8-KCorporate ChangesExhibits & Filings

Chubb Ltd 8-K Report, Bylaw Amendment (Oct 1, 2010)

Filed October 1, 2010For Securities:CB

Summary

This Form 8-K filing by ACE Limited (now Chubb Ltd) on October 1, 2010, primarily details amendments to the company's Articles of Association related to a shareholder-approved dividend payout. This dividend is structured as a par value reduction of the company's shares, to be paid in four quarterly installments. The filing confirms the second installment, set at CHF 0.32 per share, which was determined based on the prevailing USD/CHF exchange rate at the time. These amendments were officially registered on October 1, 2010, effectively reducing the par value of ACE Limited's shares to CHF 30.89. This action is part of a pre-approved program to return capital to shareholders.

Key Highlights

  • 1ACE Limited's shareholders approved a dividend payable via par value reduction of shares.
  • 2The dividend is structured into four quarterly installments.
  • 3The second installment of the par value reduction was fixed at CHF 0.32 per share.
  • 4The CHF 0.32 amount reflects the USD/CHF exchange rate on September 28, 2010.
  • 5Amendments to the Articles of Association were made on September 29 and October 1, 2010.
  • 6The company's par value per share was reduced to CHF 30.89 as of October 1, 2010.
  • 7The dividend scheduled for October 22, 2010, will be paid to shareholders of record on October 1, 2010.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report amendments to ACE Limited's Articles of Association, which were made to implement a shareholder-approved dividend paid through a par value reduction of the company's shares.

The dividend is being paid not as a cash distribution, but as a reduction in the par value of the company's shares. This reduction is being implemented in four quarterly installments.

The second installment was fixed at CHF 0.32 per share. This amount was determined based on the USD/CHF exchange rate of 0.9841 published on September 28, 2010, to ensure the quarterly distribution approximated the intended USD value.

The amendments resulted in a reduction of the company's par value per share to CHF 30.89, effective October 1, 2010. This was necessary to account for shares issued from conditional capital and to formalize the par value reduction for the dividend payment.