Date: January 6, 2005
Source: News Room
Ace Ltd., a Bermuda-based property-casualty insurer, has announced it will take a $298 million charge in its fourth quarter to increase reserves for asbestos and other environmental claims. Ace took on asbestos liabilities in June 1999 when it paid $3.45 billion for Cigna Corp. of Philadelphia's property casualty insurance business. In September, Ace had $3.74 billion in reserves to pay asbestos and environmental claims.
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