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ACE Comments on Deepwater Horizon Drilling Platform Disaster
ZURICH, Switzerland - 03 May, 2010 - 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.
Contact Information
Investor Contact:
Helen M. Wilson (441) 299-9283 helen.wilson@acegroup.com
Media Contact:
Stephen M. Wasdick (212) 827-4444 stephen.wasdick@acegroup.com