ACE plans $750 million in new debt for acquisition of Combined Insurance

By Andrea Heisinger

Omaha, Dec. 20 - ACE Ltd. plans to issue $750 million in new debt to finance its acquisition of Combined Insurance Co. of America, the company said in a presentation.

According to Monday's presentation, the issuance will help finance the $2.4 billion cash transaction when the company is acquired from Aon Corp.

ACE provides insurance and reinsurance, with the Glenview, Ill.-based Combined providing underwriting and distribution of specialty individual accident and supplemental health insurance.

ACE Ltd. is the holding company for the ACE Group of Cos. and is based in Hamilton, Bermuda.

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