per share, on ordinary shares, payable on April 19 to shareholders of record at the close of business on March 31.

The board of ACE, which is listed on the New York Stock Exchange, also authorised a further investment of up to $50 million in the repurchase from time to time of the company's ordinary shares in open market or private purchase transactions.

Bermuda-registered ACE, through its wholly owned insurance subsidiaries, provides excess directors and officers liability insurance, and high level excess liability insurance.

At December 31, 1993, ACE, had approximately $1.4 billion in shareholders' equity, and approximately $2.7 billion in assets.