ACE Limited gave additional details Friday on the annual internal and biennial external reviews of the company's Brandywine run-off loss reserves, including asbestos and environmental liabilities.
As a result of the internal review, ACE said it concluded that its net loss reserves for the Brandywine operations were adequate, and therefore no change to the carried net reserve was required, while the gross loss reserves increased by approximately $200 million.
The conclusions of the external review provided estimates of ultimate gross and net Brandywine liabilities that are lower than the same study two years ago. As a result, the difference in net loss reserves between the internal and external studies has narrowed to approximately $100 million after-tax, from $180 million after-tax two years ago, according to ACE.
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