ACE Limited has sold three run-off reinsurance subsidiaries to Randall & Quilter Investment Holdings Limited, an international insurance management firm.
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.
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