ACE Limited said yesterday that it has completed the controversial sale of three runoff reinsurance subsidiaries with asbestos liabilities to Randall & Quilter Investment Holdings Limited, an international insurance management firm.
Rival insurers had asked a regulator to block the sale of ACE American Reinsurance Company, Brandywine Reinsurance Co. (UK) Ltd. and Brandywine Reinsurance Company S.A.-N.V. to Randall & Quilter.
The deal was first announced in January 2005, the Bermuda-based carrier said.
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