ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) today provided the following statement concerning the Deepwater Horizon Drilling Platform disaster.
The explosion and subsequent sinking of the Deepwater Horizon Drilling Platform in the Gulf of Mexico is a terrible economic and social disaster, with significant loss of life and property as well as the ensuing environmental impact. As a recognized lead underwriter in the offshore energy insurance business, ACE takes a measured and prudent approach to underwriting risks in this and every class of business including managing maximum gross and net exposures. While the disaster is still occurring, and it will take time for all the facts to emerge, based on current information, the company believes this event is contained within the current accident year loss ratios for 2010 as contemplated in its annual guidance.
Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at:www.acelimited.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release reflect ACE Limited’s current views with respect to future events and financial performance and reports, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. Among other things, the forward-looking statements concerning exposure with respect to the above-mentioned drilling platform disaster could be affected by the ultimate financial and environmental impact of the disaster, the amount and timing of losses actually incurred and reported by insureds, the preliminary nature of reports and estimates of loss to date, impact on the company's reinsurers, the amount and timing of reinsurance recoverables actually received, coverage and regulatory issues, and other factors identified in the company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.