ACE Limited is selling 28 million of its ordinary shares - at a price of $45.58 per share - in a public offering expected to raise gross proceeds of more than $1.3 billion. The share offering comes shortly after the Bermuda-based insurer filed documents with the U.S. securities and Exchange Commission (sec), saying it expected to lose between $650 and $700 million after taxes as a result of claims arising out Hurricanes Katrina and Rita.

Reinsurance industry