ACE Ltd. said last week that it had improperly accounted for eight finite transactions, prompting the company to restate its financial results for five years and 2005′s first quarter as a result, but the financial impact is very limited.
Indeed, the restatements will actually push nearly $10 billion in shareholders' equity up, but only by $1.0 million in total, the company said.
The Hamilton, Bermuda-based carrier also said other "unrelated corrections" were being made, some related to immaterial items discovered during last year's Sarbanes-Oxley compliance process.
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