Despite an $80 million charge settling bid-rigging allegations with three attorneys general and the New York state insurance department, Bermuda-based ACE Limited reported a 12 percent increase in first-quarter net income late yesterday.

But the final resolution of investigations into questionable accounting of finite reinsurance deals by ACE remains unclear, according to ACE's chief executive officer, Evan Greenberg. He noted that the Securities and Exchange Commission has yet to weigh in with any fines or penalties.

“My crystal ball is just not that good,” Mr. Greenberg said on a conference call this morning, when asked if he could predict when the SEC might invoke penalties related to the accounting for the finite reinsurance deals.

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