ACE Limited Chief Executive Officer and Chief Financial Officer to Voluntarily Comply With New SEC Certification Requirements.Business Editors ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE) announced today that its Chief Executive Officer and Chief Financial Officer would voluntarily comply with the U.S. Securities and Exchange Commission's new certification requirements. On June 27, 2002, the SEC issued an order of investigation mandating that the principal executive officers and principal financial officers of certain large, publicly traded U.S. companies certify the accuracy of their latest report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and all subsequent reports and proxy statements Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed with the SEC. As a non-U.S. company, ACE was not among those companies subject to the SEC's order. Brian Duperreault, ACE's Chairman and Chief Executive Officer, said: "ACE adheres to the highest standards of financial reporting and it has always been our intention to adopt industry best practices. Accordingly, Phil Bancroft, ACE's Chief Financial Officer, and I have decided to voluntarily file the newly required statements." The ACE Group of Companies provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in nearly 50 countries. Additional information can be found at: http://www.acelimited.com. |
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