Ace offloads troublesome run-off unit
Ace has announced the sale of its Brandywine run-off unit to Randall & Quilter Investment Holdings - a move which drastically reduces its US asbestos exposures. However, Ace USA's president and CEO Susan Rivera has resigned, to be succeeded by Brian E. Dowd.
In a company statement Ace reported that it will strengthen its asbestos, environmental and other run-off reserves and incur a related net, after-tax charge to earnings of $298 million ($1.05 perOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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