ACE To Take $298 Million Reserve Charge Carrier also names new head of ACE USA after CEO announces resignation
Bermuda-based insurer ACE Ltd. announced last week that after an intensive review, it will take a $298 million charge in 2004s fourth quarter to strengthen its asbestos, environmental and other runoff reserves.
The company also said it agreed to sell three runoff reinsurance units in the first half of 2005 to help resolve its asbestos exposures.
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