Ace sells runoff reinsurers to London management firm.
Ace Ltd. has sold three runoff reinsurance entities that had been
at the center of a dispute between Ace and some of its competitors.
Ace said the sale of Ace American Reinsurance Co., Brandywine
Reinsurance Co.(UK) Ltd. and Brandy-wine Reinsurance Co. S.A.-N.V.
removes about $900 million of exposure to legacy liabilities, including
asbestos. The sale also trims Ace's reinsurance recoverables by
about $400 million.
The companies were bought by Randall & Quilter Investment
Holdings Ltd., a London-based international insurance management firm.
Terms of the deal were not disclosed.
COPYRIGHT 2006 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
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