Standard & Poor's said Thursday that property and casualty insurer ACE Ltd. will replace Millipore Corp. in the S&P 500 index after the close of trading July 14.
Millipore, which makes biotech equipment, is being acquired by German drug and chemical maker Merck KGaA in a deal expected to close around that time.
ACE, based in Zurich, Switzerland, provides insurance and reinsurance products to commercial and individual customers. Its shares increased $2.63, or 5 percent, to $54.85 in aftermarket activity. They earlier rose 33 cents to end regular trading at $52.22. The stock has ranged from $40 to $55.64 over the past year.