ACE To Take $298 Million Reserve ChargeCarrier also names new head of ACE USA after CEO announcesresignation
Bermuda-based insurer ACE Ltd. announced last week that after anintensive review, it will take a $298 million charge in 2004sfourth quarter to strengthen its asbestos, environmental and otherrunoff reserves.
The company also said it agreed to sell three runoff reinsuranceunits in the first half of 2005 to help resolve its asbestosexposures.
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