Bermuda-based ACE Ltd. announced that it will move from its original corporate domicile in the Cayman Islands to Switzerland to protect its reputation, secure a better tax situation and have an improved location to manage its capital.

ACE Chief Executive Officer Evan Greenberg said during a conference call today that, "Cayman brings little to us, yet it exposes us from a reputational, financial and tax perspective and creates unnecessary uncertainty while bringing little."

He did not venture specifics, but firms located in venues such as Bermuda, have been under attack in Congress for using arrangements with offshore jurisdictions to avoid U.S. taxes.

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