The agreement to sell ACE American Reinsurance Company, Brandywine Reinsurance Co. (UK) Ltd. and Brandywine Reinsurance Company S.A.-N.V. to Randall & Quilter was announced in January 2005.
As a result of the sale, the ACE Group of Companies has reduced its exposure to legacy liabilities, including asbestos, by approximately $900 million, and has reduced its reinsurance recoverables by approximately $400 million. The sale followed certain necessary approvals by the U.K.'s Financial Services Authority and the Pennsylvania Department of Insurance. Both regulators approved the sale of the companies within their jurisdiction after concluding that the companies were adequately capitalized and that Randall & Quilter was a fit buyer.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, a component of the Standard & Poor's 500 stock index, 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.