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ACE Announces Investigation Settlement With Pennsylvania
Hamilton, Bermuda: May 14, 2007--ACE Limited (NYSE:ACE, BSX: ACE.BH) announced today that it has settled all issues arising from its underwriting practices and contingent commissions with the Attorney General and the Insurance Department of the State of Pennsylvania. ACE has agreed to make a $9 million payment and to comply with the business practice guidelines that the Company established in 2004 to assure ongoing antitrust compliance in its domestic operations. Pennsylvania is the domicile and home state regulator of most of ACE's U.S. operations.
"This settlement is an important step toward closure of the insurance industry investigations that began in 2004," said Robert F. Cusumano, ACE Limited General Counsel. "We are pleased to be able to resolve these issues with our primary insurance regulator after an investigation that extended over several years and included thousands of documents and dozens of interviews. The settlement also reinforces our belief that the reforms and guidelines that the Company put in place two years ago continue to be state-of-the-art safeguards that the regulatory community will embrace."
The settlement will be paid from reserves set aside in prior quarters and will have no effect on ACE's financial results for 2007.
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.