Bermuda-based insurer ACE Limited said on Wednesday that it plans to sell periodically up to $1.1 billion in debt securities; ordinary, preferred and depositary shares; and other securities.

The company said in a shelf registration statement filed with the US Securities and Exchange Commission (SEC) it plans to use the proceeds for general corporate purposes, which may include debt repayment, underwriting capacity and acquisitions.

The company said the registration statement relates to a previous statement filed with the SEC for a total offering of $1.5 billion.

ACE shares were down $1.17, or 3 percent, at $37.38 in later afternoon trading at the New York Stock Exchange.

Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.