30, 1999
- -----------------------------
Robert M. Hernandez
/s/ Peter Menikoff Director June 30, 1999
- -----------------------------
Peter Menikoff
/s/ Thomas J. Neff Director June 30, 1999
- -----------------------------
Thomas J. Neff
/s/ Glen M. Renfrew Director June 30, 1999
- -----------------------------
Glen M. Renfrew
/s/ Robert Ripp Director June 30, 1999
- ------------------------------
Robert Ripp
/s/ Walter A. Scott Director June 30, 1999
- -------------------------------
Walter A. Scott
/s/ Dermot F. Smurfit Director June 30, 1999
- -------------------------------
Dermot F. Smurfit
/s/ Robert W. Staley Director June 30, 1999
- -------------------------------
Robert W. Staley
/s/ Gary M. Stuart Director June 30, 1999
- -------------------------------
Gary M. Stuart
/s/ Sidney F. Wentz Director June 30, 1999
- -------------------------------
Sidney F. Wentz
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AUTHORIZED REPRESENTATIVE
Pursuant to the requirements of the Securities Act of 1933, as
amended, this Registration Statement has been signed below by the
undersigned as the duly authorized representative of ACE Limited in the
United States.
/s/ Brian Duperreault
-----------------------------------
Brian Duperreault
Date: June 30, 1999
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EXHIBIT INDEX
Exhibit Number Description of Document Page Number
- -------------- ----------------------- -----------
4.1 Memorandum of Association of the Company
(Incorporated by reference to Exhibit 3.1 to the
Company's Annual Report on Form 10-K for the year
ended September 30, 1998)
4.2 Articles of Association of the Company (Incorporated
by reference to Exhibit 3.2 to the Company's Annual
Report on Form 10-K for the year ended September 30,
1998)
4.3 Specimen certificate representing Ordinary Shares
(Incorporated by reference to Exhibit 4.3 to the
Registration Statement on From S-1 of the Company
(No. 33-57206))
5.1 Opinion of Maples and Calder as to the legality of the
Ordinary Shares
23.1 Consent of PricewaterhouseCoopers LLP
23.2 Consent of Maples and Calder (included in Exhibit 5.1)
24.1 Powers of Attorney (included in signature pages)
99.1 Appointment of CT Corporation as U.S. agent for
service of process (incorporated by reference to
Exhibit 99.1 to Registration Statement on Form
S-1 of the Company (No. 33-72118)).
99.2 Confirmation of appointment of CT Corporation System as
U.S. agent for service of process (incorporated by
reference to Exhibit 99.2 to Registration Statement on
Form S-3 of the Company (No. 333-49257)).