on its ordinary shares, payable on July 19, 1993, to shareholders of record at the close of business on June 30, 1993.

ACE has also declared a special dividend in an amount per share to cover any "related person insurance income'' US federal tax liability payable by US shareholders.

This dividend will be paid to holders of record on the date of the merger of ACE's wholly-owned subsidiaries, which is expected to occur within the next 55 days.

The amount of the dividend will be determined by formula after the merger.