INSURANCE BRIEFS

INSURANCE BRIEFS

CODA SHAREHOLDERS

OK ACQUISITION BY ACE

HAMILTON, Bermuda - Shareholders of Corporate Officers & Directors Assurance Holding Ltd. (Coda) voted to approve a revised offer from Ace Ltd. to acquire the company, Ace said.

Both Ace and Coda are based in Hamilton, Bermuda. Both are leading providers of liability insurance for directors and officers of Fortune 100 companies. D&O insurance protects corporate directors against stockholder or employee mismanagement claims.

The revised offer could amount to as much as $25 million in cash above the previously announced purchase price of $250 million, Ace said Tuesday.

AIG RESIDENT OFFICE

OPENS IN VIETNAM

NEW YORK - American International Group was granted a permit by the Ministry of Trade of Vietnam to open a Resident Representative Office in the capital city of Hanoi.

Under the terms of the permit, the office's functions will include liaison activities between AIG companies and Vietnamese organi- zations authorized to engage in foreign insurance transactions.