This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Ace Limited Comments On Impact of Hurricane Katrina
ACE Limited (NYSE: ACE) released the following statement today from ACE Limited President & Chief Executive Officer Evan Greenberg:
"Hurricane Katrina, the category 4 storm that struck the Gulf Coast of the United States on August 29, and the flooding caused by the failure of the levee system in New Orleans have produced losses on an unprecedented scale. The human suffering and economic damage are staggering, and our hearts go out to all those who have been directly affected. Due to the size and complexity of the storm and flooding, total covered losses for the insurance industry remain hard to predict, although it is clear that losses will be widespread and affect all areas of the industry. ACE will not know exact losses with certainty for some time to come. However, at this time, preliminary estimates indicate that total net losses for the entire ACE Group of Companies will be approximately $450 million to $550 million after-tax."
On Friday, September 2, ACE announced to its employees the creation of the ACE Hurricane Katrina Relief Fund, which will accept contributions from all ACE employees around the world and match those contributions at a rate of 100%. Additionally, the Company will make a $1 million contribution to the Fund.
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.